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FSB encouraged by comprehensive CMA investigation into business banking PDF Print E-mail
Thursday, 21 May 2015

Commenting on the update of the Competition and Market Authority’s (CMA) issues statement relating to its investigation into the SME banking sector, John Allan, FSB National Chairman said:

“The CMA is right to put business banking under the microscope, and we are pleased to see them take such a thorough approach. This latest update confirms the original focus on account switching, over concentration of the market and potential barriers to entry for new providers.

“Small business banking remains worryingly concentrated, with four banks controlling 85 per cent of business current accounts. Businesses need to be able to compare and move between suppliers to find the right mix of products and services for their business.

“There are a range of structural issues which have restricted competition and choice for small firms seeking finance or other banking services. While there have been some attempts to address problems, the CMA investigation is an opportunity to resolve these issues once and for all, finally putting in place the conditions for a thriving, dynamic banking sector fit for the 21st century."

(Source - FSB Comment)  

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