New Banks Face Barriers To Expansion, UK Says

Law360, New York (November 4, 2010, 2:52 PM EDT) -- Banks looking to enter the U.K.'s retail banking sector for the first time are having a hard time attracting new customers and expanding their share of the market, the U.K.'s antitrust watchdog said Thursday.

Personal and small business customers are reluctant to switch providers, are loyal to established brands and prefer banks with a local branch, making it difficult for new entrants to succeed, the U.K.'s Office of Fair Trading said.

The OFT has been studying barriers to entry, expansion and exit in the retail banking...
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UK Financial Services

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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.