Tuesday, 17 May 2016
The Competition and Markets Authority has today published its provisional decision on remedies, as part of its retail banking market investigation: see here (pdf, 3.72MB, 405 pages). A summary is available here. The CMA states that competitive pressures are weak. Breaking-up the largest banks is not proposed; the CMA relies, instead, on other measures including improved disclosure and the better use of technology to improve the switching process. The CMA also proposes requiring banks to set a monthly maximum charge for unarranged overdrafts.