A full competition inquiry into the market for current accounts and small business banking has been launched by the Competition and Markets Authority.
The probe, first proposed in July, will investigate the difficulties customers face in switching banks, and the lack of smaller competitors to the "big four" High Street names.
It will also look at lending to small and medium-sized businesses.
Some large banks said the probe was unnecessary.
In a submission to the CMA, Barclays said it felt the review was "not appropriate at this time".
"Various developments, innovations and stimuli are changing the competitive landscape in in relation to both [personal current accounts] and [small and medium enterprises] banking, and these must be given time to mature," it added.
Lloyds Bank, which is still partly owned by the taxpayer, said that although it would work with the CMA, it did "not consider that such a reference is necessary", while HSBC said it was concerned that the CMA has previously "taken a backward looking view" of both current accounts and small business lending.
But the BBA, which represents the banking sector, said the industry would "co-operate fully with any investigation".
"Banks are pro-competition - they compete for business every day," said BBA boss Anthony Browne.
Business group the British Chambers of Commerce said it welcomed the review.
"For many years Britain's dysfunctional banking sector has struggled to meet the needs of [small and medium enterprises], impeding the growth prospects of some of our most promising young companies."
After carrying out a consultation with members of the public, banks and other industry bodies, the CMA outlined four main concerns about banking services in the UK:
- Few customers switching banks or shopping around for the best rate
- Lack of transparency and difficulties in comparing services from different banks
- The barriers faced by smaller banks trying to enter the market
- The continued dominance of the "big four" banks
The inquiry will take 18 months to complete.
The regulator also said it would review the 2002 report by its predecessor, the Competition Commission, to see if its findings were still relevant.
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