Which? response to the draft Banking Reform Bill

Which? chief executive Peter Vicary-Smith said:

“We’re pleased the Government is committing to important banking reforms. Ring-fencing risky investment banking from retail banking will help ensure consumers don’t have to foot the bill for a banking bailout that cost £2000 for every man, woman and child but it doesn’t eliminate the risk completely.  The banks shouldn’t wait for the Government’s 2019 deadline but should implement these changes as soon as possible so that consumers are protected.

“We want to see big change in our banking system, so that banks work for customers, not bankers. The Government must go further to increase competition on the high street and refer the banks to the Competition Commission now so that the banks are forced to provide better service and value for money.” 

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