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Share Price: 54.18
Bid: 54.40
Ask: 54.44
Change: 0.12 (0.22%)
Spread: 0.04 (0.074%)
Open: 53.96
High: 54.42
Low: 53.30
Prev. Close: 54.06
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UK competition watchdog orders banking probe

Fri, 18th Jul 2014 09:47

Britain's big banks could face a shake-up after the country's competition watchdog launched a probe into the industry.The banks' personal current accounts and small business banking were "not working well for customers", the Competition & Markets Authority (CMA) said in a statement.The CMA said it had provisionally decided to consult on plans for "a joined up in-depth market investigation" into the markets for personal current accounts with revenues of more than £8bn and banking for small firms, including the £2bn-plus business current account market and business loans.The regulator can order structural remedies, such as breaking up over-dominant banks and telling them to improve information given to customers.The CMA has proposed moves to boost competition such as making the authorisation regime for new banks simpler and faster, making switching easier and improving transparency.But it said its research had found problems such as significant barriers to entry and expansion for newer and smaller banks and concentrated markets, particularly in Scotland and Northern Ireland.It said there was very little movement in the market share of the largest banks other than as a result of mergers and acquisitions.The CMA added that many customers could not see much difference between the largest banks in terms of the services they offer and levels of shopping around and switching between banks remain low.CMA Chief Executive Alex Chisholm said: "Our studies have found that despite some positive developments, significant competition concerns remain which mean that customers may not be getting consistently good service and value from their banks."Our provisional view is that a full market investigation by an independent, expert CMA group is necessary to look at this market in detail and identify appropriate measures if competition concerns are found. However we very much welcome views, which we will carefully consider, before taking a final decision."Shares in Royal Bank of Scotland and Lloyds Banking Group, which have big involvement in personal and small business banking, fell 6p to 317.7p and 0.37p to 72.8p respectively by 10:06 in London.PW
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20 Apr 2023 10:11

UK watchdog to ensure savers benefit from interest rate rises

LONDON, April 20 (Reuters) - Britain's financial watchdog said on Thursday it would use new, tougher consumer protection powers from July 31 to ensure banks pass on increases in interest rates to savers, and further action was not ruled out.

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20 Apr 2023 09:21

British watchdog to ensure savers benefit from interest rate rises

LONDON, April 20 (Reuters) - Britain's financial watchdog said it will use new, tougher consumer protection powers from July 31 to ensure banks are passing on increases in interest rates to savers.

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17 Apr 2023 11:45

Britain seeks to boost banking services from fintechs

LONDON, April 17 (Reuters) - Britain's financial regulators said on Monday they would set up a new body over the next two years to encourage more competition in banking services through the use of third-party apps from fintech firms.

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17 Apr 2023 10:19

Britain sets out steps to extend 'open banking' services

LONDON, April 17 (Reuters) - Britain's financial regulators said on Monday they will set up a new body to encourage more competition in banking services through the use of third-party apps.

