Retail banking market investigation

• From: Competition and Markets Authority
• Published: 22 December 2014
• Last updated: 31 May 2017, see all updates
• Opened: 19 June 2013
• Closed: 2 February 2017
• Case type: Markets
• Case state: Closed
• Market sector: Financial services
• Outcome: Markets - phase 2 adverse effect on competition leading to remedies

The CMA investigated the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).

Remedies implementation

Remedies Implementation Programme Board meeting minutes

• 2017
• 2016

Timetable

Statutory deadline for implementing remedial action: 8.2.17

• Full remedies implementation timetable (10.8.16)

Contact

Email: retailbanking@cma.gsi.gov.uk

Final order

The Retail Banking Market Investigation Order 2017

• Notice granting derogation to Part 6 of the order (31.5.17)
• Notice of determination of further exceptions to the order (19.5.17)
• Notice of determination of exceptions to the order (28.3.17)
• Notice of making an order (2.2.17)
• The Retail Banking Market Investigation Order 2017 (2.2.17)
• Explanatory note (corrected 28.2.17)
  • Final order corrigendum (28.2.17)
• Summary of responses to formal consultation (2.2.17)
• Press release: Open Banking revolution moves closer (2.2.17)

Final undertakings

Current account switch service (CASS) remedies undertakings

• Notice of acceptance of final undertakings (17.1.17)
• Press release: Bank switching to be overhauled (17.1.17)

Responses to formal consultation on draft retail banking order

• Lloyds Banking Group plc (11.1.17)
  • Lloyds Banking Group plc comments on MMC (23.1.17)
  • Lloyds Banking Group plc comments on SME loan price and tool eligibility (23.1.17)
• Barclays (18.1.17)
• BBA (18.1.17)
• First Trust Bank (18.1.17)
• Nationwide (18.1.17)
• Funding Options Ltd (11.1.17)
• RBS (11.1.17)
• MoneySuperMarket (11.1.17)
• TSB (11.1.17)
• Business Finance Compared (4.1.17)
• Christians Against Poverty (4.1.17)
• Danske Bank (4.1.17)
• Envestnet Yodlee (PDF, 3.4MB) (4.1.17)
• Figo GmbH (4.1.17)
• Financial Data and Technology Association (4.1.17)
• HSBC (4.1.17)
• Information Commissioner’s Office (4.1.17)
• The Institute of Customer Service (4.1.17)
• Money and Mental Health (4.1.17)
• ObjectTech (4.1.17)
• Santander (4.1.17)
• Tesco (4.1.17)
• Virgin Money (4.1.17)
• Which? (4.1.17)

Responses to formal consultation on draft retail banking undertakings

• Bacs (11.1.17)
• HSBC (11.1.17)
• Santander (11.1.17)

Formal consultation on draft retail banking undertakings

• Notice of a proposal to accept undertakings (1.12.16)
• Draft undertakings for consultation (1.12.16)

Formal consultation on draft retail banking order

• Notice of intention to make an order (23.11.16)
• Draft order for consultation (23.11.16)
• Draft explanatory note (23.11.16)
• Press release: Open Banking transformation moves a step closer (23.11.16)

Documents

• Qualitative research report by Research Works (1.12.16)
• Service quality design testing: a presentation of qualitative research findings by Research Works (23.11.16)
• Potential standard presentation of service quality indicators (19.10.16)
• Proposal from BBA to standardise BCA opening procedures (19.10.16)
• Investigation update (14.10.16)
• Proposal for the Implementation Entity from providers (14.10.16)
• Presentation of qualitative research findings by Research Works (14.10.16)

Phase 2

Timetable

Date of referral: 6.11.14

Statutory deadline: 12.8.16

• Full case timetable (updated on 7.3.16)

• Notice of extension of the inquiry statutory period (7.3.16)

Final report

• Final report (PDF, 8.8MB) (9.8.16)
  • Final report corrigendum (11.8.16)
• Appendices 1.1 to 6.9 (PDF, 9.8MB) (9.8.16)
• Appendices 7.1 to 10.2 (PDF, 8.7MB) (9.8.16)
• Appendices 13.1 to 19.1 and glossary (PDF, 4.4MB) (9.8.16)
• Summary of final report (9.8.16)
• Press release: CMA paves the way for Open Banking revolution (9.8.16)

