Norway’s competition authority has launched a review of the country’s banking sector to assess whether banks are competing effectively for customers. The regulator is requesting information from banks and other market participants, with 14 banks asked to provide data at the preliminary stage. This is not yet an antitrust case against specific institutions, but a market assessment.

The key issue is whether customers face barriers when switching banks and whether smaller or new players can expand in mortgages, deposits and everyday banking services. The authority says stronger competition could help lower mortgage rates, raise deposit rates and reduce fees for consumers.

The review comes at a sensitive moment for Norwegian households. Mortgage costs remain elevated, and large banks have been adjusting loan and deposit rates after central bank moves. At the same time, banks themselves have reported growing competitive pressure on interest-rate spreads. If the authority finds evidence that competition is materially restricted, or that market conditions make rate coordination easier, it could open a formal market investigation. For consumers, the outcome could matter directly: banking fees, mortgage pricing and deposit returns may come under closer scrutiny.