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CMA clout could finally fix the banks, says Uswitch.com

The Competition and Markets Authority (CMA) has today released its initial findings from its study into the banking sector and launched a consultation inviting views on its provisional decision to do a full-blown investigation in to personal current accountsDavid Mann, Head of Money, at Uswitch.com,** says: **“This is potentially great news for anyone who has a bank account. The CMA has the clout to fix the broken banking industry once and for all, and lay the foundations for a competitive market that works for, rather than against, customers.

“With Lloyds, RBS, Barclays and HSBC dominating 80% of the market between them, it is right to seriously question whether competition is working. Challengers such as Tesco, the Post Office and M&S have all launched current accounts in the last year but it remains to be seen whether they can be a credible threat to the dominance of the big four.

“An investigation should identify what needs to be done to give consumers more choice over who to bank with. Where you keep your hard-earned cash should be a place that you trust and respect – and many banks still have a long way to go to before they earn this from their customers.

“Unfortunately the CMA won’t be announcing its final decision until the autumn, and it could be up to two years before we see an outcome to any investigation. In the meantime it is down to consumers to take advantage of the new regulation that makes it quicker and simpler to switch and vote with their feet if they are not happy.”

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.

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