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Detail of outcome
The CMA has decided to open a review into the Northern Ireland PCA Banking Market Investigation Order 2008.
Detail of feedback received
We received submissions from AIB Group (UK) plc (trading as First Trust Bank), Bacs Payment Schemes Limited, Bank of Ireland (UK) plc, Barclays Bank plc, the Consumer Council of Northern Ireland, Northern Bank Limited (trading as Danske Bank), HSBC Bank plc, Lloyds Banking Group plc, Santander UK plc, Tesco Personal Finance plc (trading as Tesco Bank) and Ulster Bank Ltd.
The Northern Ireland PCA Banking Market Investigation Order 2008 (the order) was put in place following an investigation by the Competition Commission into the personal current account (PCA) banking market in Northern Ireland.
The order was then reviewed and varied in 2011. Under the order, banks are required to comply with information and switching requirements. The Competition and Markets Authority’s (CMA) retail banking market investigation covers retail banking services to PCA customers in the UK, including Northern Ireland. The CMA is also reviewing the 2002 SME banking undertakings.
The CMA invites parties and those interested in the order to provide their views on whether a review should take place and to submit any relevant evidence. The CMA will use the evidence received and conduct its own analysis to make a decision as to whether or not to open a review into the order.