Responses to provisional decision on remedies

• Freedom Finance (3.8.16)
• Professor R Griggs (3.8.16)
• HSBC (17.6.16)
  • HSBC comments on open API remedy (17.6.16)
  • HSBC further comments on API implementation (8.7.16)
  • HSBC - scope of CMA PCA remedies package (28.7.16)
• Bacs (15.6.16)
  • Bacs further response (22.7.16)
• Santander UK plc (17.6.16)
  • Santander response to Bank 1 submission (22.7.16)
• Letter from 8 challenger banks (26.5.16)
  • Letter from Professor Alasdair Smith to 8 challenger banks (26.5.16)
  • Letter from 7 challenger banks to Treasury Select Committee (22.7.16)
• Electronic Money Association (22.7.16)
• Bank 1 (15.7.16)
• Visa (15.7.16)
• Mogo Holdings Limited (8.7.16)
• Rachel Reeves MP (8.7.16)
  • CMA response to Rachel Reeves MP (8.7.16)
• Bank of Ireland UK (5.7.16)
• Mike Fenwick (5.7.16)
• Yorkshire Building Society Group (5.7.16)
• Christians Against Poverty (1.7.16)
• Ffrees Family Finance (1.7.16)
• Mr Streets (1.7.16)
• BBA (29.6.16)
• BGL Group Limited (29.6.16)
• IPSE (29.6.16)
• Nationwide (15.6.16)
  • Nationwide further response (29.6.16)
• GLI Finance (17.6.16)
• RBS (17.6.16)
• 118118 (15.6.16)
• AIB Group (UK) plc (15.6.16)
• Asset Based Finance Association (15.6.16)
• Association of Convenience Stores (15.6.16)
• Barclays Bank plc (15.6.16)
  • Barclays Bank plc further response (15.6.16)
• Baringa (15.6.16)
• British Chambers of Commerce (15.6.16)
• Callcredit Information Group (15.6.16)
• Campaign for Community Banking Services (15.6.16)
• Chartered Banker Institute (15.6.16)
• Community Investment Coalition (15.6.16)
• The Co-operative Bank (15.6.16)
• Danske Bank (15.6.16)
• Defaqto (15.6.16)
• Experian (15.6.16)
• Fairer Finance (15.6.16)
• Financial Data and Technology Association (15.6.16)
• Financial Services Consumer Panel (15.6.16)
• Forum of Private Business (15.6.16)
• FSB (15.6.16)
• Funding Circle (15.6.16)
• Funding Options Ltd (15.6.16)
• The GreenField Organisation (15.6.16)
• Growth Street (15.6.16)
• Handelsbanken (15.6.16)
• Lloyds Banking Group plc (15.6.16)
• Member of the public 1 (15.6.16)
• Momentum Financial Technology (15.6.16)
• Money.co.uk (15.6.16)
• MoneySuperMarket (15.6.16)
• New Economics Foundation (15.6.16)
• Open Banking Standard Group (15.6.16)
• Payments UK (15.6.16)
• PricewaterhouseCoopers LLP (15.6.16)
• Professor Alistair Milne (15.6.16)
• StepChange Debt Charity (15.6.16)
• Tesco Bank (15.6.16)
• TSB Bank plc (15.6.16)
• Virgin Money (15.6.16)
• Which? (15.6.16)

Notices of intention

• Notice of intention to conduct qualitative research (21.7.16)
• Notice of intention to operate a confidentiality ring to allow submissions on unredacted version of the update on PCA pricing analysis working paper (24.5.16)
• Notice of the CMA’s intention to open a second disclosure room (4.5.16)
• Notice of intention to undertake a second iteration of the PCA pricing analysis using transactions data (22.1.16)
• Appointment of BDRC Continental and GfK NOP to conduct quantitative research (8.12.15)
• Appointment of Optimisa to undertake qualitative research (25.11.15)
• Notice of intention to operate a confidentiality ring (20.11.15)
• Notice of intention to open a disclosure room (16.10.15)
• Notice of intention to conduct qualitative research (6.10.15)
• Notice of intention to hold response hearings and data room (24.9.15)
• Notice of intention to operate a confidentiality ring (NI) (12.8.15)
• Notice of intention to operate a confidentiality ring (20.7.15)
• PCA pricing analysis using transactions data notice (23.6.15)

Responses to addendum to provisional findings

• Sir John Vickers (11.7.16)
  • CMA response to Sir John Vickers (11.7.16)
• Atom Bank (24.5.16)
• A group of challenger banks (24.5.16)
• Lloyds Banking Group (24.5.16)
• Secure Trust Bank (24.5.16)

Responses to updated personal current account pricing working paper

• KPMG LLP on behalf of Nationwide (8.7.16)
• The Brattle Group on behalf of Barclays Bank plc (8.7.16)
• Lloyds Banking Group plc (17.6.16)
  • Nationwide’s comments on Lloyds Banking Group plc’s response to the updated PCA pricing working paper (29.6.16)

Investigation updates

Short updates on the progress of the retail banking market investigation.

