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Since the European Union implemented the rules, dubbed Payment Services Directive 2, Jan. 13 last year, banking in the U.K. looks pretty much the same. HSBC Holdings Plc, Barclays Plc, Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc show few signs of losing significant market share on current accounts, business loans, and mortgages to the upstarts. Only four new banking licenses were issued in 2018, compared with 12 in 2017, according to the Financial Conduct Authority.

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