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Uk Banks Face Full Cma Competition Probe - New Bankbail?

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Markets watchdog the Competition and Markets Authority (CMA) has recommended a full competition inquiry into banks.

The provisional decision recommends a full-scale inquiry into the banking sector including the provision of current accounts and business lending.

The process will start with a consultation, and the CMA will take a final decision in the autumn.


"There are a lot of under-satisfied customers out there, and small businesses are saying they are not happy," he added.

The CMA said:

  • many customers saw little difference between the largest banks in terms of the services they offer.
  • the number of consumers shopping around and switching between banks remained low - just 3% a year for personal accounts.
  • current account overdraft charges were found to be very complex, making it harder for bank customers to choose the cheapest or most appropriate accounts.
  • free banking may be distorting competition.
  • it was still difficult for newer and smaller "challenger" banks to get into the industry, particularly in Scotland and Northern Ireland.

Hmmm allowing the banks to charge £15 a month for a current account would help boost profits nicely. Is this a cynical attempt to get the consumer to bailin the banking system?

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I don't get this at all. If I have been charged £20 in all the time I have been banking that doesn't sound like I have been ripped off. We would all like more interest on our savings FLS has been more of a rip off than anything else. Now they seem to be saying banks must charge us to increase competition. :blink: .

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