EU to criticize high banking fees, lack of competition - report |
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Published
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Tue, 30 Jan 2007 07:37
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LONDON (AFX) - A European Commission report due out later this week will criticize retail banks and credit card companies for artificially high fees and use of anti-competitive practices, the Financial Times reported.'In some member states the combination of high profits, a high level of concentration and the existence of barriers to market entry is worrying, with the banks being able to abuse their market power towards consumers and small businesses,' said the report, due out Wednesday, a copy of which was obtained by the FT.The report also criticizes 'certain banks that create artificial barriers which increase switching costs for consumers and reduce the intensity of competition.'It also hits out at credit card companies in Europe, warning that the Commission intends to are solutely apply' competition law in the sector.According to the business daily, because the retail banking probe was not directed at any individual companies, it does not directly trigger any anti-trust fines.The inquiry was started in June 2005 by EU Competition Commissioner Neelie Kroes.newsdesk@afxnews.comafp/jlwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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