• Investigation update (24.5.16)
• Investigation update (7.3.16)
• Investigation update (29.1.16)
• Investigation update (17.11.15)
• Investigation update (28.8.15)
• Investigation update (19.6.15)
• Investigation update (19.3.15)
• Investigation update (22.12.14)
• Press release: Extension to CMA retail banking market investigation (29.1.16)

Working papers

• Update on personal current account pricing (24.5.16)
• The role of comparison sites for small and medium-sized enterprises in addressing the adverse effect on competition (7.3.16)
• Corporation tax surcharge and bank levy (26.2.16)
• Quantitative analysis of searching and switching in personal current accounts (19.8.15)
• Actual and perceived behaviour of personal current account customers (revised) (revised on 18.8.15)
  • Notice of changes in the revised actual vs perceived working paper (18.8.15)
• Retail banking financial performance (14.8.15)
• Barriers to entry and expansion: branches (13.8.15)
• Business current account and personal current account pricing analysis (PDF, 1.5MB) (7.8.15)
• Dutch retail banking market case study (31.7.15)
• Barriers to entry and expansion: capital requirements, IT and payment systems (14.7.15)
• Summary of entry and expansion in retail banking (14.7.15)
• Relationship between concentration and outcomes: review of empirical literature (10.7.15)
• Nationwide case study (5.6.15)
• Prospective entrants (5.6.15)
• Virgin Money case study (5.6.15)
• Metro Bank case study (PDF, 1.4MB) (21.5.15)
• Tesco Bank case study (21.5.15)
• TSB case study (21.5.15)
• Regulatory framework applicable to the retail banking industry in the UK (1.5.15)

Provisional decision on remedies

• Provisional decision on remedies (PDF, 3.72 MB) (17.5.16)
• Press release: CMA wants banks to work harder for their customers (17.5.16)

Responses to provisional findings and notice of possible remedies

• Lloyds Banking Group plc - customer trials report (13.5.16)
• Virgin Money responses to remedies questions (13.5.16)
• Letter from Rt Hon Andrew Tyrie MP regarding banking tax surcharge (6.5.16)
  • Letter from Professor Alasdair Smith to Rt Hon Andrew Tyrie MP (6.5.16)
    • Letter from Rt Hon Andrew Tyrie MP (6.5.16)
• Nationwide comments on APIs and the Open Banking Working Group (19.4.16)
• Building Societies Association (15.4.16)
• Sir John Vickers (15.4.16)
• Lloyds Banking Group response on SME remedies (8.3.16)
• Lloyds Banking Group response to PCA pricing analysis (5.2.16)
  • Nationwide comments on Lloyds Banking Group’s response to PCA pricing analysis (4.3.16)
    • Lloyds Banking Group response to Nationwide’s comments on PCA pricing analysis (18.3.16)
• Cowry Consulting further response (15.2.16)
• HM Treasury submission on the taxation of banks (10.2.16)
• Financial Services Consumer Panel (9.2.16)
• Lloyds Banking Group: APIs and midata - an explanatory summary (9.2.16)
• Atom Bank (20.1.16)
• Funding XChange (20.1.16)
• HSBC supplemental paper on price comparison websites (20.1.16)
• BGL Group Limited (15.1.16)
• Letter from a group of challenger banks (6.1.16)
• National Pawnbrokers Association (6.1.16)
• Clydesdale (15.12.15)
• Virgin Money (15.12.15)
• Virgin Money further response (15.12.15)
• Business Finance Compared (11.12.15)
• Nationwide (11.12.15)
• Responses from members of the public (updated 11.12.15)
• The Co-operative Bank (8.12.15)
• Lloyds Banking Group (8.12.15)
• Lloyds Banking Group further response (8.12.15)
• Barclays Bank plc (7.12.15)
• the Money Advice Service (7.12.15)
• First Trust Bank (2.12.15)
• Jonquil Lowe (2.12.15)
• Mondo (2.12.15)
• MoneySuperMarket (2.12.15)
• Which? (2.12.15)
• Bacs (25.11.15)
• Baringa (23.11.15)
• The Behavioural Insights Team (23.11.15)
• British Chambers of Commerce (23.11.15)
• Campaign for Community Banking Services (19.11.15)
• Consumer Council for Northern Ireland (25.11.15)
• Cowry Consulting (25.11.15)
• Danske Bank (27.11.15)
• EEF (23.11.15)
• Financial Services Consumer Panel (23.11.15)
• GLI Finance (25.11.15)
• Gocompare.com (23.11.15)
• HSBC (PDF, 1MB) (27.11.15)
• Information Commissioner’s Office (23.11.15)
• Institute of Directors (25.11.15)
• Move Your Money (25.11.15)
• Prin-Gov (23.11.15)
• Royal Bank of Scotland (27.11.15)
• Santander UK plc (27.11.15)
• Secure Trust Bank (23.11.15)
• Social Market Foundation (25.11.15)
• Tesco Bank (25.11.15)
• The UK Cards Association (25.11.15)
• TSB Bank plc (PDF, 1.2MB) (27.11.15)
• The University of Manchester (23.11.15)
• Bank 1 (19.11.15)
• Bank 2 (25.11.15)

