U.K. Banks Will Face Full Probe of Checking Accounts, Loans

The U.K.’s Competition and Markets Authority said it will investigate checking accounts and banking services for small- and medium-sized businesses. * The competition regulator said it decided to go ahead with the probe because there are low levels of customers switching accounts * Limited transparency, and difficulties for customers in making comparisons between banks, regulator says * The investigation will be conducted by a Market Reference Group drawn from the Competition and Markets Authority’s panel of independent members * The agency said in July it was considering the probe because consumers lacked effective options and it would hold a consultation.

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