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ARTICLE · 24 AUGUST 2007

Price Controls On SME Banking May Be Lifted

CMS Cameron McKenna Nabarro Olswang
Explore more from CMS Cameron McKenna Nabarro Olswang

On 23 August 2007 the Competition Commission (CC) provisionally decided that price controls on the UK’s four largest clearing banks servicing small and medium size enterprises (SMEs) should be lifted.

United KingdomFinance and Banking
Ruth Pedley
Ruth Pedley
Susan Hankey
Susan Hankey
David Marks
David Marks

On 23 August 2007 the Competition Commission (CC) provisionally decided that price controls on the UK’s four largest clearing banks servicing small and medium size enterprises (SMEs) should be lifted. The controls currently require the banks to offer SMEs an account that pays interest on credit balances of 2.5% below base rate or higher, or does not levy standing charges or charges for core money transmission services, or both.

The controls currently apply to Barclays Bank plc, HSBC Bank plc, Lloyds TSB Bank plc and the Royal Bank of Scotland Group plc.

This should not however be seen as giving the banks back complete freedom over pricing. The CC has provisionally decided to keep in place certain behavioural undertakings aimed at easing the process of switching account provider and recommends that the Office of Fair Trading (OFT) take action to reinforce the awareness and impact of the behavioural undertakings. The CC’s recommendations are that the OFT should:

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