LONDON, Jan 29 (Reuters) - The outcome of a competitionreview into Britain's retail banking market was delayed onFriday after the watchdog said it would need more time tocomplete its investigation.
A provisional decision on what remedies to take to boostcompetition was originally due next month after a review waslaunched in November 2014, but this will not now be published asplanned, the Competition and Markets Authority said.
The probe marks Britain's latest effort to reduce thedominance of its main banks, which include HSBC, RoyalBank of Scotland, Barclays and Lloyds.
Alasdair Smith, who chairs the investigation, said a numberof new suggestions had been made, including proposals to helpcurrent account customers with overdrafts.
"We therefore expect that an extension will be necessary togive us a bit more time for analysis and consultation."
When it launched the review the watchdog said banks had notdone enough to meet the needs of retail customers or small andmedium-sized businesses.
The watchdog has the power to order banks to sell assets orto provide greater clarity on pricing.
It has been consulting on possible remedies to promotecompetition since they were published in October last year.These included measures to make it easier for customers tocompare bank products and review the services they receive.
The CMA will now decide on how much more time it needs byearly March, when it will produce a timetable for publication ofits final report and also its provisional decision on remedies. (Reporting by Jane Merriman; Editing by Alexander Smith)
Barclays (BARC)
Lloyds (LLOY)
HSBC Holdings (HSBA)
