CMA extends deadline for retail banking investigation

The Competition and Markets Authority has decided to extend the deadline for its investigation into the UK retail banking sector, which it believes is not competitive enough.

The CMA said the extension to 12 August from May is necessary to allow enough time to take full and proper account of comments received in response to the provisional findings.

“In taking this decision, the inquiry group has had regard to the scope and complexity of the investigation, the extent of the possible remedies package that is being contemplated, and parties’ responses to the inquiry group’s provisional findings and notice of possible remedies,” the CMA said.

Royal Bank of Scotland, Barclays, Lloyds Banking Group and HSBC are the UK’s main retail banks.