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
Remedies Implementation Programme Board meeting minutes
Timetable
Statutory deadline for implementing remedial action: 8.2.17
- (10.8.16)
Contact
Email: retailbanking@cma.gsi.gov.uk
Final order
The Retail Banking Market Investigation Order 2017
- (29.1.18)
- (16.1.18)
- (22.11.17)
- (1.11.17)
- (8.8.17)
- (31.5.17)
- (19.5.17)
- (28.3.17)
- (2.2.17)
- (2.2.17)
-
- (28.2.17)
(corrected 28.2.17)
- (2.2.17)
- Press release: Open Banking revolution moves closer (2.2.17)
Final undertakings
Current account switch service (CASS) remedies undertakings
- (17.1.17)
- Press release: Bank switching to be overhauled (17.1.17)
Responses to formal consultation on draft retail banking order
-
- (23.1.17)
- (23.1.17)
(11.1.17)
- (18.1.17)
- (18.1.17)
- (18.1.17)
- (18.1.17)
- (11.1.17)
- (11.1.17)
- (11.1.17)
- (11.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (PDF, 3.4MB) (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
- (4.1.17)
Responses to formal consultation on draft retail banking undertakings
- (11.1.17)
- (11.1.17)
- (11.1.17)
Formal consultation on draft retail banking undertakings
- (1.12.16)
- (1.12.16)
Formal consultation on draft retail banking order
- (23.11.16)
- (23.11.16)
- (23.11.16)
- Press release: Open Banking transformation moves a step closer (23.11.16)
Documents
- (1.12.16)
- (23.11.16)
- (19.10.16)
- (19.10.16)
- (14.10.16)
- (14.10.16)
- (14.10.16)
Phase 2
Timetable
Date of referral: 6.11.14
Statutory deadline: 12.8.16
-
(updated on 7.3.16)
-
(7.3.16)
Final report
-
- (11.8.16)
(PDF, 8.8MB) (9.8.16)
- (PDF, 9.8MB) (9.8.16)
- (PDF, 8.7MB) (9.8.16)
- (PDF, 4.4MB) (9.8.16)
- (9.8.16)
- Press release: CMA paves the way for Open Banking revolution (9.8.16)
Responses to provisional decision on remedies
- (3.8.16)
- (3.8.16)
-
- (17.6.16)
- (8.7.16)
- (28.7.16)
(17.6.16)
-
- (22.7.16)
(15.6.16)
-
- (22.7.16)
(17.6.16)
-
- (26.5.16)
- (22.7.16)
(26.5.16)
- (22.7.16)
- (15.7.16)
- (15.7.16)
- (8.7.16)
-
- (8.7.16)
(8.7.16)
- (5.7.16)
- (5.7.16)
- (5.7.16)
- (1.7.16)
- (1.7.16)
- (1.7.16)
- (29.6.16)
- (29.6.16)
- (29.6.16)
-
- (29.6.16)
(15.6.16)
- (17.6.16)
- (17.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
-
- (15.6.16)
(15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
- (15.6.16)
Notices of intention
- (21.7.16)
- (24.5.16)
- (4.5.16)
- (22.1.16)
- (8.12.15)
- (25.11.15)
- (20.11.15)
- (16.10.15)
- (6.10.15)
- (24.9.15)
- (12.8.15)
- (20.7.15)
- (23.6.15)
Responses to addendum to provisional findings
-
- (11.7.16)
(11.7.16)
- (24.5.16)
- (24.5.16)
- (24.5.16)
- (24.5.16)
Responses to updated personal current account pricing working paper
- (8.7.16)
- (8.7.16)
-
- (29.6.16)
(17.6.16)
Investigation updates
Short updates on the progress of the retail banking market investigation.
