Competition and Markets Authority . Victoria House . Southampton Row . London . WC1B 4AD . Dear Sirs, Subject: Consultation Paper â Retail banking market investigation. 1 INTRODUCTION Bacs is pleased to provide a response to the consultation paper on the Retail Banking Market Investigation â Updated Issues Statement. Bacs, founded in 1968, is a not-for-profit, membership-based industry body owned by 16 of the leading banks and building societies in the UK, Europe and the US. Bacs has been maintaining the integrity of