Tagged: cma

June 12, 2019 @ 7:09 am By JD Alois  |  

The UK Competition and Markets Authority (CMA) has cleared the acquisition by PayPal of competitor iZettle. In April, the CMA provisionally found the deal should be cleared. After an initial investigation (Phase 1), CMA raised concerns regarding competition reduction if the acquisition went through. The… Read More

December 5, 2018 @ 7:39 am By JD Alois  |  

The Competition and Markets Authority (CMA) has decided to launch an in-depth investigation into the acquisition of Sweden based iZettle by PayPal. As CI previously reported, the CMA stated that PayPal could face insufficient competition in the UK after acquiring its market-leading rival iZettle. PayPal… Read More

November 26, 2018 @ 7:19 am By JD Alois  |  

The UK Competition and Markets Authority (CMA) has issued a statement on the PayPal acquisition of iZettle – an event that was announced in early 2018 and closed in September. PayPal purchased Sweden based iZettle for $2.2 billion as the company seeks to gain access… Read More

August 17, 2018 @ 7:57 am By JD Alois  |  

The Competition and Markets Authority (CMA), in conjunction with the Financial Conduct Authority (FCA), have demanded that traditional banks improve their services. The admonition comes following an independent survey of both personal and small business accounts that indicates banks are falling short when it comes… Read More

March 1, 2018 @ 7:57 am By JD Alois  |  

UK based Innovation Foundation Nesta has opened applications for the Open Up Challenge, a £2.5 million prize fund backing next-generation Fintech for small businesses. This is a global competition and Nesta encourages aspiring Fintech companies from around the world to apply. Both start-ups and established… Read More

July 20, 2017 @ 10:36 am By Erin Hobey  |  

UK small business lender Growth Street has been selected to participate in Nesta’s Open Up Challenge. As one of 20 Stage 1 participants, Growth Street will work to develop new tools and change small business banking in the UK. Growth Street will build services that use… Read More

August 9, 2016 @ 11:09 am By JD Alois  |  

The Competition & Markets Authority announced sweeping changes to the UK banking industry today. The update to the retail banking sector was driven by an acknowledgement that little competition existed within the retail banking sector and thus consumers were coming up short in regards to… Read More

August 9, 2016 @ 9:50 am By JD Alois  |  

“CMA Sticks to its Guns” The Competition and Markets Authority (CMA) has published its final report on the UK retail banking sector. The government initiative has concluded that highstreet banks do not compete enough for customers’ business. Simultaneously, challenger banks find it difficult to compete… Read More

May 17, 2016 @ 11:08 am By JD Alois  |  

The UK Competition and Markets Authority (CMA) has published its anticipated report on the retail banking sector. The document, entitled, “Retail Banking Market Investigation: Provisional Decision on Remedies,” is a 405 page document delivering a deep dive into the challenges of traditional banks. The CMA outlines… Read More

October 28, 2015 @ 8:12 am By JD Alois  |  

The Financial Conduct Authority has published their response to the Competition and Market Authority payday lending investigation.  The FCA said it had “worked closely with the CMA” regarding the market investigation.  The consultation paper is accepting feedback until January 28th, 2016.  The proposal by the… Read More

October 23, 2015 @ 8:37 am By JD Alois  |  

The Competition and Markets Authority (CMA) has published its anticipated report on the state of retail banking in the UK.  Unlike the US market, the UK banking industry is almost completely served by several very large banks (RBS, Barclays, HSBC, Lloyds & Santander).  These are… Read More

July 18, 2014 @ 8:03 am By JD Alois  |  

The Financial Conduct Authority (FCA), the UK regulatory body entrusted with the operations of the securities industry, has released a statement declaring the retail banking industry “does not meet the needs of personal consumers or small and medium enterprises (SMEs)”. It should be noted that… Read More