- (24.5.16)
- (7.3.16)
- (29.1.16)
- (17.11.15)
- (28.8.15)
- (19.6.15)
- (19.3.15)
- (22.12.14)
- Press release: Extension to CMA retail banking market investigation (29.1.16)
Working papers
- (24.5.16)
- (7.3.16)
- (26.2.16)
- (19.8.15)
-
- (18.8.15)
(revised on 18.8.15)
- (14.8.15)
- (13.8.15)
- (PDF, 1.5MB) (7.8.15)
- (31.7.15)
- (14.7.15)
- (14.7.15)
- (10.7.15)
- (5.6.15)
- (5.6.15)
- (5.6.15)
- (PDF, 1.4MB) (21.5.15)
- (21.5.15)
- (21.5.15)
- (1.5.15)
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
- (13.5.16)
- (13.5.16)
-
-
- (6.5.16)
(6.5.16)
(6.5.16)
-
- (19.4.16)
- (15.4.16)
- (15.4.16)
- (8.3.16)
-
-
- (18.3.16)
(4.3.16)
(5.2.16)
-
- (15.2.16)
- (10.2.16)
- (9.2.16)
- (9.2.16)
- (20.1.16)
- (20.1.16)
- (20.1.16)
- (15.1.16)
- (6.1.16)
- (6.1.16)
- (15.12.15)
- (15.12.15)
- (15.12.15)
- (11.12.15)
- (11.12.15)
- (updated 11.12.15)
- (8.12.15)
- (8.12.15)
- (8.12.15)
- (7.12.15)
- (7.12.15)
- (2.12.15)
- (2.12.15)
- (2.12.15)
- (2.12.15)
- (2.12.15)
- (25.11.15)
- (23.11.15)
- (23.11.15)
- (23.11.15)
- (19.11.15)
- (25.11.15)
- (25.11.15)
- (27.11.15)
- (23.11.15)
- (23.11.15)
- (25.11.15)
- (23.11.15)
- (PDF, 1MB) (27.11.15)
- (23.11.15)
- (25.11.15)
- (25.11.15)
- (23.11.15)
- (27.11.15)
- (27.11.15)
- (23.11.15)
- (25.11.15)
- (25.11.15)
- (25.11.15)
- (PDF, 1.2MB) (27.11.15)
- (23.11.15)
- (19.11.15)
- (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.
- (15.4.16)
- (15.4.16)
Responses to the role of comparison sites for SMEs in addressing the adverse effect on competition working paper
- (19.4.16)
- (8.4.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
Responses to corporation tax surcharge and bank levy working paper
- (19.4.16)
- (24.3.16)
- (18.3.16)
- (18.3.16)
- (18.3.16)
Responses to supplemental notice of possible remedies
- (8.4.16)
- (8.4.16)
- (8.4.16)
- (31.3.16)
- (31.3.16)
- (31.3.16)
- (31.3.16)
- (31.3.16)
- (31.3.16)
- (31.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
- (24.3.16)
Responses to quantitative and qualitative research results
- (31.3.16)
- (18.3.16)
Quantitative and qualitative research results
- (7.3.16)
- (PDF, 3.1 MB) (7.3.16)
- (PDF, 6.6 MB) (7.3.16)
- (7.3.16)
- (PDF, 3.8 MB) (7.3.16)
- (7.3.16)
- (PDF, 1.7 MB) (7.3.16)
Provisional findings and possible remedies
- (7.3.16)
- (18.12.15)
- (22.10.15)
- (22.10.15)
- (22.10.15)
- (28.10.15)
- Press release: CMA proposes better deal for bank customers (22.10.15)
Full provisional findings report
- (PDF, 4.9 MB) (28.10.15)
Appendices and Glossary
- (28.10.15)
- (PDF, 1.3 MB) (28.10.15)
- (28.10.15)
- (28.10.15)
- (PDF, 1.5 MB) (28.10.15)
- (PDF, 2 MB) (28.10.15)
- (PDF, 3 MB) (28.10.15)
- (PDF, 1.2 MB)(28.10.15)
- (28.10.15)
- (PDF, 2.8 MB) (28.10.15)
- (28.10.15)
- (28.10.15)
Responses to additional remedy suggestions
- (4.3.16)
- (22.2.16)
- (22.1.16)
- (22.1.16)
- (22.1.16)
- (22.1.16)
- (22.1.16)
- (22.1.16)
- (22.1.16)
- (15.1.16)
- (15.1.16)
- (15.1.16)
- (15.1.16)
- (15.1.16)
- (15.1.16)
- (15.1.16)
Summaries of response hearings
- (4.3.16)
- (29.1.16)
- (29.1.16)
- (29.1.16)
- (22.1.16)
- (22.1.16)
- (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
- (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.
- (20.10.15)
- (20.10.15)
- (2.10.15)
- (24.9.15)
- (16.9.15)
- (8.9.15)
- (8.9.15)
- (8.9.15)
- (8.9.15)
- (27.8.15)
- (27.8.15)
- (27.8.15)
- (27.8.15)
- (27.8.15)
Responses to the updated issues statement
- (2.10.15)
- (24.9.15)
- (24.9.15)
- (24.9.15)
- (24.9.15)
- (24.9.15)
- (20.7.15)
- (29.6.15)
- (26.6.15)
- (26.6.15)
- (26.6.15)
- (26.6.15)
- (19.6.15)
- (19.6.15)
- (19.6.15)
- (19.6.15)
- (PDF, 2MB) (19.6.15)
- (19.6.15)
- (19.6.15)
- (19.6.15)
- (19.6.15)
- (19.6.15)
- (5.6.15)
Responses to the issues statement
- (6.1.15)
- (13.1.15)
- (6.1.15)
- (15.1.15)
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (6.1.15)
- (6.1.15)
- (13.1.15)
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (13.1.15)
- (19.12.14)
- (19.12.14)
- (13.1.15)
- (6.1.15)
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (6.1.15)
- (19.12.14)
Initial submissions
The CMA’s retail banking market investigation is independent and welcomes submissions from all interested parties.
