Risk Implications of the CMA Retail Banking Market Investigation

This Adviser profiles the investigation into the personal current account (PCA) and small to medium-sized enterprise (SME) retail banking markets by the Competition and Markets Authority (CMA).

Following its investigation, the CMA has set out a package of remedies based on the following three foundation measures:

• An open banking standard.
• Service quality information.
• Customer prompts.

Many of the banks involved in the investigation raised concerns about the implementation plan for the CMA’s remedies. A key concern was that the deadlines imposed were too tight particularly given that banks are being asked to release sensitive customer data to third parties while being expected to maintain its security at all times.

Read our Adviser to find out more about this topic and how Marsh can help.