06


NEWS


CMA looks to give challengers a helping hand


Senior Editor Scott Thompson


The UK’s Competition and Markets Authority (CMA) has set out long awaited proposals to reform retail banking.


fact that Britain’s four largest banks – Lloyds, RBS, HSBC and Barclays – hold a 77% share of current accounts. Bank charges are complicated and opaque and many customers think it is difficult and risky to change providers. As a result, nearly 60% of personal customers have stayed with the same FI for 10-plus years and over 90% of SMEs get their business loans from where they have their current account.


T


his follows an enquiry to address the


As expected, the watchdog has said that the biggest providers do not need to be dismantled, arguing that this would not address the fundamental competition problems. Having more and smaller banks, which customers still couldn’t easily choose between because of lack of transparency on fees and charges, would not significantly improve the market or give customers a better deal, it claims.


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