1. The Competition and Markets Authority (‘CMA’) published its findings in the Retail Banking Market Investigation in a report under section 136 of the Enterprise Act 2002 (the ‘Act’) entitled Retail Banking Market Investigation: Final Report on 9 August 2016 (the ‘Final Report’).
2. The Final Report sets out the CMA’s findings that there are features of the retail banking market in both Great Britain (GB) and Northern Ireland (NI) which alone and in combination give rise to adverse effects on competition (‘AECs’).
3. The CMA decided on an integrated package of measures to remedy, mitigate or prevent the AECs (and associated detriment) that it found. The Retail Banking Market Investigation Order 2017 dated 2 February 2017 (the ‘Order’), alongside undertakings entered into by Bacs Payment Schemes Limited, gives effect to that package of remedies. It consists of:
(a) three cross-cutting foundation measures that will underpin increased competition in the reference ma
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