Yesterday the UK's Competition and Markets Authority set out its proposals "to reform retail banking, to improve competition and get a better deal for customers". The CMA said it considered whether Britain's largest banks should be broken up, but it came to the view that this would not address "the fundamental competition problems" - the lack of transparency on fees and charges. To transform the market, the CMA argued, banks "need to be made to provide their customers with the right information so that they can easily find out which provider and type of account offers best value for them". For further details and updates, start here Online marketplace funder Lending Club has acknowledged the US Justice Department is seeking more information over the scandal that saw founder and CEO Renaud Laplanche forced to resign, according to online news service, Finextra. The Securities and Exchange Commission is also looking into the situation, which stems from the US$22 million in near-prime loans were sold to an institutional investor that did not want them. The application date on $3 million of the loans was altered to make them look like they met the investor's requirements.