UK watchdog to seek bank charge clarity

Britain’s competition watchdog is likely to call for bank charges to be made clearer when it publishes the findings of an investigation into the industry next week, banking sources say.

The Competition & Markets Authority has been investigating the market for personal current accounts and small business banking services since November.

Politicians and regulators are keen to break the dominance of Britain’s big five banks — Lloyds, Royal Bank of Scotland, Barclays, HSBC, and the British arm of Spain’s Santander — which control 85% of the personal current account market and provide more than nine out of 10 loans to small businesses.