You may have a cause of action against the competitor for violating your copyright.
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You mentioned that the photo is on their ad banner .... The company is advertising their own business on their website? You should contact the company and inform them that you did not give them permission to use your photo and request that the photo be removed or you will pursue the matter in court. If that doesn't work hire a local Copyright Attorney to write a letter requesting the photos removal. If the photo is still up after the letter you can pursue the matter in court.
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As my colleague point out, you should send them a letter and demand they remove the picture; you did not give them permission to use your photo. If they fail to remove the picture, you should then hire an IP attorney and pursue legal action against them. You can obtain the ordinary remedies for copyright infringement (including injunctions, actual damages and lost profits).
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