LONDON, July 17 Britain's new competition
watchdog said it plans to launch a full investigation into
banking services for small businesses and personal current
account customers later this year after finding a lack of
competition among the big banks.
The Competition and Markets Authority (CMA) said on Friday
essential parts of the UK retail banking sector lack effective
competition and do not meet the needs of personal consumers or
small and medium sized enterprises (SMEs).
The CMA can order structural remedies, such as breaking up
banks considered too dominant, and behavioural remedies, such as
improving information given to customers.
(Reporting by Steve Slater; Editing by Anjuli Davies)