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.
Britain's new competition watchdog (CMA) says banks are not delivering for customers, but is a new investigation really the way forward?
The CMA is set to order an investigation into the industry - one that may result in banks having to offload parts of their business.