Addendum to provisional findings

15 April 2016: The CMA has today published its addendum to provisional findings on the regulatory capital requirements regime. We welcome comments on this document by 6 May 2016.

• Notice of addendum to provisional findings (15.4.16)
• Addendum to provisional findings (15.4.16)

Responses to the role of comparison sites for SMEs in addressing the adverse effect on competition working paper

• Experian (19.4.16)
• Santander UK plc (8.4.16)
• Barclays Bank plc (24.3.16)
• British Chambers of Commerce (24.3.16)
• Business Finance Compared (24.3.16)
• Funding Options Ltd (24.3.16)
• HSBC (24.3.16)
• Lloyds Banking Group plc (24.3.16)
• Rangewell (24.3.16)
• Secure Trust Bank (24.3.16)

Responses to corporation tax surcharge and bank levy working paper

• Ambrish Parmar (19.4.16)
• Santander UK plc (24.3.16)
• Lloyds Banking Group plc (18.3.16)
• Secure Trust Bank (18.3.16)
• A group of challenger banks (18.3.16)

Responses to supplemental notice of possible remedies

• RBS (8.4.16)
• Virgin Money (8.4.16)
• Which? (8.4.16)
• Barclays Bank plc (31.3.16)
• Financial Services Consumer Panel (31.3.16)
• Lloyds Banking Group plc (31.3.16)
• Money Advice Service (31.3.16)
• Nationwide (31.3.16)
• Santander UK plc (31.3.16)
• Tesco Bank (31.3.16)
• Danske Bank (24.3.16)
• First Trust Bank (24.3.16)
• HSBC (24.3.16)
• TSB Bank plc (24.3.16)
• Yorkshire Building Society (24.3.16)

Responses to quantitative and qualitative research results

• Barclays Bank plc (31.3.16)
• Lloyds Banking Group plc (18.3.16)

Quantitative and qualitative research results

• Notice of publication of quantitative and qualitative research results (7.3.16)
• Qualitative report of findings prepared by Optimisa (PDF, 3.1 MB) (7.3.16)
• Qualitative technical report prepared by Optimisa (PDF, 6.6 MB) (7.3.16)
• PCA survey – technical overview prepared by GfK (7.3.16)
• PCA survey – data tabulations prepared by GfK (PDF, 3.8 MB) (7.3.16)
• SME survey – technical overview prepared by BDRC (7.3.16)
• SME survey – data tabulations prepared by BDRC (PDF, 1.7 MB) (7.3.16)

Provisional findings and possible remedies

• Supplemental notice of possible remedies (7.3.16)
• Invitation to comment on additional remedy suggestions (18.12.15)
• Summary of provisional findings report (22.10.15)
• Notice of provisional findings (22.10.15)
• Notice of possible remedies (22.10.15)
• Addendum (28.10.15)
• Press release: CMA proposes better deal for bank customers (22.10.15)

Full provisional findings report

• Provisional findings report (PDF, 4.9 MB) (28.10.15)

Appendices and Glossary

• Appendix 1 (28.10.15)
• Appendix 2 (PDF, 1.3 MB) (28.10.15)
• Appendix 3 (28.10.15)
• Appendix 4 (28.10.15)
• Appendix 5 (PDF, 1.5 MB) (28.10.15)
• Appendix 6 (PDF, 2 MB) (28.10.15)
• Appendix 7 (PDF, 3 MB) (28.10.15)
• Appendix 8 (PDF, 1.2 MB)(28.10.15)
• Appendix 9 (28.10.15)
• Appendix 10 (PDF, 2.8 MB) (28.10.15)
• Appendix 11 (28.10.15)
• Glossary (28.10.15)

