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Competition authority 'won't rule out' big bank break-up
BRITAIN’S competition watchdog yesterday announced it would not rule out ordering a break-up of the “big four” banks as it set out plans for a full-scale inquiry of the sector.
The Competition and Markets Authority (CMA) found measures to open up the market, dominated by Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland, had not been effective enough.
It said key parts of banking lacked effective competition and failed to address the needs of personal consumers or small and medium-sized enterprises (SMEs).
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