Retail banking market investigation: the latest
The have been some developments lately in the retail banking market investigation that’s being conducted by the Competition and Markets Authority (CMA).
Since 2016, the CMA has been looking into the supply of personal and current accounts to small and medium-sized enterprises (SMEs). The investigations were launched off the back of concerns that there was a lack of effective competition in the sector, arising from two studies prior conducted by the CMA. Working with the Financial Conduct Authority (FCA), measures have been taken to improve competition in this multi-billion-pound sector.
Here’s the latest.
Latest developments in the retail banking market investigation
The most recent development in the retail banking market investigation is that the CMA has varied its directions in relation to Santander’s reported failure to comply which they see as a “serious matter”.
You can read the variations to the directions on the CMA’s website here.
The directions are in relation to the bank’s compliance with Open Banking remedies and the Retail Banking Order of 2017. Directions had previously been varied in December 2017 and in January last year also.
Recent review of the Retail Banking Market Investigation Order 2017
There was also a review of the Order relating to the retail banking market investigation last year. A final decision was published in December 2019, alongside a notice to vary the order as well as releasing additional explanatory notes.
You can see the full details on the CMA website here.
The responses following consultations are also available to view for Barclays, HSBC and RBS.
An important investigation
The retail banking investigation is an incredibly important one that has been going on for several years.
In-depth studies and market investigations have taken place, and a number of orders have been made in effort to improve competition in the sector. It’s important that all banks involved comply with the guidance and the orders to protect the SMEs that are the backbone of Great Britain. There must be healthy competition to allow SMEs to benefit in a world that’s increasingly dominated by multinational corporations.
We’ll continue to keep a close eye on this significant CMA investigation.
IMPORTANT: advice on this page is intended to be up-to-date for the 'first published date'.
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