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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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'Significant competition concerns' in banking sector

The Competition and Markets Authority has taken the "provisional view" that a full market investigation is required into the banking sector after it outlined "significant competition concerns" in the industry.

Our studies have found that despite some positive developments, significant competition concerns remain which mean that customers may not be getting consistently good service and value from their banks.

Our provisional view is that a full market investigation by an independent, expert CMA group is necessary to look at this market in detail and identify appropriate measures if competition concerns are found.

– Alex Chisholm, CMA Chief Executive

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