Investigation into retail banking delayed

1st Feb 2016


The Competition and Markets Authority (CMA) has just announced that it is delaying its final report on retail banking, in order to have more time for analysis of initial findings. 

The CMA is investigating whether customers of retail banks, including the high street heavyweights, treat customer poorly and take them for granted. The investigation details those with overdrafts and those with free accounts as those most likely to be losing money.

The investigation has been lobbied by submissions from various consumer groups.

Alasdair Smith, Chairman of the investigation at the CMA said

"Retail banking affects nearly every business and consumer in the UK, so this investigation and the measures that result from it are of vital importance to the whole economy.

Our provisional findings identified a number of competition problems in both personal current account and small and medium-sized enterprise banking."

The report was initially due to be published in May.

More about this story can be found here.