In August, the CMA published the final results of its retail banking investigation, which concluded that older and larger banks should do more to compete for customers’ business.
Among the changes was the requirement that banks implement open banking by early 2018 to allow personal customers and small businesses to manage their accounts with multiple providers through a single app.
The CMA has now opened a consultation on these reforms, with responses due by 5pm on 23rd December.
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Alasdair Smith, chairman of the retail banking market investigation, said: “These reforms will fundamentally transform banking for personal customers and small businesses.
“They will break down barriers, increase competition and give customers control over their own money.
“Taken together we expect our remedies to deliver direct benefits to customers of between £700m and £1bn.”
Other changes being consulted on include a cap on monthly unarranged overdraft charges, unarranged overdraft text alerts and requiring banks to publish rates for SME lending products.
Those wishing to respond to the consultation can do so via [email protected].
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