Consultation outcome

Review of SME banking undertakings

• From: Competition and Markets Authority
• Published: 18 July 2014
• Last updated: 6 November 2014 — See all updates

This consultation has concluded

Read the full outcome

Statement about the review of the SME banking behavioural undertakings

PDF, 156 KB, 2 pages

Detail of outcome

The CMA has decided that the undertakings given by certain banks following the Competition Commission’s 2002 investigation into SME banking should be reviewed in their entirety.

Further information can be found on the SME banking undertakings review case page.

Detail of feedback received

The CMA received 4 specific responses to this consultation, from Barclays Bank PLC, HSBC, Lloyds Banking Group and Royal Bank of Scotland PLC. Copies of these responses (excluding confidential information) can be found on the personal current accounts and banking services to SMEs consultation page.

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Original consultation

Summary

We are seeking views on whether to review the undertakings for banking services to small and medium-sized enterprises (SMEs).

This consultation ran from
7am on 18 July 2014 to 5pm on 17 September 2014

Consultation description

As part of its SME banking market study, the CMA has conducted a preliminary assessment of the undertakings given by certain banks following the Competition Commission’s 2002 investigation into SME banking.

These behavioural undertakings were intended to improve transparency and make it easier for business customers to switch banks. While the CMA considers that these undertakings remain valuable, it is minded to review whether they need to be varied, given recent changes in the switching process. We are inviting views on this.

Details of CMA’s preliminary assessment can be found in Chapter 11 of the SME banking market study (p178).

Documents

Banking services to SMEs: a market study

PDF, 1.75 MB, 185 pages

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Published 18 July 2014
Last updated 6 November 2014 + show all updates

1. 6 November 2014

   Consultation outcome and consultation responses published.

2. 4 November 2014

   Date announced for when the CMA will make an announcement regarding next steps following its consultation.

3. 18 July 2014

   First published.