- (19.12.14)
- (19.12.14)
- (19.12.14)
- (13.1.15)
- (13.1.15)
- (13.1.15)
- (13.1.15)
- (25.3.15)
- (19.12.14)
- (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
- (21.5.15)
- (PDF, 2MB) (21.5.15)
- Press release: CMA publishes updated issues statement in banking market investigation (21.5.15)
International research
- (PDF, 1.6MB) (31.7.15)
- (8.4.15)
- (26.2.15)
Customer research survey: CMA-commissioned research
- (24.9.15)
- (Excel, 10.9MB) (24.9.15)
- (PDF, 1.4MB) (21.5.15)
- (PDF, 1.8MB) (21.5.15)
External advisers 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
- (24.4.15)
SME surveys
- (PDF, 2.3MB) (20.8.15)
- (PDF, 1.2MB) (20.8.15)
- (10.7.15)
- (16.4.15)
- (10.3.15)
- (2.2.15)
- (2.2.15)
- (2.2.15)
- (2.2.15)
- (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.
- (19.3.15)
- (22.12.14)
Proposed analytical approach
- (27.3.15)
- (10.3.15)
- (10.3.15)
Draft PCA survey
15 January 2015: The CMA has published documents for comment in relation to a PCA customer survey.
- (16.1.15)
- (16.1.15)
- (15.1.15)
Market research agency appointment
22 December 2014: The CMA has appointed GfK to undertake a consumer survey.
- (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.
- (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.
- (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.
- (10.11.14)
- (10.11.14)
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)
- (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
- (18.07.14)
- (pdf 1.8MB) (18.07.14)
- (pdf 2MB) (18.07.14)
- (pdf 1.4MB) (18.07.14)
- OFT’s (11.03.14)
- (04.04.14)
- to assess overall levels of compliance with the behavioural undertakings (05.12.13)
- OFT’s 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
Last updated 29 January 2018 + show all updates
- Letter of indication of enforcement prioritisation published.
- Notice of determination of further exceptions to the order published.
- Notice of approval of changes to the agreed timetable and project plan for Open Banking published.
- Notice of determination of further exceptions to the order published.
- Notice of determination of further exceptions to the order published.
- Notice of determination of further exceptions to the order published.
- Notice granting derogation to Part 6 of the order published.
- Notice of determination of further exceptions to the order published.
- Notice of determination of exceptions to the order published.
- Final order corrigendum published and explanatory note corrected.
- Final order and summary of responses published.
- Response to draft order published.
- Responses to draft order published.
- Final undertakings published.
- Responses to draft order and to draft undertakings published.
- Responses to draft order published.
- Consultation on draft undertakings launched and qualitative research published.
- Consultation on draft order launched and qualitative research published.
- Proposal from BBA and CMA note on potential presentation of service quality indicators published.
- Investigation update, proposal for implementation entity from providers and research results published.
- Final report corrigendum published.
- Remedies implementation timetable published.
- Full final report published.
- Summary of final report published.
- Responses to provisional decision on remedies published.
- Date for publication of the final report added.
- Response to provisional decision on remedies published.
- Responses to provisional decision on remedies published.
- Notice of intention published.
- Responses to provisional decision on remedies published.
- Responses to addendum to provisional findings published.
- Responses to provisional decision on remedies and responses to updated PCA pricing working paper published.
- Responses to provisional decision on remedies published.
- Responses to provisional decision on remedies published.
- Responses published.
- Responses to working paper and provisional decision on remedies published.
- Responses to provisional decision on remedies published.
- Responses to provisional decision on remedies published.
- Investigation update, working paper, notice of intention and responses to addendum to provisional findings published.
- Provisional decision on remedies report published.
- Responses to provisional findings and notice of possible remedies published.
- Date announced for publication of provisional decision on remedies.
- Responses to provisional findings and notice of possible remedies published.
- Notice of intention published.
- Responses to working papers and response to provisional findings and notice of possible remedies published.
- Addendum to provisional findings and responses to provisional findings and notice of possible remedies published.
- Responses to supplemental notice of possible remedies and response to working paper published.
- Response to quantitative and qualitative research results and responses to supplemental notice of possible remedies published.
- Responses to working papers and responses to supplemental notice of possible remedies published.
- Responses to working paper and response to research results and to provisional findings and notice of possible remedies published.
- Response to provisional findings and notice of possible remedies published.
- Working paper and research results published.
- Timetable updated and notice of extension, supplemental notice of possible remedies and update published.
- Responses and summary of response hearings published.
- Working paper published.