UK banks avoid investigation by competition authority

LONDON, May 15 (Reuters) - Britain's biggest banks receiveda boost on Wednesday when the consumer watchdog decided againstrecommending that the market for personal current accounts beinvestigated by the competition regulator.

The Office of Fair Trading said it would not refer theindustry to the Competition Commission because measures beingintroduced later this year would make it easier for customers tomove accounts while new competitors would be created throughbranch sales by Lloyds Banking Group and Royal Bank ofScotland.

Britain's 'big 4' banks - Lloyds, Royal Bank of Scotland,Barclays, and HSBC - control aroundthree-quarters of current accounts and lawmakers are keen toencourage greater competition in the industry.