The Competition and Markets Authority has backtracked on its pledge to publish the provisional findings of its investigation into the banking sector this month.
The competition watchdog has now set October as the month it will publish highly anticipated findings that could recommend breaking up of the dominant “big four” of Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays, if the CMA concludes there is not enough competition in the sector.
During hearings held with bankers and consumer groups in June and July, the CMA told bankers it expected to publish its initial findings in September. Its website now shows that the findings – and possible remedies – will be published next month.
The deadline for responses to the investigation first signalled in July 2014 is on Friday 4 September. Once the provisional findings are published the banks have until the end of the year to make further representations. The final report is scheduled for publication in April next year with the statutory deadline for publishing the findings in May next year.
The CMA is conducting an investigation into personal current accounts and banking services for small businesses where the big four have a combined market share of more than 75%.
