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Loan Insurance: UK banks face competition probe

The Commons Treasury Select Committee is set to launch an inquiry into the lack of competition among top British banks.

The government panel will also look into the lack of transparency in banking, including hidden charges on 'free' bank accounts.

Andrew Tyrie, chairman of the Treasury Select Committee, confirmed the body will conduct the probe.

He said: "We will be looking at commitments already made by banks to improve competition. We will also be looking at whether those commitments go far enough and we will be examining other routes to greater competition."

Following the banking crisis, a number of financial institutions have merged or collapsed, leaving customers with little choice on where to bank.

Mr Tyrie added that he intends to break up the banks to increase competition and improve customer service.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800002178-ADNFCR

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