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UK big banks avoid investigation

London - Britain's biggest banks received a boost on Wednesday when the consumer watchdog decided against recommending that the market for personal current accounts be investigated by the competition regulator.

The Office of Fair Trading said it would not refer the industry to the Competition Commission because measures being introduced later this year would make it easier for customers to move accounts while new competitors would be created through branch sales by Lloyds Banking Group and Royal Bank of Scotland.

Britain's 'big 4' banks - Lloyds, Royal Bank of Scotland, Barclays, and HSBC - control around three-quarters of current accounts and lawmakers are keen to encourage greater competition in the industry.

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