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UK competition body told to delay Williams & Glyn advice

Reuters - UK Focus

LONDON, July 24 (Reuters) - Britain's finance ministry has told the competition watchdog to delay finalising advice on the impact new bank Williams & Glyn will have on competition in the sector until the end of the year.

The Competition and Markets Authority (CMA) had been due to announce its findings on the bank, which is being spun off from Royal Bank of Scotland (LSE: RBS.L - news) , this month. However, the Treasury said RBS had not yet finalised Williams & Glyn's business plan and it is not possible for the CMA to conclude its advice until Britain's financial regulator has examined RBS's plan.

RBS could be asked to increase the size of the Williams & Glyn business, which it was ordered to sell by European regulators.

(Reporting by Matt Scuffham; Editing by Steve Slater)