Which? response to proposals to increase competition in the banking sector

In response to the Government’s proposals to increase competition in banking by relaxing the barriers to entry for new banks and introducing new regulation for payment systems,

Richard Lloyd, Which? executive director said:

“We’re pleased to see action to tackle the unhealthy dominance of our biggest banks. The proposed changes, including an independent payments regulator, should help create a more level playing field and increase competition in banking – which should mean more choice for consumers who are sick and tired of shoddy service and unfair fees.

“But for the big change that is needed in banking the Government and regulators must also reform banking culture and practices so that the banks work for customers, not bankers.”