The United Kingdom’s Competition and Markets Authority called on the country’s retail banking markets to become more competitive, but held back from forcing them to implement any radical changes to their businesses.
In its preliminary findings of its investigation, which looked into consumer checking accounts and banking services to small entities, too few clients are switching accounts and banks do not have strong enough incentives to vie customers looking for cheaper rates or better products.
The UK watchdog urged banks to focus on helping and encouraging clients to switch accounts. It also held back from ending free-in-credit banking, indicating it saw no proof it manipulated competition.
CMA will discuss their findings and any potential solutions before the release of its final report in May 2016.
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