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|CMA recommendations won't affect real banking competition|
|Friday, 23 October 2015|
Responding to the release of the Competition and Markets Authority's preliminary findings on the retail banking market, Fionn Travers-Smith, Campaign Manager of Move Your Money, said: “Greater transparency in the banking sector is always welcome, but refusing to consider breaking up Britain’s massive mega-banks misses an open goal for affecting real competition in the sector, and leaves Britain vulnerable to future crises.
“The UK is alone in relying almost solely on five universal banks to support our economy, and low levels of switching reflect the fact that these major banks are all structurally the same and so all act the same.
“Breaking these up into different types of banks, including into ones that offer greater support to stakeholders, would more greatly affect competition in the banking sector because these banks would be genuinely different.
"Instead, enhancing greater switching between the current players, whilst welcome, is promoting more of the same and expecting different results.”
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