Originally published in Practical Law, November 2016.
On 3 November 2016, the FCA published its response to recommendations proposed by the Competition and Markets Authority (CMA) in its final report into the effectiveness of competition in the retail banking market. The report sets out various remedies to address issues found by the CMA, as well as recommendations for action by the FCA.
The FCA has said it will take action in a number of areas: promoting innovation through the Open Banking standard; improving service through the publication of service quality information to consumers; prompting increased customer engagement; improved transparency for overdraft users; and delivering a competitive market for small and medium-sized entities (SMEs).
Please see full publication below for more information.
