Detail of outcome
The CMA has decided that the undertakings given by certain banks following the Competition Commission’s 2002 investigation into SME banking should be reviewed in their entirety.
Further information can be found on the SME banking undertakings review case page.
Detail of feedback received
The CMA received 4 specific responses to this consultation, from Barclays Bank PLC, HSBC, Lloyds Banking Group and Royal Bank of Scotland PLC. Copies of these responses (excluding confidential information) can be found on the personal current accounts and banking services to SMEs consultation page.
This consultation ran from to
We are seeking views on whether to review the undertakings for banking services to small and medium-sized enterprises (SMEs).
As part of its SME banking market study, the CMA has conducted a preliminary assessment of the undertakings given by certain banks following the Competition Commission’s 2002 investigation into SME banking.
These behavioural undertakings were intended to improve transparency and make it easier for business customers to switch banks. While the CMA considers that these undertakings remain valuable, it is minded to review whether they need to be varied, given recent changes in the switching process. We are inviting views on this.
Details of CMA’s preliminary assessment can be found in Chapter 11 of the SME banking market study (p178).