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UK competition watchdog to present banking probe result on May 17

[LONDON] Britain's competition watchdog will say on May 17 how it wants to change high street banking when it publishes provisional recommendations from a protracted three-year investigation.

The Competition and Markets Authority (CMA) is looking at personal accounts and small business banking in a sector dominated by the Big Four: HSBC, Barclays, Lloyds, and RBS.

The investigation was launched in June 2013 and its provisional findings and recommendations will be published at 0600 GMT on Tuesday.

The watchdog has already ruled out ending free in-credit banking, disappointing some lawmakers and consumer lobby Which?.

Instead has been considering "remedies" such as a cap on fees and making it easier to switch lenders New "challenger" banks will look to see if the CMA will propose any measures that would make it easier for them to win market share from the Big Four.

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The government and regulator is pressing for more competition in the sector.

REUTERS

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