This week has seen the CMA publish its retail banking market investigation final report

REGULATORY

Final report from the CMA's retail banking market investigation

The CMA has published the final report of its retail banking market investigation which concludes that older and larger banks do not have to compete hard enough for customers' business. The final report states that this means that many customers are paying more than they should and not benefiting from new services. The CMA have suggested a far reaching package of remedies to address this, including:

• Open Banking to be brought in by early 2018
• Banks to publish objective information on the quality of their services
• Banks to send out periodic and event-based prompts to remind customers to review and consider switching
• Banks to set a monthly cap on their unarranged overdraft charges, and tell their customers about it

The CMA has produced an overview and infographics of the findings and will be working with agencies such as HM Treasury, FCA, and Bacs to put these measures into practice.

CMA, 9 August 2016

CMA - retail banking market investigation – remedies implementation

The CMA has published its timetable for implementing the remedies set out in its retail banking investigation final report.

CMA, 10 August 2016

CMA consultation on intention to release parties from SME banking transitional undertakings

The CMA has published a notice of its intention to release parties from Transitional Undertakings provided in 2002 with the aim of addressing concerns in the Competition Commission's 2002 report into SME banking. Responses are required by 30 August 2016.

CMA, 10 August 2016

CMA review of SME banking and Northern Ireland Banking Order: final decisions

The CMA has published its final decisions on the 2002 review of SME banking undertakings and the Northern Ireland Personal Current Account Order 2008. The CMA has concluded that all the requirements of the SME banking undertakings can be released with the exception of bundling undertakings. The Northern Ireland Personal Current Account Order 2008 will be revoked in its entirety, due to changing circumstances following the retail banking market investigation and the remedies package to be brought in.

CMA, 9 August 2016

UK

CML: Arrears and possessions continue to fall

Data published by the CML has found that the number of mortgages in arrears has continued to fall in Q2 2016, and is now at its lowest level since records began over 20 years ago.

CML, 11 August 2016

FLA: Second-charge mortgage repossessions down 40% in Q2

The FLA has published new figures which show that the number of second-charge mortgage repossessions in Q2 2016 was 40 (down 40.3% on the same quarter in 2015).

FLA,11 August 2016

First-time buyer lending up 25% compared to 2015

The Council of Mortgage Lenders has released data on the characteristics of UK mortgage lending. The data shows that first-time buyer lending was up 25% in June 2016 compared to June 2015.

CML, 10 August 2016

EU

EBA consultation on RTS requirements on customer authentication under PSD2

The EBA published a consultation paper on draft regulatory technical standards specifying the requirements on strong customer authentication under the PSD2. The consultation will close on 12 October 2016.

EBA, 12 August 2016

FAQs on revised Pillar 3 disclosure requirements from BCBS

Revised questions and answers have been issued by the Basel Committee on Banking Supervision in relation to the Basel framework's Pillar 3 disclosure requirements. The FAQs cover issues relating to: risk management and RWA; linkages between financial statements and regulatory exposures; credit risk; counterparty credit risk; securitisation and market risk.

Bank for International Settlements, 12 August 2016