Banking industry could face full competition inquiry

Britain's competition watchdog is consulting on plans to launch an in-depth investigation into personal current accounts and small business banking.

Personal current accounts and business lending are set to be part of the probe after the Competition and Markets Authority said it had "significant competition concerns" about the industry.

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All banks 'to fully co-operate with review'

The British Bankers Association said it welcomed the investigation into personal current accounts and small business banking by the competition commission, and that all banks would fully co-operate.

rAll the banks will co-operate fully with this review and any subsequent investigation. There are substantial changes currently underway across the banking industry to strengthen competition - which improves choice and service for customers.

Banks are pro-competition - they compete for customers every day. Last month we published a series of ideas to help new banks set up and smaller players to grow. We hope these suggestions will be taken up by regulators and politicians.

– Anthony Browne, BBA chief executive

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