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Britain’s Top Banks Escape Breaking Up; CMA Calls for More Clarity

Aarti Maharaj | October 22, 2015

Britain’s Competition and Markets Authority (CMA) is calling for the country’s biggest lenders to provide more information around the full costs of accounts to clients instead of breaking up to improve competition across the industry, said a recent Reuters report.

The competition regulator has the authority to break up banks that are considered too dominant in the industry but has decided against this move and has since argued that creating smaller banks will not be an end to the issues the market is facing.

Industry watchdogs and lawmakers have initially suggested splitting up the U.K.’s largest banks—Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC—which provides the country with nine out of 10 business loans.

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