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).
OBIE has appointed Marion King as its new Chair and Trustee
1 February 2023: The CMA has published its response to the Trustee’s End of Implementation Roadmap Report.
- (1.2.23)
- News story: New chair of Open Banking appointed (1.2.23)
Letter to the Open Banking Implementation Entity
9 September 2024: The CMA has published a letter sent to Open Banking Limited (OBL) following an update from OBL on the status of remaining items in the Roadmap, which the CMA has also published alongside its letter.
- (9.9.24)
- (9.9.24)
19 October 2023: The CMA has published a letter sent to the OBIE following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its letter.
- (19.10.23)
- (19.10.23)
12 January 2023: The CMA has published its decision on roadmap completion following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its decision.
- (12.1.23)
- (12.1.23)
- Press release: Millions of customers benefit as Open Banking reaches milestone (12.1.23)
18 August 2022: The CMA has published a letter sent to the Open Banking Implementation Entity following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its letter.
- (18.8.22)
- (18.8.22)
23 March 2022: The CMA has published a letter sent to the Open Banking Implementation Entity following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its letter. Updated with further correspondence between OBIE and the CMA on 14 April 2022.
- (14.4.22)
- (14.4.22)
- (23.3.22)
- (23.3.22)
14 March 2022: On 26 July 2021 the CMA approved the recommendation (PDF, 221KB) made by the Open Banking Implementation Entity (OBIE) to mandate variable recurring payments (VRPs) as the mechanism for implementing sweeping under item A10 of the Revised Roadmap (May 2020) (PDF, 390KB), implemented pursuant to the Retail Banking Market Investigation Order 2017 (the Order).
Following this, questions were raised with OBIE as to whether certain use cases fell within the existing approved definition of sweeping. OBIE consequently invited views from stakeholders on clarification of the definition for the CMA to consider. The CMA has now provided clarification on the definition of sweeping for the purpose of the Revised Roadmap.
- (14.3.22)
- (14.3.22)
15 November 2021: The CMA has approved the recommendation made by the Open Banking Implementation Entity to revise the implementation timescale for Variable Recurring Payments for sweeping services.
- (15.11.21)
27 July 2021: The CMA has approved the recommendation made by the Open Banking Implementation Entity to mandate variable recurring payments (VRPs) as the mechanism for implementing sweeping under item A10 of the Revised Roadmap.
- (27.7.21)
Review of part 6 of the retail banking order
18 December 2019: The CMA reviewed the Retail Banking Order 2017 and this has been varied to transfer the obligations of Part 6 to the FCA with effect from 18 December 2019.
Retail Banking Market Investigation Order 2017
Public letters sent to banks concerning the implementation of aspects of the Open Banking Remedy. Article 10.5 in Part 2 of the Retail Banking Market Investigation Order 2017 (the Order) provided for the appointment of an Implementation Trustee to drive forward the Open Banking remedy according to an agreed timetable and project plan (the Roadmap). The current Roadmap was amended on 15 May 2020. The CMA also published a letter on 15 November 2021, extending the deadline for implementing the Variable Recurring Payment (VRP) standard for Sweeping to July 2022. The CMA announced on 12 January 2023 that the Roadmap was substantially complete with six of the nine largest banking providers in Great Britain and Northern Ireland (Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander) having implemented all the requirements of the Open Banking Roadmap.
Bank of Ireland letter
27 June 2023: The CMA today wrote to Bank of Ireland (UK) plc (BOI) about its delay in final implementation of the Retail Banking Market Investigation Order 2017 in relation to the delivery of the VRP for Sweeping item of the Roadmap. The letter sets out the significance of the breach for BOI’s customers, the CMA’s engagement with BOI on its proposed delivery timeline and BOIs commitment to the implementation of VRP for sweeping, with voluntary additional regular reporting to the CMA on progress.
- (27.6.23)
- (27.6.23)
Allied Irish Banks letter
27 June 2023: The CMA today wrote to the Allied Irish Banks Group (UK) plc (AIB) about its delay in final implementation of the Retail Banking Market Investigation Order 2017 in relation to the delivery of the VRP for Sweeping item of the Roadmap. The letter sets out the significance of the breach for AIB’s customers, the CMA’s engagement with AIB on its proposed delivery timeline and AIB’s commitment to the implementation of VRP for sweeping, with voluntary additional regular reporting to the CMA on progress.
- (27.6.23)
- (27.6.23)
Retail Banking Market Investigation Order 2017
Directions issued to banks to ensure they comply with the requirement to release personal and business account data sets as part of the Open Banking remedy.
