July 18, 2014 / 6:17 AM / in 4 years

UK watchdog plans full retail bank competition probe

LONDON, July 17 (Reuters) - 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)

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