Responses to additional remedy suggestions

• Ambrish Parmar (4.3.16)
• Yorkshire Building Society Group (22.2.16)
• Barclays Bank plc (22.1.16)
• Citizens Advice (22.1.16)
• HSBC (22.1.16)
• Lloyds Banking Group plc (22.1.16)
• Royal Bank of Scotland (22.1.16)
• Santander UK plc (22.1.16)
• TSB Bank plc (22.1.16)
• Baringa (15.1.16)
• The Co-operative Bank plc (15.1.16)
• Danske Bank (15.1.16)
• Secure Trust Bank (15.1.16)
• Tesco Bank (15.1.16)
• Virgin Money (15.1.16)
• Which? (15.1.16)

Summaries of response hearings

• Summaries of response hearings (4.3.16)
• Transcript of roundtable hearing with SMEs (29.1.16)
• Transcript of roundtable hearing with Secure Trust Bank, Starling Bank, Tesco Bank, Virgin Money and Yorkshire Building Society (29.1.16)
• Transcript of roundtable hearing with consumer stakeholders (29.1.16)
• Transcript of roundtable hearing with Barclays, HSBC, Nationwide and Santander (22.1.16)
• Transcript of roundtable hearing with LBG, RBS and TSB (22.1.16)
• Transcript of roundtable hearing with NI Banks (22.1.16)

Evidence

The publication of the evidence of any party on the CMA’s webpages does not indicate in any way endorsement by the CMA of the views expressed in the evidence or acceptance of that evidence. Publication in this way is designed to assist public understanding of the issues.

Submission prior to provisional findings

• Lloyds Banking Group plc (20.10.15)

Hearing summaries

As part of its evidence-gathering process, the CMA is holding formal hearings with a range of industry participants and interested parties.

• Prudential Regulation Authority (20.10.15)
• Payment Systems Regulator (20.10.15)
• HSBC (2.10.15)
• TSB Bank plc (24.9.15)
• Clydesdale Bank plc (16.9.15)
• Challenger banks roundtable (8.9.15)
• Lloyds Banking Group plc (8.9.15)
• Santander UK plc (8.9.15)
• SMEs roundtable (8.9.15)
• AIB Group (UK) plc (27.8.15)
• Barclays Bank plc (27.8.15)
• Royal Bank of Scotland (27.8.15)
• Consumer roundtable (27.8.15)
• Welsh roundtable (27.8.15)

Responses to the updated issues statement

• Which? (2.10.15)
• BACS (24.9.15)
• British Chambers of Commerce (BCC) (24.9.15)
• National Pawnbrokers Association (24.9.15)
• New Economics Foundation (24.9.15)
• Secure Trust Bank (24.9.15)
• Community Investment Coalition (20.7.15)
• Barclays (29.6.15)
• Lloyds Banking Group plc (26.6.15)
• Payments Council (26.6.15)
• Royal Bank of Scotland (26.6.15)
• Tesco Bank (26.6.15)
• CHAPS Co (19.6.15)
• Clydesdale Bank plc (19.6.15)
• Danske Bank (19.6.15)
• First Trust Bank (19.6.15)
• HSBC (PDF, 2MB) (19.6.15)
• Nationwide Building Society (19.6.15)
• Santander UK plc (19.6.15)
• TSB Bank plc (19.6.15)
• Virgin Money (19.6.15)
• Yorkshire Building Society (19.6.15)
• Lloyds Banking Group plc (5.6.15)

Responses to the issues statement

• Allied Irish Banks (6.1.15)
• Aldermore Bank PLC (13.1.15)
• Bank of Ireland UK (6.1.15)
• Barclays Bank plc (15.1.15)
• Campaign for Community Banking Services (19.12.14)
• Centre for Competition Policy (19.12.14)
• Clydesdale Bank plc (19.12.14)
• Community Investment Coalition (19.12.14)
• Danske Bank (19.12.14)
• Federation of Small Businesses (19.12.14)
• HSBC (6.1.15)
• Lloyds Banking Group plc (6.1.15)
• Metro Bank PLC (13.1.15)
• National Federation of Retail Newsagents (19.12.14)
• Nationwide Building Society (19.12.14)
• New Economics Foundation (19.12.14)
• Royal Bank of Scotland (13.1.15)
• Santander UK plc (19.12.14)
• Solutions for Compliance (19.12.14)
• The FD Centre (13.1.15)
• The Finance Innovation Lab (6.1.15)
• TSB Bank plc (19.12.14)
• uSwitch (19.12.14)
• Virgin Money (19.12.14)
• Which? (6.1.15)
• Yorkshire Building Society (19.12.14)

Initial submissions

The CMA’s retail banking market investigation is independent and welcomes submissions from all interested parties.

