In August 2016, the Competition and Markets Authority (CMA) published its final report following its investigation into the retail banking market.
We found that older and larger banks do not have to work hard enough to win and retain customers, so it’s difficult for new and smaller banks to grow. Our proposals include changes to help consumers and microbusinesses find a better deal and the quicker adoption of open banking.
This overview explains the main findings from our report and the proposals that are being introduced.
We’ve also published some infographics illustrating some of our proposals and visuals.