But the commitments by the big banks undertakings designed to make the market more competitive remain in place. Among the restrictions included in this measure is the bundling of specific financial products sold to smaller businesses.
The banks must also publicise any changes in charges. The CC has recommended to the Office of Fair Trading (OFT) that it should reinforce the awareness and the impact of the banks’ undertakings. In particular, it is recommending that the OFT should:
The price controls were put in place following an investigation by the CC into the SME banking market in 2002. It required the four banks to make available to SMEs an account that offers an interest rate of at least 2.5 percentage points below base or free money transmission services, or both.