Transparency data: CMA board meeting minutes: 22 May 2014

[Legal Beagles]

These are the minutes of the CMA board meeting on 22 May 2014

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[Amethyst]

Re: Transparency data: CMA board meeting minutes: 22 May 2014

6 Retail banking1
(Andrea Coscelli, George Brenton, Kate Collyer, Daniel Gordon, Michael Grenfell, Cristina Luna-Esteban, Sophie Mitchell, Natalie Timan)
The team introduced the paper, providing an overview of its analysis and initial views on potential market study outcomes for SME banking and PCA banking. The team highlighted the public timetable to publish the findings of these two market studies, together with a provisional decision on whether to make a market investigation reference, by the summer.
The Board discussed the team’s analysis, noting the long history of reviews of the banking market and the need for well evidenced conclusions in order for the CMA to add value. It had a broad ranging discussion on the issues identified, potential remedies and possible outcomes of this work. The Board asked for the benefits and counter arguments of different approaches to be set out for the June meeting when it would consider advice on what further action to take in this sector.
In relation to stakeholders, the Board emphasised the importance of coordination between the CMA and other regulators, including the FCA and new Payment Systems Regulator (to be fully operational from April 2015).

[Amethyst]

Re: Transparency data: CMA board meeting minutes: 22 May 2014

Also of interest


 Whistleblowers: the CMA had a tightly managed informant reward regime in place to protect informants.


 Consumer complaints: the CMA had direct access to Citizens’ Advice complaints data and was therefore able to undertake its own analysis of such information. Engagement was ongoing to better join up analysis and use of consumer complaints data between the various organisations in the consumer landscape.


 Monitoring software: the Board suggested that further consideration should be given to how the CMA can capture intelligence from social media, noting that companies are increasingly using sentiment monitoring software for such purposes. The Board noted the intention to link up with the Cabinet Office’s Open Data team in such considerations, as well as drawing on learning from other agencies.