COMMONS

Competition and choice in the banking sector

Inquiry status: Inquiry concluded, Report and Government Response published

The financial crisis had a major impact on the shape of the banking sector. There had been widespread consolidation among banks and building societies. Concerns had been raised that competition in the sector is not working, with investigations by the Office of Fair Trading into unauthorised overdraft charges and equity underwriting. The Government had also appointed an Independent Commission on Banking.

This major inquiry into Competition and choice in the retail banking sector built on work done by the Committee in the previous Parliament on the banking crisis, the structure of the banking industry, and consumer issues.

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    Glossary

    • Reports and associated evidence – Reports of Committee inquires. This category may also include Special Reports where they are used by a Committee to bring matters relating to conduct of its business to the notice of the House.
    • Responses to Reports - Responses may be published as a Special Report, or as a Command Paper. They may also be appended to a Report should the Committee have substantial comments on the Response, in which case they can be found listed under Reports. 
    • Other oral and written evidence - Evidence taken by the Committee that has yet to or did not result in the publication of a Report. This includes transcripts of recent meetings.
    • Estimate Memoranda - An Estimate memorandum is an explanatory note that accompanies a government department’s estimate (a means by which a department seeks authority from Parliament for its spending plans).
    • Correspondence - Correspondence sent from or received by the Committee or its Chair.