Santander Directions revoked
29 September 2021: The CMA today revoked the Directions given to Santander on 19 December 2017 and subsequently varied on 29 January 2019 and 18 March 2020 in respect of the delivery of release 1 of Open Banking by its subsidiary Cater Allen on confirmation by the Bank that it had met the requirements of the Directions to the satisfaction of the CMA.
Santander Directions varied 2020
18 March 2020: The CMA today varied the Directions given to Santander on 19 December 2017, and previously varied on 29 January 2019, in respect of the delivery of release 1 of Open Banking.
- (18.3.20)
- (18.3.20)
Directions issued to 5 banks: App-to-App functionality
BOI Directions revoked
29 June 2023: The CMA today revoked the Directions given to Bank of Ireland on 1 April 2019 on confirmation by the Implementation Trustee that Bank of Ireland was compliant with Article 14.1 of the Order with respect to the delivery of release 3
HSBC Directions revoked
6 August 2020: The CMA today revoked the Directions given to HSBC on 1 April 2019 on confirmation by the Implementation Trustee that HSBC was compliant with Article 14.1 of the Order with respect to App-to-App Redirection Functionality.
Santander Directions revoked
27 November 2019: The CMA today revoked the Directions given to Santander on 1 April 2019 on confirmation by the Implementation Trustee that Santander was compliant with Article 14.1 of the Order with respect to App-to-App Redirection Functionality.
Danske Bank Directions revoked
16 October 2019: The CMA today revoked the Directions given to Danske on 1 April 2019 on confirmation by the Implementation Trustee that Danske was compliant with Article 14.1 of the Order with respect to App-to-App Redirection Functionality.
Lloyds Banking Group (LBG) Directions revoked
15 August 2019: The CMA today revoked the Directions given to LBG on 1 April 2019 on confirmation by the Implementation Trustee that LBG was compliant with Article 14.1 of the Order with respect to App-to-App Redirection Functionality.
1 April 2019: The CMA today issued Directions to 5 banks who have not delivered all aspects of their App-to-App functionality by the date set out in the Agreed Timetable and Project Plan. These Directions specify actions that the banks concerned must take including, for those not delivering this functionality until several months after the deadline, the employment of external professional resources to validate their plans and monitor their progress.
- (1.4.19)
- (1.4.19)
- (1.4.19)
- (1.4.19)
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Directions issued to 6 banks: data sets
Santander Directions varied
29 January 2019: The CMA today varied the Directions given to Santander on 19 December 2017 in respect of the delivery of release 1 of Open Banking.
- (29.1.19)
Bank of Ireland Directions revoked
12 December 2018: The CMA today revoked the Directions given to Bank of Ireland on 19 December 2017 in respect of the delivery of release 1 of Open Banking on confirmation by the Bank that it had met the requirements of the Directions to the satisfaction of the CMA.
Barclays Bank Directions revoked
20 July 2018: The CMA today revoked the Directions given to Barclays Bank on 19 December 2017 on confirmation by the Implementation Trustee that Barclays Bank was compliant with Article 14.1 of the Order.
HSBC Directions revoked
13 June 2018: The CMA today revoked the Directions given to HSBC on 19 December 2017 on confirmation by the Implementation Trustee that HSBC was compliant with Article 14.1 of the Order.
Nationwide Building Society Directions revoked
6 March 2018: The CMA today revoked the Directions given to Nationwide Building Society on 19 December 2017 on confirmation by the Implementation Trustee that Nationwide Building Society was compliant with Article 14.1 of the Order.
RBSG Directions revoked
27 February 2018: The CMA today revoked the Directions given to RBSG on 19 December 2017 on confirmation by the Implementation Trustee that RBSG was compliant with Article 14.1 of the Order.
19 December 2017: In 2017 the CMA issued the Retail Banking Market Investigation Order. Article 14 of the Order required the 9 largest banks in Great Britain and Northern Ireland to release Read/Write personal current account (PCA) and business current account (BCA) data sets by 13 January 2018 as part of the Open Banking remedy.
Six banks told us that they would not be able to release all of these data sets by the specified date and we have therefore issued each of these banks with directions stipulating the timeline for the delivery of the outstanding data sets and the arrangements that each must make for reporting progress to the CMA in the meantime.
- (19.12.17)
- (19.12.17)
- (19.12.17)
- (19.12.17)
- (19.12.17)
- (19.12.17)
Retail Banking Market Investigation Order 2017
This order was made under the market investigation provisions of the Enterprise Act 2002.
