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UK launches probe into competition for banking services

Thu, 06th Nov 2014 07:12

LONDON, Nov 6 (Reuters) - Britain's competition watchdoglaunched a full investigation into banking services for smallbusiness customers and personal accounts on Thursday that couldsee big banks forced to sell branches or face other remedialmeasures.

The Competition and Markets Authority said banks have notdone enough to meet the needs of retail customers or small andmedium-sized businesses, such as making it easier to switchbanks or providing clear information on fees.

The investigation, which could take about 18 months, hadbeen expected after the CMA said in July a full investigationwas on the cards. (Reporting by Steve Slater; Editing by Pamela Barbaglia)

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