• Consumer 1 (19.12.14)
• Consumer 2 (19.12.14)
• Consumer 3 (19.12.14)
• Consumer 4 (13.1.15)
• Consumer 5 (13.1.15)
• Consumer 6 (13.1.15)
• Consumer 7 (13.1.15)
• Consumer 8 and 9 (25.3.15)
• Letter from Lloyds Banking Group (19.12.14)
• Paper from Lloyds Banking Group on customer research (19.12.14)

Analysis

The updated issues statement and working papers are published to invite comments and assist the inquiry group to develop its thinking on key areas. They should not be considered as containing the group’s definitive views. For further information see the CMA’s market investigation guidelines.

Updated issues statement

• Updated issues statement (21.5.15)
• Appendices (PDF, 2MB) (21.5.15)
• Press release: CMA publishes updated issues statement in banking market investigation (21.5.15)

International research

• Deloitte LLP – The impact of innovation in the UK retail banking market (PDF, 1.6MB) (31.7.15)
• Notice of appointment and Deloitte’s methodology (8.4.15)
• Notice on international research (26.2.15)

Customer research survey: CMA-commissioned research

• Revised GfK survey data tables explanation note (24.9.15)
• Revised GfK survey data tables (Excel, 10.9MB) (24.9.15)
• GfK NOP PCA banking survey report (PDF, 1.4MB) (21.5.15)
• GfK NOP PCA banking survey technical report (PDF, 1.8MB) (21.5.15)

External advisers notification

• External advisers and disclosures of interest notification (19.6.15)

NI PCA Banking Market Investigation Order consultation: Now closed

20 May 2015: The CMA is inviting comments on whether to open a review into the Northern Ireland PCA Banking Market Investigation Order 2008.

• Consultation on whether to review (20.5.15)

Credit rating agency data request: invitation to comment

• Search and switching econometric model notice (24.4.15)

SME surveys

• SME follow-up survey results (PDF, 2.3MB) (20.8.15)
• Charterhouse survey follow-on research on SME behaviour – technical summary (PDF, 1.2MB) (20.8.15)
• Research Works SME qualitative research report (10.7.15)
• Notice of appointment and SME qualitative research survey methodology (16.4.15)
• SME qualitative research notice (10.3.15)
• SME survey methodology notice (2.2.15)
• Draft questionnaire: survey 1 applying for finance (2.2.15)
• Draft questionnaire: survey 2a business bank account needs (2.2.15)
• Draft questionnaire: survey 2b business bank account needs (2.2.15)
• SME survey notice (15.1.15)

Case study notice

The CMA is undertaking a number of case studies to better understand certain aspects of the retail banking market, particularly any barriers to entry and/or expansion that may exist.

• Case study notice update (19.3.15)
• Case study notice (22.12.14)

Proposed analytical approach

• Approach to market-wide financial and profitability analysis (27.3.15)
• Comparing actual and perceived behaviour (10.3.15)
• Determinants of searching and switching (10.3.15)

Draft PCA survey

15 January 2015: The CMA has published documents for comment in relation to a PCA customer survey.

• PCA survey questionnaire notice (16.1.15)
• Draft PCA customer survey questionnaire (16.1.15)
• PCA survey methodology notice (15.1.15)

Market research agency appointment

22 December 2014: The CMA has appointed GfK to undertake a consumer survey.

• Survey notice (22.12.14)

Invitation to comment on research agencies: Now closed

12 November 2014: As part of its investigation into the retail banking market, the CMA is considering engaging a market research agency to carry out research for PCAs customers and SME banking customers. We have identified a number of firms to undertake this research and comments are invited on potential conflicts of interest or any other restriction on the firms’ suitability to carry out the work.

• Invitation to comment on research agencies (12.11.14)

Issues statement

12 November 2014: The issues statement sets out the scope of the retail banking market investigation. It outlines initial theories on what might be adversely affecting competition and what the resulting effects could be for customers. It does not set out findings or conclusions.

• Issues statement (12.11.14)
• Press release: Banking market investigation – appointment of group and issues statement (12.11.14)

Market investigation reference group appointed

12 November 2014: The CMA has appointed the market investigation group.

Alasdair Smith (Chair), Tom Hoehn, Philip Marsden, Jill May, and Ed Smith.

• Investigation group appointment (10.11.14)
• Disclosures of interest (10.11.14)

Terms of reference

• Terms of reference (06.11.14)

Case opened

Press release: Personal current account and small business banking face full competition investigation (06.11.14)

The CMA has also decided to conduct a review of the competition undertakings put in place following the Competition Commission’s report in 2002 into SME banking, in order to examine whether any change of circumstances since then warrant their being varied or terminated. This review will be conducted alongside the market investigation by a group composed of the same panel members as those conducting the market investigation.

