Retail banking investigation findings criticised by MP
Andrew Tyrie criticises its findings on ‘free-if-in-credit’ model for current accounts
A report on the UK retail banking sector has come under fire over its findings on 'free-if-in-credit' (FIIC) current accounts, with Andrew Tyrie, the chairman of the Treasury Committee, branding them a "con trick".
The Competition and Markets Authority (CMA) published the provisional findings of its investigation into retail banking on October 22, noting a number of competition problems in both the personal current account and small and medium-sized enterprise banking markets.
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