CMA PCA Retail banking investigation presses ahead - 1st report post #14

[Legal Beagles]

Since the launch of the in-depth market investigation on 6 November, the retail banking team has been gathering information from interested parties and liaising with regulators and government.We published an issues statement on 12 November and have now appointed GfK NOP Ltd to conduct a survey of personal account customers. In the New Year the […]

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[Amethyst]

Re: News story: Retail banking investigation presses ahead

Responses to the issues statement

• Allied Irish Banks (6.1.15)
• Aldermore Bank PLC (13.1.15)
• Bank of Ireland UK (6.1.15)
• Barclays Bank plc (19.12.14)
• Campaign for Community Banking Services (19.12.14)
• Center for Competition Policy (19.12.14)
• Clydesdale Bank plc (19.12.14)
• Community Investment Coalition (19.12.14)
• Danske Bank (19.12.14)
• Federation of Small Businesses (19.12.14)
• HSBC (6.1.15)
• Lloyds Banking Group plc (6.1.15)
• Metro Bank PLC (13.1.15)
• National Federation of Retail Newsagents (19.12.14)
• Nationwide Building Society (19.12.14)
• New Economics Foundation (19.12.14)
• Royal Bank of Scotland (13.1.15)
• Santander UK plc (19.12.14)
• Solutions for Compliance (19.12.14)
• The FD Centre (13.1.15)
• The Finance Innovation Lab (6.1.15)
• TSB Bank plc (19.12.14)
• uSwitch (19.12.14)
• Virgin Money (19.12.14)
• Which? (6.1.15)
• Yorkshire Building Society (19.12.14)

Initial submissions

The CMA’s retail banking market investigation is independent and welcomes submissions from all interested parties.

• Consumer 1 (19.12.14)
• Consumer 2 (19.12.14)
• Consumer 3 (19.12.14)
• Consumer 4 (13.1.15)
• Consumer 5 (13.1.15)
• Consumer 6 (13.1.15)
• Consumer 7 (13.1.15)
• Letter from Lloyds Banking Group (19.12.14)
• Paper from Lloyds Banking Group on customer research (19.12.14)

[Amethyst]

Re: News story: Retail banking investigation presses ahead

More info released

Invitation to comment on SME survey

• SME survey methodology notice (2.2.15)
• Draft questionnaire: survey 1 applying for finance (2.2.15)
• Draft questionnaire: survey 2a business bank account needs (2.2.15)
• Draft questionnaire: survey 2b business bank account needs (2.2.15)

[Amethyst]

Re: News story: Retail banking investigation presses ahead

In order to address this possible gap in our analysis, the CMA is proposing touse its powers under section 174 of the Enterprise Act 2002 to obtain historic
anonymous banking records from a credit reference agency[1] (CRA). The CRA data would provide anonymous information on customer account usage both before and after switching that could be added to our existing data. The CMA will then combine the survey data together with the CRA data in order to look more deeply at the relationship between past transactions and customers’ interest in switching.

https://assets.digital.cabinet-offic...odel_-_ITC.pdf
Credit rating agency data request: invitation to comment

[Amethyst]

Re: News story: Retail banking investigation presses ahead

Working paper

• Regulatory framework applicable to the retail banking industry in the UK (1.5.15)

[Amethyst]

Re: News story: Retail banking investigation presses ahead

Updated issues statement: publication date

The CMA will publish its updated issues statement on Thursday 21 May at 7am.

[Amethyst]

Re: News story: Retail banking investigation presses ahead

Interestingly

NI PCA Banking Market Investigation Order consultation: closes 11 June 2015

20 May 2015: The CMA is inviting comments on whether to open a review into the Northern Ireland PCA Banking Market Investigation Order 2008.

• Consultation on whether to review (20.5.15)

Tomorrows update on issues might be more interesting than I thought...

[Amethyst]

Re: News story: Retail banking investigation presses ahead

Hearing summaries

As part of its evidence-gathering process, the CMA is holding formal hearings with a range of industry participants and interested parties.

• AIB Group (UK) plc (27.8.15)
• Barclays Bank plc (27.8.15)
• Royal Bank of Scotland (27.8.15)
• Consumer roundtable (27.8.15)
• Welsh roundtable (27.8.15)

[Amethyst]

Re: News story: Retail banking investigation presses ahead

Ooo could have provisional findings next month

[Amethyst]

Re: News story: Retail banking investigation presses ahead

15 October 2015: Date announced for publication of provisional findings.

( dunno when the date is yet though - the CMA page hasn't been updated since the 6th Oct )


Press is being vague too

The Competition and Markets Authority (CMA) is expected to publish its first take on retail banking next week.

[Amethyst]

Re: News story: Retail banking investigation presses ahead

Ah ha.

Provisional findings: publication date

15 October 2015: The CMA’s retail banking market investigation intends to publish its provisional findings at 7am on Thursday 22 October 2015. The full provisional findings report will be published as soon as possible after this date.

[EXC]

Re: News story: Retail banking investigation presses ahead

Let's hope it's good.

[EXC]

Re: News story: Retail banking investigation presses ahead

Sounds like CMA are going to fudge it http://www.telegraph.co.uk/finance/n...-accounts.html

[Amethyst]

Re: News story: Retail banking investigation presses ahead

initial list of remedies (PDF, 902KB, 47 pages)

provisional findings (PDF, 696KB, 36 pages)

[Amethyst]

Re: News story: Retail banking investigation presses ahead

pointless.... ( just my opinion )

Although saying that, if they do eventually get this comparison togetehr that calculates what you were charged at your bank and what it would have cost you elsewhere ( fricking complicated system but apparently they have the data in a system already) - then that would be very interesting.

Does seem to conclude that consumer complacency is to blame, so the mindset doesn't seem to have changed and the OFT work and test case did nothing for changing the overall opinion on overdraft charges.