News In Focus
Banking market to come under OFT scrutiny
The Office of Fair trading is to undertake a review of barriers to entering the SME and retail banking sector, especially in Scotland.
The OFT wants to see more competition in the sector and is calling for evidence on the obstacles faced by new entrants to the market, including obtaining regulatory approval and the capital and liquidity requirements.
It has been concerned that smaller businesses particularly in Scotland are being hit by the reduced choice of banks following the Lloyds takeover of HBOS.
Submissions are due by 8 July and a report is expected in the autumn.