Lloyds Banking Group

Lack of competition means banks are not incentivised to compete on price, service and innovation, the CMA found.

Banks are failing SMEs, finds competition watchdog

By Carina Perkins

Banks are failing to provide the service and value that small and medium-sized (SME) businesses such as bars, restaurants and hotels need to thrive, according to a new report from the Competition and Markets Authority (CMA).