The Treasury Select Committee chair Andrew Tyrie, along with other influential MPs, have criticised the Competition and Markets Authority (CMA) for its light touch approach to high street banking, days before the city regulator publishes a verdict on the sector. The report from the CMA, published during the summer, was attacked by challenger banks for failing to tackle fundamental barriers to competition such as capital buffers and a corporation tax surcharge which appears to punish new comers to the market.

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