In August 2016 the CMA published the report on its market investigation into the supply of retail banking services. Following the proposals of that Report, the CMA has published a draft Retail Banking Market Investigation Order 2017 which includes measures that seek to drive the market towards ‘Open Banking’: using technology to provide customers with more control over their accounts and financial services.
The draft Order’s categories of measures to put into effect the recommendations of the Report consist of:
- three ‘foundation’ measures to underpin increased competition in the retail banking markets, by increasing customer engagement, making it easier for personal and business customers to compare price and service quality and encouraging the development of new services;
- measures to make current account switching work better;
- measures aimed at PCA overdraft users; and
- measures targeting SME banking.
The consultation on the draft Order closes on 23 December 2016.