Competition Commission lifts price controls on SME banks

The UK Competition Commission (CC) has today announced its final decision to lift the temporary price controls imposed in 2003 on the UK's four largest banks providing services to small and medium sized enterprises (SMEs).  The CC believes that competition in the market, and the interests of customers, are best served by continuing to improve customers' awareness of the individual offers available from different banks and their ability to switch banks. There is evidence that both have improved since 2003, however, the behavioural undertakings designed to make the market more competitive will remain in place.
 
Frontier (London) advises HSBC.