The Competition and Markets Authority (CMA) has published a press release confirming that it expects to extend the timetable for its investigation into the retail banking market. The CMA will decide on the extension and its length by early March 2016, when it will set out the timetable for publication of the final report and key milestones, including the provisional decision on remedies.

Additionally, a working paper on the bank levy and corporation tax surcharge will be published by the end of February, with an addendum to its provisional findings on capital requirements following shortly after. The provisional findings identified a number of competition problems in both personal current account and small and medium-sized enterprise banking, and so the extension is said to be necessary to allow more time for analysis and consultation.