Competition probe, your views count!

Great News today! At last we are going to get some action over lack of competition and the shape of the financial services market for the future but only if we all engage.

Alex Chisholm, CMA chief executive, is quoted as saying it was "vital" that the banking sector worked properly, which was why the full eighteen month investigation was being proposed.

"Retail banking is worth a lot of money to the banks - £10bn a year - but also every customer in the country has an account, almost every business and every household," he said.

We are suggesting there's not enough rivalry there... to serve the customer”

"At the moment they [the banks] don't seem to be doing a good job of satisfying their customers, there are a lot of under-satisfied customers out there, small businesses are saying they are not happy with the choices they face and the services they are getting, and in the personal market as well, the big [five] banks, the satisfaction rating is below 60%," he added.

"We are suggesting there's not enough rivalry there to be really falling over themselves to serve the customer, [to] come up with new innovations and come up with the best value and best service they can provide," Mr Chisholm argued.

As I explained in a recent discussion with parties from the Treasury, FCA and PRA, the regulatory framework for change is already in place. What is required is some strong central policy to force change and in particular explore,  expose and prevent unfair influences and business practices that have deliberately delayed and obstructed new entrants.  

If you are in the UK and have a view on this investigation and its outcomes  I urge you to ensure your opinion  and views are considered. The link to the CMA website is here;

https://www.gov.uk/government/consultations/personal-current-accounts-and-banking-services-to-smes