Phase 1

6 November 2014: The CMA has announced its decision to launch an in-depth market investigation into the PCA and SME retail banking sectors, confirming its provisional decision of 18 July 2014.

Following a first phase assessment, the CMA has concerns that essential parts of the UK retail banking sector lack effective competition and do not meet the needs of personal consumers or SMEs.

• Press release: Personal current account and small business banking face full competition investigation (06.11.14)
• Final decision on market investigation reference (06.11.14)
• PCA and SME banking consultation - outcome and responses (06.11.14)

The phase 1 market study on SME banking was a joint project of the CMA and the Financial Conduct Authority (FCA).

Core documents

• PCAs and banking services to SMEs: provisional decision on MIR (18.07.14)
• Banking services to small and medium-sized enterprises: a CMA and FCA market study (pdf 1.8MB) (18.07.14)
• SME market study annexes (pdf 2MB) (18.07.14)
• Personal current accounts: market study update (pdf 1.4MB) (18.07.14)
• OFT’s Review of banking for small and medium-sized businesses (SMEs) in the UK: Update on progress (11.03.14)
• Market study notice: Personal current accounts (04.04.14)
• OFT’s letter to banks to assess overall levels of compliance with the behavioural undertakings (05.12.13)
• OFT’s September scoping paper on SME banking (27.09.13)
• OFT’s Review of the personal current account market report (25.01.13)
• OFT programme of work on retail banking in the UK

News releases

• Personal current accounts and small business banking not working well for customers (18.07.14)
• CMA announces programme of work on banking (11.03.14)
• OFT update on SME banking market study (11.03.14)
• OFT announces market study on SME banking (19.06.13)

