European Commission publishes interim report on current accounts

The European Commission has today published its interim report on current accounts and related services, part of the Commission's wide-ranging sector inquiry into financial services. The Commission finds that the provision of current accounts and related services is fragmented along national lines and that barriers to entry may be preventing consolidation in the sector. The Commission is now consulting with interested parties for 12 weeks and plans to publish its final report and recommendations by the end of 2006.

Frontier (London) is advising HSBC in conjunction with this inquiry.