Why free bank accounts will have to go to spur competition in banking July 21, 2014 The Competition and Markets Authority (CMA) is consulting on its provisional decision to launch a formal investigation into UK banks. In other words, the CMA wants to increase competition in banking to better meet the needs of consumers. And alongside other issues, it is concerned that the Big Four banks have a 77 per cent [...]
UK banks to face “in-depth” competition inquiry that could see major lenders broken up July 18, 2014 The UK's banking sector is set to face a fresh competition inquiry that could lead to sweeping changes across the industry with British lenders at risk of being broken up. As expected, in an initial into the industry published this morning, the Competition and Markets Authority (CMA) decided that there should be an "in-depth" [...]
UK banks RBS and Lloyds could be broken up in competition probe July 17, 2014 A major new competition probe could result in the further break-up of leading high street banks, analysts warned yesterday, with RBS and Lloyds most vulnerable to the demands of regulators. The Competition and Markets Authority (CMA) today unveils the results of its study of the small business banking market and the current accounts sector. [...]
Don’t politicise takeovers, Vince Cable – you risk putting bidders off Britain July 17, 2014 "I do not want protectionist legislation, but we do need a last resolute national defence,” said business secretary Vince Cable in City A.M. this week. Unfortunately, there is a risk that Cable’s proposals to toughen up the rules governing takeovers could have adverse consequences unless they are refined. Contrary to some of the wilder speculation, [...]
Royal Mail may face fine as French antitrust investigation gets underway July 16, 2014 Royal Mail yesterday announced it might face a significant fine, as its European parcel delivery subsidiary General Logistics Systems (GLS) is being targeted by the French competition authority as part of a widespread antitrust investigation. Other parcel delivery companies, including FedEx, TNT Express, Deutsche Post’s DHL Express France SAS service and La Poste’s Exapaq and [...]
More Britons moving banks thanks to new rules, but nowhere near the expected radical shift July 16, 2014 Measures simplifying the bank switching process in the UK have resulted in a 16 per cent increase in people moving accounts, but the figure is significantly lower than industry analysis had anticipated. New rules ensuring that the UK's 46m current account holders can swap their bank within seven days resulted in a marked increase in [...]
This is the start of a new democratic space race – and Britain is at its head July 16, 2014 Yesterday's announcement that the government has shortlisted eight potential sites for a UK spaceport, and enabled a regulatory regime for manned spaceflight, is a breakthrough moment for our £11bn space sector. While the industry has already enjoyed Bric-style growth rates in recent years, we are now on track to remove crucial blockages to UK leadership [...]
Entire wholesale banking sector faces probe for unfair behaviour July 9, 2014 Every aspect of the wholesale banking market faces a new round of scrutiny, the City watchdog warned yesterday. From corporate banking to asset management, and investment banking to market infrastructure, the Financial Conduct Authority (FCA) is appealing for complaints over a lack of competition. It is gathering evidence over the next three months to see which [...]
Banks bite back after red tape onslaught July 8, 2014 Poorly thought-out regulations are damaging Britain’s banks and hurting developing countries by cutting off access to finance, the head of the British Bankers’ Association’s (BBA) warned last night. The sector has been flooded with new regulation since the crisis, and is at last standing up to challenge it, with BBA chief Anthony Browne highlighting the [...]
Starting a bank costs less than a flat in Chelsea July 7, 2014 New banks now require just £1m of capital to kick-start their establishment, the Bank of England and the City watchdog said yesterday, down from £5m under the previous rules. Regulators have slashed the amount of red tape involved in setting up a new lender in a bid to boost competition in a sector, after decades of [...]