CMA speaks on competition: Alex Chisholm, Chief Executive of CMA, has spoken at the British Bankers' Association (BBA) Conference on competition in the retail banking sector. In particular:
- he outlined the reasons behind the recent decision by CMA to request an independent "full market investigation" into personal bank accounts and services provided to SMEs;
- he referred to the importance of compliance and highlighted the significant fines imposed on banks by the old Office of Fair Trading (OFT) as a result of anti-competitive practices carried out by their professional services divisions; and
- he emphasised the importance that promoting effective competition must play in the regulatory and enforcement decisions made by organisations such as CMA.
(Source: Speech by Alex Chisholm)