UK launches probe into banking sector competition

hsbc-canary-wharf
HSBC is one of the 'big four' under scrutiny

The UK's banking sector is often criticised for being dominated by just a handful of large banks, and today the country's Competition and Markets Authority (CMA) revealed its intention to investigate the extent of the problem.

"The CMA continues to have concerns about the effectiveness of competition in these sectors," the UK government said in a statement. CMA chief executive Alex Chisholm described retail banking competition as "critically important".

In initial consultations, the CMA

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