While financial regulators in the UK have worked to introduce new regulations with the aim of boosting competition in the banking industry, the latest figures suggest a slow start to an industry overhaul.
According to reports, only 600,000 individuals switched their banks following the Current Account Switching Service’s introduction last September; that figure amounts to less than one percent of current banking customers.
Even those who switched banks merely switched from one industry leader to another.
The trend, reports say, means new market entrants are exercising extreme caution when predicting earnings and growth for the future, despite regulatory encouragement.
TBS, for example, is a spin-off of one of the Big Four banking giants. Another, Tesco, introduced new banking services as a way to market its supermarket chain. But both, reports say, are modest about future earnings predictions. Marks & Spencer and Virgin Money are among other underdogs looking to make their mark in the banking industry as the Competition and Markets Authority progresses with its market inquiry, also to facilitate new competition.
Full content: The Telegraph
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Canadian Breadmakers Settle Price-Fixing Lawsuit
Jul 25, 2024 by
CPI
EssilorLuxottica Open to Meta as Shareholder, Says CEO Francesco Milleri
Jul 25, 2024 by
CPI
California Supreme Court Upholds Proposition 22, Securing Independent Contractor Status for Uber and Lyft Drivers
Jul 25, 2024 by
CPI
Paramount Global Investor Sues to Block Skydance Media Merger
Jul 25, 2024 by
CPI
Software Vendors Win Class Action Status in Antitrust Case Against CDK Global
Jul 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Trade & Antitrust
Jul 26, 2024 by
CPI
What is Wrong with the WTO Discipline on Subsidies?
Jul 26, 2024 by
CPI
The Abiding Tension Between Trade Remedy Law and Antitrust
Jul 26, 2024 by
CPI
Trade and Antitrust: An End to Isolationism
Jul 26, 2024 by
CPI
International Trade Law and Domestic Regulation of Generative Artificial Intelligence: Divergent Approaches?
Jul 26, 2024 by
CPI