A competition inquiry that could result in a major shake-up of banks' current accounts and small business banking has been launched.

The probe, first proposed in July, has now been confirmed by the Competition and Markets Authority (CMA). It will investigate the difficulties customers face in switching banks, the lack of smaller competitors to the "big four" banks, and lending to businesses. Some large banks said the probe was unnecessary. Theoretically, the inquiry could conclude that a break-up of the biggest banks is required, although such a move is unlikely. Other potential outcomes could include a demand for more transparency over fees, such as overdraft charges, branch networks being split up, and proposals that could affect the future of "free" banking.....Read more here