CMA updates SME issues statement: As part of its investigation into the supply of personal current accounts and retail banking services to SMEs, CMA updated its issues statement. This document summarises the independent investigation group’s initial findings based on the evidence received and analysis carried out so far. It updates on the three "theories of harm" outlined in the initial issues statement published last November. The "theories of harm" relate to:

  • the extent to which bank customers shop around and switch between providers;
  • the level of concentration in the market; and
  • barriers to entry and expansion.

The statement highlights the areas within the three theories that the investigation team plan to focus on up until the publication of the initial findings in September. Some working papers accompany the update, and CMA asks for comments on the updated statement and working papers by 11 June. (Source: CMA Publishes Updated Issues Statement in Banking Market Investigation)