The CMA’s retail banking market investigation identified a number of competition problems in both the personal current account (PCA) and small and medium-sized enterprise (SME) banking markets. The order is part of a package of remedies designed to address these problems.
The order sets out the timetable for introducing advances such as open banking, the monthly maximum unarranged overdraft charge, standardised business current account (BCA) opening procedures, and banks having to publish service quality statistics.
Notices regarding the Order in 2023
29 August 2023: Notice granting HSBC Innovation Bank UK an exception to the Order published.
- (29.8.23)
Notices regarding the Order in 2020
15 May 2020: Notice approving changes to the Agreed timetable, including in response to the COVID-19 pandemic.
- (15.5.20)
7 April 2020: Notice of approval of changes and requirement to the Agreed Timetable and Project Plan in respect of the final implementation of the Order published.
- (7.4.20)
Notices regarding the Order in 2019
23 December 2019: Notice granting HSBC Private Banking an exception to the Order published.
- (17.12.19)
Notices regarding the Order in 2018
23 July 2018: Notice of approval of changes and requirements to the Agreed Timetable and Project Plan including as a result of the Regulatory Technical Standards of PSD2.
- (23.7.18)
10 January 2018: Notice granting Barclays Private Bank and Overseas Services an exception to the Order.
- (10.1.18)
Notices regarding the Order in 2017
22 November 2017: Notice approving changes to the Agreed Timetable and Project Plan.
- (22.11.17)
31 October 2017: Notice granting an exception to Barclays.
- (31.10.17)
31 July 2017: Notice granting an exception to the Yorkshire Building Society
- (31.7.17)
31 May 2017: Notice granting exceptions to the Co-op Bank.
- (31.5.17)
2 February 2017: Publication of the Order and its Explanatory Note.
- Retail Banking Market Investigation Order 2017 (2.2.17)
- Explanatory note (PDF, 1.81MB)
- Revised Agreed arrangements – these replace the Agreed Arrangements included in the Explanatory note to the Order (20.1.22)
Notice granting exceptions to Brands of Barclays and HSBC.
Notice granting exceptions to brands of RBSF, LBG and Santander.
Remedies implementation
Remedies Implementation Programme Board meeting minutes
Timetable
Statutory deadline for implementing remedial action: 8.2.17
- (10.8.16)
Contact
Email: [email protected]
Final order
The Retail Banking Market Investigation Order 2017
- (5.2.20)
- Notice of approval of changes to the agreed timetable and project plan July 2018 (PDF, 235KB) (26.7.18)
- (23.5.18)
- (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)
- Retail Banking Market Investigation Order 2017 (2.2.17)
- (corrected 28.2.17)
- Revised Agreed arrangements – these replace the Agreed Arrangements included in the Explanatory note to the Order (20.1.22)
- (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
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(11.1.17)
- (23.1.17)
- (23.1.17)
- (18.1.17)
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- (PDF, 3.4MB) (4.1.17)
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- (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)
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- (14.10.16)
Phase 2
Timetable
Date of referral: 6.11.14
Statutory deadline: 12.8.16
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(updated on 7.3.16)
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(7.3.16)
Final report
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(PDF, 8.8MB) (9.8.16)
- (11.8.16)
- (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)
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(17.6.16)
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- (8.7.16)
- (28.7.16)
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(15.6.16)
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(17.6.16)
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(26.5.16)
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(8.7.16)
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- (29.6.16)
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(15.6.16)
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(15.6.16)
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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
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(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)
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(17.6.16)
- (29.6.16)
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)
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(revised on 18.8.15)
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- (PDF, 1.4MB) (21.5.15)
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- (1.5.15)
Provisional decision on remedies
- (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
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(6.5.16)
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(6.5.16)
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(6.5.16)
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(5.2.16)
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(4.3.16)
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(4.3.16)
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- (15.12.15)
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- (11.12.15)
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- (updated 11.12.15)
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- (PDF, 1MB) (27.11.15)
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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)
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Responses to the role of comparison sites for SMEs in addressing the adverse effect on competition working paper
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Responses to corporation tax surcharge and bank levy working paper
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Responses to supplemental notice of possible remedies
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Responses to quantitative and qualitative research results
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Quantitative and qualitative research results
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Provisional findings and possible remedies
- (7.3.16)
- (18.12.15)
- (22.10.15)
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- (22.10.15)
- (28.10.15)
- Press release: CMA proposes better deal for bank customers (22.10.15)
Full provisional findings report
- (28.10.15)
Appendices and Glossary
- (28.10.15)
- (PDF, 1.3 MB) (28.10.15)
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- (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)
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- (PDF, 2.8 MB) (28.10.15)
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Responses to additional remedy suggestions
- (4.3.16)
- (22.2.16)
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Summaries of response hearings
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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)
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Responses to the updated issues statement
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- (PDF, 2MB) (19.6.15)
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Responses to the issues statement
- (6.1.15)
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- (19.12.14)
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- (6.1.15)
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- (13.1.15)
- (19.12.14)
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Initial submissions
The CMA’s retail banking market investigation is independent and welcomes submissions from all interested parties.
