The Treasury Committee published on 2 April its report on Competition and Choice in Retail Banking. The Committee concludes that the pre-conditions for effective competition in the retail banking market are not present. In particular, there is a lack of price transparency and comparability in the personal current account market and also a difficulty in switching. The report calls on the Government to make competition a primary objective of the new Financial Conduct Authority (FCA) as and when it takes over from the FSA and recommends a "public interest test" based on competition considerations for proposed future divestments of Government-held stakes in the banks. It also pointedly urges the Independent Commission on Banking, which is due imminently to issue its interim report, to seriously examine whether there is a case for further structural reforms, over and above the divestments already agreed with the European Commission by RBS and Lloyds Banking Group as part of their state aid settlements, to reduce concentration and promote competition. (Source: Report on Competition and Choice in Retail Banking)