The Competition and Markets Authority (CMA) has published a notice of its intention to release undertakings given by Barclays Bank plc, HSBC Bank plc, Lloyds TSB Bank plc and the Royal Bank of Scotland plc (the parties) to the Secretary of State for Trade and Industry and the Chancellor of the Exchequer pursuant to section 88 of the Fair Trading Act 1973.
The parties provided these undertakings in 2002 with a view to remedying concerns outlined in the Competition Commission’s 2002 report into SME banking. These are known as the Transitional Undertakings and together with the Behavioural Undertakings and Switching Undertakings accepted in 2002 and 2003 are known as the 2002 SME Banking Undertakings (the undertakings).
On 17 May 2016, the CMA published a provisional decision on the review of the undertakings and then published a final decision on 9 August 2016. For the reasons given in the final decision the CMA has now concluded that the parties should be released from the Transitional Undertakings.
The CMA invites written representations in relation to the intention to release the parties from the Transitional Undertakings. The deadline for such representations is 30 August 2016.
View CMA consults on intention to release SME banking undertakings, 10 August 2016
View CME Review of 2002 SME banking undertakings, 9 August 2016