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Share Price: 54.18
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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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10 Mar 2023 13:38

Citi reiterates 'buy' rating on four UK bank stocks

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Castelnau says Ocula Technologies receives new Lloyds investment

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10 Mar 2023 12:10

LONDON MARKET MIDDAY: Stocks sharply lower amid banking sell-off

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10 Mar 2023 00:01

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LONDON, March 10 (Reuters) - Britain's financial watchdog said on Friday it expects the number of mortgage borrowers struggling to keep up with payments to rise at a much slower pace in the next 12 months than previously forecast because interest rate hikes will be more modest.

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7 Mar 2023 14:05

Bank of England gives lenders December deadline to improve data on risks

LONDON, March 7 (Reuters) - The Bank of England will decide by year end if tougher disclosure rules are needed for banks after the near meltdown in pension funds last September highlighted weaknesses in quantifying risks, it said on Tuesday.

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Forget Powell: focus on inflation inputs

STOXX 600 up 0.2%

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7 Mar 2023 10:55

Banks surge ahead in 2023

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1 Mar 2023 14:59

British lawmakers further pressure banks over savings rates, exec pay

LONDON, March 1 (Reuters) - An influential group of British lawmakers have questioned whether banks are making excessive profits without passing the benefit of central bank interest rate hikes on to savers, in a series of letters to bank bosses sent on Wednesday.

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1 Mar 2023 11:37

UK banks asked to explain why some savings rates remain so low

(Alliance News) - A committee of MPs is pressing Britain's biggest banks to explain why some of their savings rates are still significantly lower than the Bank of England base rate.

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1 Mar 2023 10:36

British lawmakers ramp up pressure on banks over savings rates, exec pay

LONDON, March 1 (Reuters) - An influential group of British lawmakers have questioned whether banks are making excessive profits without passing the benefit of Bank of England interest rate rises to savers, in a series of letters to bank bosses sent on Wednesday.

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27 Feb 2023 21:27

DIRECTOR DEALINGS: HSBC CEO sells shares worth GBP1.2 million

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27 Feb 2023 09:26

LONDON BROKER RATINGS: Citi cuts Quilter to 'sell'; Goldman likes GSK

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Lloyds Banking begins GBP2 billion share buyback programme with UBS

(Alliance News) - Lloyds Banking Group PLC on Thursday launched the GBP2.0 billion share buyback it had announced alongside its annual earnings on Wednesday.

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