Top Business News

LONDON, Apr 2 (UPI) -- A parliamentary committee said banking executives in Britain had a myopic analyse of retail banking.

"The honcho chief officers of the super incumbents told the committee UK retail banking was enormously competitive, but a farther large range of witnesses described the business as near to an oligopoly," said MP Andrew Tyrie, who chairs the Treasury committee for the House of Commons.

Tyrie was responding to a recent committee inform that said retail banking in Britain was not competitive enough, the British Broadcasting Corp. reportable Saturday.

The British Bankers' Association said it was "working closely with the Office of Fair Trading" to come concerns such as crescendo clearness in pricing practices for slope services and making it easier for customers to designate assets to new accounts.

"Straightforward statement change and straight fees and charges are essential for competition and for customers, so they undergo where they defence and are healthy to choose," the BBA said.