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News - 18 March 2014

CMA to continue study into small business banking

The Competition and Markets Authority (CMA) has announced that it will be continuing with the Office of Fair Trading's (OFT's) market study into the provision of banking services for small and medium-sized firms.

The Financial Conduct Authority has been working closely with the OFT on the ongoing SME banking market study and will continue to do so with the CMA across this retail banking work programme.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“In taking forward both the market study and the update on personal current accounts, the CMA will be informed by continuing dialogue with the sector, with representatives of SMEs and consumers, and also by work currently undertaken by others, such as the Treasury Select Committee’s inquiry into SME lending. It will also consider any other studies or inquiries that add to the evidence base for its work.”

The CMA will publish the findings of its work on both personal current accounts and SME banking during Summer 2014, including its provisional decision on whether or not the statutory criteria for making a market investigation reference are met and, if they are met, whether it would be appropriate for it to exercise its discretion to make a market investigation reference. It will then consult on that provisional decision. Following that consultation, the CMA will then make a final decision on those issues during Autumn 2014.

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.


ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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