As part of its retail banking market investigation, the Competition & Markets Authority (CMA) has announced that it is to hold response hearings and a data room. This consultation with stakeholders and parties, following publication of the CMA’s provisional findings and – if required – a remedies notice, will commence in October 2015.
The CMA is currently considering who may be invited to attend hearings, and stressed that the representatives should not be seen as pre-judging the outcome of it provisional findings. It intends to hold both joint and individual response hearings. The relevant parties will be contacted in the next few days to identify possible dates. The CMA is also encouraging written submissions from all stakeholders and parties after the publication of the provisional findings.
The CMA will be holding a data room following publication of the full provisional findings report. This is likely to only be accessible by independent advisors of the parties. The CMA envisages the following data is likely to be included:
- Customer transactional data obtained from banks and survey data used in the CMA’s analysis of actual versus perceived behaviour of personal current account (“PCA”) customers, and its analysis of PCA customer switching behaviour;
- Data received from banks or branches used in the CMA’s switching analysis; and
- Data relevant to the CMA’s analysis on PCA prices.
The data room is likely to be operational from 26 October 2015 and will close at the end of the consultation period. Details on the arrangements for the data room including the data to be included, the operation of the data room and how to provide expressions of interest will be published nearer the time.