The UK Treasury Committee has confirmed that it will launch an investigation into competition and private equity funds in the banking sector, as well as addressing the issue of the future of 'free' banking.
The decision to conduct an inquiry into ‘free’ banking comes after First Direct became the first bank to announce charges for the use of a current account in November 2006, which also prompted much criticism over unfair bank charges.
The private equity industry, which recently suffered attacks by unions over job losses and tax breaks, will also be under examination.
Details of the inquiries by the Parliamentary Treasury Select Committee are expected to be issued before Easter 2007, the BBC reported.