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13 Apr 2023 17:27

London's FTSE 100 gains on healthcare, mining boost; GDP data disappoints

Feb UK GDP flat vs estimates of 0.1% growth

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12 Apr 2023 15:51

BoE's Bailey says bank reforms worked but questions about liquidity buffers

Liquidity buffers introduced after global financial crisis

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6 Apr 2023 15:43

UK dividends calendar - next 7 days

Friday 7 April 
Safestore Holdings PLCdividend payment date
Monday 10 April 
Barratt Developments PLCex-dividend payment date
RIT Capital Partners PLCex-dividend payment date
Tuesday 11 April 
Dunelm Group PLCdividend payment date
Gore Street Energy Storage Fund PLCdividend payment date
Hays PLCdividend payment date
JPMorgan Global Growth & Income PLCdividend payment date
Mobius Investment Trust PLCdividend payment date
Renishaw PLCdividend payment date
Ricardo PLCdividend payment date
Wednesday 12 April 
Assura PLCdividend payment date
Goodwin PLCdividend payment date
LondonMetric Property PLCdividend payment date
Personal Assets Trust PLCdividend payment date
Schroder European Real Estate Investment Trust PLCex-dividend payment date
Thursday 13 April 
Alfa Financial Software Holdings PLCspecial ex-dividend payment date
Alpha FX Group PLCex-dividend payment date
BlackRock Latin American Investment Trust PLCex-dividend payment date
Capital & Regional PLCex-dividend payment date
Carr's Group PLCex-dividend payment date
Dechra Pharmaceuticals PLCdividend payment date
DFS Furniture PLCex-dividend payment date
Diageo PLCdividend payment date
Foxtons Group PLCex-dividend payment date
Franchise Brands PLCex-dividend payment date
Grafton Group PLCex-dividend payment date
GSK PLCdividend payment date
Harbour Energy PLCex-dividend payment date
ITV PLCex-dividend payment date
Johnson Service Group PLCex-dividend payment date
JPMorgan Asia Growth & Income PLCex-dividend payment date
JPMorgan Japan Small Cap Growth & Income PLCex-dividend payment date
Just Group PLCex-dividend payment date
Kenmare Resources PLCex-dividend payment date
Kerry Group PLCex-dividend payment date
Kingspan Group PLCex-dividend payment date
Law Debenture Corp PLCdividend payment date
Lloyds Banking Group PLCex-dividend payment date
Manchester & London Investment Trust PLCex-dividend payment date
National Express Group PLCex-dividend payment date
Old Mutual Ltdex-dividend payment date
Persimmon PLCex-dividend payment date
Rotork PLCex-dividend payment date
Scottish American Investment Company PLCdividend payment date
Smurfit Kappa Group PLCex-dividend payment date
Softcat PLCex-dividend payment date
TP ICAP Group PLCex-dividend payment date
Trifast PLCdividend payment date
Unite Group PLCex-dividend payment date
  
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4 Apr 2023 14:16

Helios Underwriting appoints Reith as CEO as retained capacity rises

(Alliance News) - Helios Underwriting PLC on Tuesday said it appointed Non-Executive Director Martin Reith as chief executive officer, replacing Nigel Hanbury immediately, while retained capacity rose in 2022.

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3 Apr 2023 10:59

Banks too reluctant to tap cash buffers in a crisis, Bank of England says

LONDON, April 3 (Reuters) - Banks are overly reluctant to tap their cash buffers in volatile markets, fearing adverse reaction from regulators and markets, and changes to the rules may be needed, the Bank of England said on Monday.

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31 Mar 2023 11:40

Lloyds and NatWest groups plan 81 new bank closures

(Alliance News) - Two of the UK's biggest banking groups have announced plans to make big cuts to their branch networks this year, cutting more than 80 sites from around the country.

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31 Mar 2023 10:01

LONDON BROKER RATINGS: UBS likes Beazley; Berenberg cuts Wood Group

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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30 Mar 2023 16:10

Britain to reform accountability rules for bankers to help drive growth

LONDON, March 30 (Reuters) - Britain on Thursday launched a long-awaited consultation on reforming rules brought in after the global financial crisis to make top bankers accountable for their decisions, saying a globally competitive finance sector is key to economic growth.

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30 Mar 2023 12:00

Britain to reform bankers accountability rules to help drive growth

LONDON, March 30 (Reuters) - Britain on Thursday launched a long-awaited consultation on reforming rules brought in after the global financial crisis to make top bankers accountable for their decisions, saying that keeping the finance sector globally competitive was key for driving economic growth.

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29 Mar 2023 12:30

Bank of England tells regulators to move fast on LDI reform after mini-budget crisis

LONDON, March 29 (Reuters) - The Bank of England on Wednesday told regulators to move fast to toughen rules for funds used by Britain's pension industry which nearly collapsed last year after former Prime Minister Liz's Truss's "mini-budget."

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28 Mar 2023 12:06

LONDON MARKET MIDDAY: Europe edges higher as banking stress easing

(Alliance News) - Blue-chip shares in Europe drifted off session highs but still were in the green heading into Tuesday afternoon, amid hope that a threatened global banking crisis is being kept in check.

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