Expert legal advice from the competition lawyers

Tag: retail banking

Retail banking market investigation: the latest

First published by Matt on April 01, 2020 in the following categories: Banking Sector Industry Latest and tagged with | | |

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.

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CMA launch review into unarranged overdraft alerts

First published by Matt on August 22, 2019 in the following categories: Banking Sector Industry and tagged with | |

Following the Retail Banking Market Investigation Order 2017, the Competition and Markets Authority (CMA) has announced a review into the unarranged overdraft alerts aspect of the order.

The decision for a review to be carried out by the CMA was outlined at the start of July. It involves potential changes that may come about as a result of the FCA (Financial Conduct Authority) becoming involved with new rules set for the end of the year.

With banks having made significant amounts of money for a number of years from fees charged for overdrafts, this continues to be an important matter for regulators to keep an eye on.

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Are we seeing any changes following the retail banking investigations?

First published by Matt on July 13, 2018 in the following categories: Industry and tagged with

Following changes made by the Competition and Markets Authority (CMA) for banking practices, are we seeing any changes following the retail banking investigations?

The major issues surrounding the retail banking investigations was about barriers to entry for new banks stifling competition, as well as customers staying with their banks due to restrictions for changing banks, overdraft issues and customer engagement concerns.

The CMA found that relevant industry practises and issues had allowed for competition to fall within the category of ‘prevented, restricted and / or distorted’. Since big changes were made, have we seen any benefits?

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