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U.K. Finance Regulator Reviewing Competition for Bank Accounts

Sept. 9 (Bloomberg) -- The U.K. markets regulator will review whether there’s enough competition in the 1 trillion-pound ($1.3 trillion) market for savings accounts.

The Financial Conduct Authority will look at introductory offers and how easily customers can switch to another provider, it said in an e-mailed statement. About 80 percent of adults in the U.K. have a savings account, according to the regulator.

“We will examine an area that affects most people and see if there is action we need to take,” Martin Wheatley, chief executive officer of the FCA, said in the statement.

The FCA, which replaced the Financial Services Authority earlier this year, was given a new mandate to promote competition in financial markets and retail products. In July, it began a market study into insurance add-on products.

To contact the reporter on this story: Kit Chellel in London at cchellel@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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