Major UK banks face competition probe

A full-blown competition investigation is to take place into the dominance the major banks have over personal and business accounts, the Competition and Markets Authority has announced.

The CMA said there has been “very little movement” in the market shares of the four largest banks, which are Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS).

The levels of customers shopping around and switching current accounts are “low” amid limited transparency in the sector, it said.