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The Competition Commission (CC) has lifted the price controls it imposed on the UK's four largest banks' services for SMEs.The CC says that other measures aimed at making the market more competitive will remain in place.However, the CC also recommended that the Office of Fair Trading (OFT) "actively monitor all SME banks' behaviour following the lifting of the price controls."The price controls were put in place in 2003 after an investigation by the CC.They forced the four banks to offer an account to SMEs that offered an interest rate of at least 2.5 per cent below the base rate or free money transmission services, or both.The controls were only ever intended as a temporary measure.But the Federation of Small Businesses (FSB) has hit out at the changes with its financial affairs chairman saying "the decision to lift the controls shows that the Competition Commission has not listened to millions of UK small businesses."
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