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How we helped

The Competition and Markets Authority conducted an 18-month investigation into competition in the UK retail banking market.

  • We advised HSBC on all aspects of the investigation, including:
  • Providing expert submissions on a range of issues including profitability, surveys and remedies.
  • Assessment of HSBC’s profitability and assistance with the financial questionnaire.
  • Assisting HSBC with its response to the market questionnaire, issues and updated issues statements, various working papers, and all other ad hoc requests for HSBC input.
  • Leading HSBC’s economic advice/input at the hearing and site visit.

Our input was influential in various ways. For example, our insights on the proposed market-wide profitability assessment assisted the CMA to conclude that it would not be feasible or meaningful to undertake a full profitability assessment, which was influential  in the CMA’s decision to avoid structural remedies.