Today, the Competition and Markets Authority (CMA) released the provisional findings of its retail banking market review.
The news has been widely reported in the media. Our client uSwitch is busy helping consumers make sense of the findings, with our spokesperson featured on BBC News.
The CMA has stopped short of recommending a break up of the banks, but is did say that competition in the market is not working properly.
Richard Neudegg, regulatory expert at uSwitch.com agrees and says, “With only 8% of us switching current accounts in the last three years, there is clearly more to be done to ensure that banks feel the pressure to up their game. We have not seen large numbers of people vote with their feet, even though some providers have upped the ante with switching incentives, innovative products and high interest rates on balances.”