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UK: Chancellor Osborne gives consumers ‘power of choice’ for banking

By  |  February 4, 2013

Chancellor George Osborne confirmed plans to remedy concerns by European competition authorities over the limited competition in the banking sector, announcing new legislation that will simplify the ability for consumers to switch banks. The plan, which would reportedly begin in September, would give what Osborne called “the most powerful weapon of all – choice” in a market where 75 percent of which is dominated by Lloyds, RBS, Barclays and HSBC. While regulators have already required the sale of Lloyds and RBS branches to distribute competition, legislation will now work for a seven-day switching service to allow painless transfers of funds between banks for consumers.

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