A PYMNTS Company

UK: Banking sector anxiously awaits expected investigation

By  |  July 14, 2014

The UK’s Competition and Markets Authority is expected to release findings of its market inquiry into the banking sector, and the regulator could announce a full-scale investigation as early as this week, reports say.

The banking sector has come under recent scrutiny for its lack of competition; the industry, experts say, is dominated by just four main lenders: Barclays, HSBC, Lloyds and RBS. Sources had originally said an investigation would be announced by this fall.

The former Office of Fair Trading has released its findings of the industry last March, noting high barriers to entry and difficulties for consumers wishing to switch banks. The CMA took over the case when the OFT combined with the Competition Commission last April.

Full content: Scotsman

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.