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Customers Expected to Stay With Big U.K. Banks Despite the CMA’s Move to Improve Competition

Aarti Maharaj | November 2, 2015

Customers may not give up banking with a traditional High Street bank despite the government’s efforts to improve competition across the financial industry, said a Financial Times article. According to the research firm Pinset Masons and YouGov, roughly 16 percent of customers would likely switch to a “challenger bank” like Metro or TSD within the next two years. When compared to last year, this number jumped from 13 percent.

Despite this, about three-quarters of customers said that they will keep on doing business with High Street banks, this however, hinders the government’s recent move to broaden competition within the financial sector.

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.

In October, the British Competition and Markets Authority (CMA) called on the country’s biggest...

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