FCA has announced it is to undertake a review of the retail banking market, in order to enhance its understanding of the state of competition and conduct in that market. It has identified the need better to understand the business models banks use, focussing on competition issues, understanding the costs incurred in the free-if-in-credit banking model and assessing the effects of changes such as the increase in use of digital channels and closure of branches. It will start to engage with banks now, and then issue an information request. It expects to make a preliminary report in mid-2018.
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