Retail banking market investigation

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

Remedies implementation


Statutory deadline for implementing remedial action: 8.2.17



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Phase 2


Date of referral: 6.11.14

Statutory deadline: 12.8.16

Final report

Responses to provisional decision on remedies

Notices of intention

Responses to addendum to provisional findings

Responses to updated personal current account pricing working paper

Investigation updates

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

Working papers

Provisional decision on remedies

Responses to provisional findings and notice of possible remedies

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.

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

Responses to corporation tax surcharge and bank levy working paper

Responses to supplemental notice of possible remedies

Responses to quantitative and qualitative research results

Quantitative and qualitative research results

Provisional findings and possible remedies

Full provisional findings report

Appendices and Glossary

Responses to additional remedy suggestions

Summaries of response hearings


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

Hearing summaries

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

Responses to the updated issues statement

Responses to the issues statement

Initial submissions

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


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

International research

Customer research survey: CMA-commissioned research

External advisers notification

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.

Credit rating agency data request: invitation to comment

SME surveys

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.

Proposed analytical approach

Draft PCA survey

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

Market research agency appointment

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

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.

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.

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.

Terms of reference

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.

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

Core documents

News releases

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