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UK: CMA to open checking account investigation

By  |  November 4, 2014

The UK’s Competition and Markets Authority is expected to open an in-depth investigation into small- and medium-sized business banking services within days, say reports.

The probe will include checking account services, the CMA said in a statement, adding that it would issue a decision on whether to open the case on Thursday. The regulator first announced in July that it was considering an investigation into the market it suspects suffers from a lack of adequate competition.

Authorities have focused on the UK banking sector, run largely by just four institutions – Barclays, HSBC, Lloyds and RBS. Together, the banks control more than 90 percent of the small-business lending industry, according to reports.

The CMA announced last month that banks are violating competition rules by bundling bank accounts with small business loans.

Full content: Businessweek

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