Fixes In £9B UK Checking Market Stop Antitrust Probe

Law360, New York (January 25, 2013, 5:57 PM EST) -- British competition regulators on Friday said they would not seek a full review of the country's £9 billion, or $14.2 billion, market for personal checking accounts, saying significant changes that will help consumers will arrive soon.

The U.K. Office of Fair Trading said that even with the forthcoming changes to what U.K. banks call personal current accounts, consumers still faced challenges when trying to compare costs of different account providers and that people lacked confidence in the process available for switching accounts.

“This prevents them from...
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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.