UK banks face break-up threat as competition probe launched

Britain's big banks could be broken up after the country's competition watchdog launched an in-depth investigation into services for small business customers and personal accounts because of a lack of competition. The Competition and Markets Authority (CMA) said on Thursday banks had not done enough to meet the needs of retail customers or small and medium-sized businesses, such as making it easier to switch banks or providing clear information on fees. The investigation, which may take until summer 2016 to complete, had been expected after the CMA said in July a full investigation was on the cards. The CMA, which became Britain's new competition watchdog in April, has the power to order a break up of banks considered too dominant, as well as so-called behavioral remedies, such as improving information given to customers.

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