(28 October 2009 – UK) The UK’s finance minister has threatened Britain’s banks with a competition inquiry over the fees they charge clients.Britain’s, financial services minister, Paul Myners said that there is such a level of concern over the fees that banks charge for services such as mergers and acquisitions advice and over-the-counter hedging transactions that the government could launch a competition probe.
Mr Myners told a Financial Times conference last week that the bankers are pocketing bonuses of up to £10 million (A$17.61 million), and up to 60 percent of gross fees from mergers and acquisitions transactions, when most deals represent poor value over time.
Mr Myners said that he would prefer a market solution; however, if the market cannot fix itself then the government might have to take action.