Competition and Markets Authority: Retail Banking

Competition and Markets Authority: Retail Banking

The Competition and Markets Authority have launched a consultation regarding their provisional remedies to reform retail banking.

While the remedies are wide-ranging, they also address banking services for SMEs.

Provisional remedies regarding SMEs include:

  • Measures to facilitate account searching and switching
  • Measures to limit the cumulative effect of unarranged overdraft charges
  • Measures to increase transparency of the cost of and eligibility for SME
  • Measures to facilitate comparisons of SME banking products
  • Measures to reduce incumbency advantages by increasing the sharing of SME data
  • Measures to make account opening easier and improve the switching process

ACS has responded to the call for views.

ACS' submission: