OFT to investigate HSBC’s SME business
A NEW inquiry into the supply of banking services to small and medium-sized businesses (SMEs) by the major clearing banks was announced by the Office of Fair Trading (OFT) yesterday. It comes nearly four years after the Competition Commission (CC) found evidence of anti-competitive behaviour among the big four clearing banks that dominate the SME business lending market: Royal Bank of Scotland, Barclays, HSBC and Lloyds TSB.
Only four years? It may seem like an eternity to some small businesses.
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