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Anthony Browne's Speech on Competition in Banking

February 4, 2014

LONDON , Feb. 4 -- The British Bankers' Association issued the following news release: BBA Chief Executive Anthony Browne has today delivered a speech at the London Stock Exchange on competition in banking. The speech called for more competition in banking by removing barriers to entry and growth for smaller banks. Mr Browne said: " Britain's banks like competition - they compete to win new customers every day. Having a competitive market place is crucial to the industry's efforts to drive up standards and invest in innovation. "We believe that the best way to do that is to allow new banks to be set up and let smaller ones grow. We want to see a concerted effort on the part of the Government and regulators to recognise that regulation is holding back our challenger banks. "There are some changes we would like to see that would help boost competition and improve choice for customers. We want councils to be able to invest some of their Pounds30billion of resources in smaller banks and some of the rules on capital for smaller banks to be relaxed. "At the moment it is up to eight times' more expensive for a smaller bank to give someone a mortgage than one of their high-street rivals. Allowing challenger banks to share credit risk data could cut those costs and create a more level playing field amongst lenders." CC AutoTriage1pm-140205-30TagarumaMar-4625696 30TagarumaMar

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Source: Targeted News Service

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