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Demands to see OFT report on HBOS rejected

OFT bank takeover report not to be published

Demands for a report on the Lloyds TSB takeover of HBOS to be published immediately have been rejected.

Lloyds TSB High Street Branch

Mergers will change the face of high-street banking

The report into the Lloyds TSB takeover of HBOS by the Office of Fair Trading (OFT) was formally handed over to the Department for Business on Friday.

Demands for it to be published came from Liberal Democrat MP Alistair Carmichael and SNP MSP Alex Neil.

But an OFT spokesman said: “We won’t be publishing anything until the Secretary of State, Lord Mandelson, makes his decision.”

Which? Money editor Martyn Hocking said ‘The report should be published immediately so that customers of Lloyds TSB and HBOS know where they stand and the competition implications of the merger can be clarified.’

Which? has written to Lord Mandelson, Secretary of State for Business, Enterprise and Regulatory Reform, urging him to ensure consumers are already losing out due to weak competition are protected.

Which? has also produced a guide to the Lloyds TSB HBOS merger.

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