- (19.12.14)
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- (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)
- (24.9.15)
- (21.5.15)
- (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)
- (18.07.14)
- (18.07.14)
- (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
Updates to this page
Published 26 February 2016Last updated 9 September 2024 + show all updates
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Letters to and from Open Banking Limited published.
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OBIE letter on Roadmap status update and CMA response published.
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Notices regarding the Order in 2023 published.
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BOI Directions revoked
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OBIE appoints new chair, with transition report published to the page.
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OBIE letter to CMA on Roadmap status update and CMA decision on Roadmap completion published.
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OBIE letter to CMA, roadmap status update and CMA’s response to OBIE published.
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OBIE letter to CMA, roadmap status update and CMA’s response to OBIE published.
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Letter to Open Banking Implementation Entity (OBIE), and OBIE Roadmap status update published.
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Clarification on the definition of sweeping, letter to OBIE and summary of responses published.
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Letter to the Open Banking Implementation Entity published.
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CMA revoked the Directions given to Santander in respect of the delivery of release 1 Open Banking.
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Letter to the Open Banking Implementation Entity published.
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The CMA has revoked directions given to HSBC with respect to App-to-App Redirection Functionality.
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Varied directions for Santander published.
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Notice of proposed changes to the Open Banking Agreed Timetable and Project Plan published.
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Santander Directions revoked.
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Danske Bank Directions revoked
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Directions given to Lloyds Banking Group revoked.
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Modification notice published.
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Letter of indication of enforcement prioritisation published.
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Notice of determination of further exceptions to the order published.
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Notice of approval of changes to the agreed timetable and project plan for Open Banking published.
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Notice of determination of further exceptions to the order published.
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Notice of determination of further exceptions to the order published.
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Notice of determination of further exceptions to the order published.
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Notice granting derogation to Part 6 of the order published.
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Notice of determination of further exceptions to the order published.
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Notice of determination of exceptions to the order published.
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Final order corrigendum published and explanatory note corrected.
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Final order and summary of responses published.
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Response to draft order published.
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Responses to draft order published.
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Final undertakings published.
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Responses to draft order and to draft undertakings published.
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Responses to draft order published.
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Consultation on draft undertakings launched and qualitative research published.
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Consultation on draft order launched and qualitative research published.
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Proposal from BBA and CMA note on potential presentation of service quality indicators published.
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Investigation update, proposal for implementation entity from providers and research results published.
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Final report corrigendum published.
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Remedies implementation timetable published.
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Full final report published.
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Summary of final report published.
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Responses to provisional decision on remedies published.
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Date for publication of the final report added.
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Response to provisional decision on remedies published.
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Responses to provisional decision on remedies published.
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Notice of intention published.
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Responses to provisional decision on remedies published.
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Responses to addendum to provisional findings published.
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Responses to provisional decision on remedies and responses to updated PCA pricing working paper published.
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Responses to provisional decision on remedies published.
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Responses to provisional decision on remedies published.
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Responses published.
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Responses to working paper and provisional decision on remedies published.
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Responses to provisional decision on remedies published.
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Responses to provisional decision on remedies published.
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Investigation update, working paper, notice of intention and responses to addendum to provisional findings published.
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Provisional decision on remedies report published.
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Responses to provisional findings and notice of possible remedies published.
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Date announced for publication of provisional decision on remedies.
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Responses to provisional findings and notice of possible remedies published.
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Notice of intention published.
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Responses to working papers and response to provisional findings and notice of possible remedies published.
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Addendum to provisional findings and responses to provisional findings and notice of possible remedies published.
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Responses to supplemental notice of possible remedies and response to working paper published.
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Response to quantitative and qualitative research results and responses to supplemental notice of possible remedies published.
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Responses to working papers and responses to supplemental notice of possible remedies published.
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Responses to working paper and response to research results and to provisional findings and notice of possible remedies published.
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Response to provisional findings and notice of possible remedies published.
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Working paper and research results published.
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Timetable updated and notice of extension, supplemental notice of possible remedies and update published.
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Responses and summary of response hearings published.
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Working paper published.