Document information

Published: 22 December 2014

Updated: 31 May 2017

Opened: 19 June 2013

Closed: 2 February 2017

+ full page history

1. 31 May 2017 Notice granting derogation to Part 6 of the order published.
2. 19 May 2017 Notice of determination of further exceptions to the order published.
3. 28 March 2017 Notice of determination of exceptions to the order published.
4. 28 February 2017 Final order corrigendum published and explanatory note corrected.
5. 2 February 2017 Final order and summary of responses published.
6. 23 January 2017 Response to draft order published.
7. 18 January 2017 Responses to draft order published.
8. 17 January 2017 Final undertakings published.
9. 11 January 2017 Responses to draft order and to draft undertakings published.
10. 4 January 2017 Responses to draft order published.
11. 1 December 2016 Consultation on draft undertakings launched and qualitative research published.
12. 23 November 2016 Consultation on draft order launched and qualitative research published.
13. 19 October 2016 Proposal from BBA and CMA note on potential presentation of service quality indicators published.
14. 14 October 2016 Investigation update, proposal for implementation entity from providers and research results published.
15. 11 August 2016 Final report corrigendum published.
16. 10 August 2016 Remedies implementation timetable published.
17. 9 August 2016 Full final report published.
18. 9 August 2016 Summary of final report published.
19. 3 August 2016 Responses to provisional decision on remedies published.
20. 1 August 2016 Date for publication of the final report added.
21. 28 July 2016 Response to provisional decision on remedies published.
22. 22 July 2016 Responses to provisional decision on remedies published.
23. 21 July 2016 Notice of intention published.
24. 15 July 2016 Responses to provisional decision on remedies published.
25. 11 July 2016 Responses to addendum to provisional findings published.
26. 8 July 2016 Responses to provisional decision on remedies and responses to updated PCA pricing working paper published.
27. 5 July 2016 Responses to provisional decision on remedies published.
28. 1 July 2016 Responses to provisional decision on remedies published.
29. 29 June 2016 Responses published.
30. 17 June 2016 Responses to working paper and provisional decision on remedies published.
31. 15 June 2016 Responses to provisional decision on remedies published.
32. 26 May 2016 Responses to provisional decision on remedies published.
33. 24 May 2016 Investigation update, working paper, notice of intention and responses to addendum to provisional findings published.
34. 17 May 2016 Provisional decision on remedies report published.
35. 13 May 2016 Responses to provisional findings and notice of possible remedies published.
36. 12 May 2016 Date announced for publication of provisional decision on remedies.
37. 6 May 2016 Responses to provisional findings and notice of possible remedies published.
38. 4 May 2016 Notice of intention published.
39. 19 April 2016 Responses to working papers and response to provisional findings and notice of possible remedies published.
40. 15 April 2016 Addendum to provisional findings and responses to provisional findings and notice of possible remedies published.
41. 8 April 2016 Responses to supplemental notice of possible remedies and response to working paper published.
42. 31 March 2016 Response to quantitative and qualitative research results and responses to supplemental notice of possible remedies published.
43. 24 March 2016 Responses to working papers and responses to supplemental notice of possible remedies published.
44. 18 March 2016 Responses to working paper and response to research results and to provisional findings and notice of possible remedies published.
45. 8 March 2016 Response to provisional findings and notice of possible remedies published.
46. 7 March 2016 Working paper and research results published.
47. 7 March 2016 Timetable updated and notice of extension, supplemental notice of possible remedies and update published.
48. 4 March 2016 Responses and summary of response hearings published.
49. 26 February 2016 Working paper published.
50. 22 February 2016 Response to additional remedy suggestions published.
51. 29 January 2016 Transcripts of response hearings published and update and announcement added.
52. 22 January 2016 Notice, response hearing summaries and responses to additional remedy suggestions published.
53. 15 January 2016 Responses to additional remedy suggestions and a response to provisional findings published.
54. 18 December 2015 Invitation to comment on additional remedy suggestions issued.
55. 8 December 2015 Notice of appointment and responses to provisional findings and notice of possible remedies published.
56. 7 December 2015 Two responses to provisional findings and notice of possible remedies published.
57. 27 November 2015 Five responses to provisional findings and notice of possible remedies published.
58. 25 November 2015 Notice of intention and responses to provisional findings and notice of possible remedies published.
59. 17 November 2015 Investigation update published.
60. 28 October 2015 Full provisional findings report published.
61. 22 October 2015 Summary of provisional findings and notice of possible remedies published.
62. 20 October 2015 Two hearing summaries and a submission prior to the provisional findings published.
63. 15 October 2015 Date announced for publication of provisional findings.
64. 2 October 2015 Hearing summary and response to updated issues statement published.
65. 1 October 2015 Response to updated issues statement published.
66. 24 September 2015 Notice of intention, revised GfK survey data tables, hearing summary and responses to updated issues statement published.
67. 16 September 2015 Hearing summary published.
68. 8 September 2015 Hearing summaries published.
69. 28 August 2015 Investigation update added and case timetable updated.
70. 20 August 2015 SME survey documents published.
71. 18 August 2015 Revised working paper and notice of amendments published.
72. 7 August 2015 Working papers published.
73. 31 July 2015 Case study and international research report published.
74. 20 July 2015 Notice of intention and response to updated issues statement published.
75. 10 July 2015 Working paper and SME research report (under SME surveys) published.
76. 26 June 2015 Responses to updated issued statement published.
77. 23 June 2015 Invitation to comment on PCA pricing analysis using transactions data issued.
78. 19 June 2015 Investigation update, notification about external advisers, revised GfK customer research survey data tables and responses to updated issues statement published.
79. 5 June 2015 Working papers and response to updated issues statement published.
80. 27 May 2015 Customer survey research published.
81. 21 May 2015 Case studies published.
82. 21 May 2015 Updated issues statement and customer research survey published.
83. 20 May 2015 Invitation to comment on Northern Ireland PCA Banking Market Investigation Order 2008 issued.
84. 19 May 2015 Date announced for publication of updated issues statement.
85. 24 April 2015 Notice added.
86. 16 April 2015 SME qualitative research notice published.
87. 8 April 2015 International research appointment notice added.
88. 27 March 2015 Consultative working paper published.
89. 25 March 2015 Initial submission published.
90. 19 March 2015 Investigation and case study update added.
91. 10 March 2015 Proposed analytical approach and SME qualitative research notice added.
92. 6 March 2015 Updated information about international research added.
93. 26 February 2015 International research notice added.
94. 2 February 2015 SME survey methodology notice and draft questionnaires added (under ‘Invitation to comment on SME survey’).
95. 16 January 2015 PCA customer survey notice and draft survey questionnaire added.
96. 15 January 2015 SME survey notice and PCA survey methodology notice added (under 'Phase 2').
97. 13 January 2015 Responses to the issues statement and initial submissions added (under 'Evidence').
98. 6 January 2015 Responses to the issues statement added (under 'Evidence').
99. 22 December 2014 Investigation update and case study notice added. Market research agency appointment added.

From: Competition and Markets Authority

Case type: Markets

Case state: Closed

Market sector: Financial services

Outcome: Markets - phase 2 adverse effect on competition leading to remedies