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FCA to respond to CMA’s banking review
Published in May, the proposals outlined ways to improve competition in banking.
Suggestions included streamlining current account switching, setting a maximum monthly charge for unarranged overdrafts and warning customers that they were close to entering an overdraft.
Once the CMA’s investigation is fully concluded, the FCA will publish a list of the measures it intends to implement.
It will also take into account work that is beyond the scope of the CMA’s investigation.
In a statement, the FCA said: “We welcome the Competition and Markets Authority’s (CMA) efforts to increase competition in retail banking and are supportive of its provisional decision to make recommendations to the FCA to take forward a range of remedies, namely on service quality information, prompts and overdraft measures.
“The treatment of existing customers is a key priority for the FCA, including within our work on competition in retail banking.”
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