The new All-Party Parliamentary Group on Challenger Banks and Building Societies will next week launch an inquiry into financial regulation to find out how consumers can get a fair deal on banking services.
The parliamentary group is made up of a group of cross-party MPs and Peers, many who have been involved with the changes to the UK’s regulatory regime following the financial crash. They will be seeking to understand whether post-crash financial regulation is to blame for the continued dominance of the major banks and what action should be taken by regulators to improve competition. A series of detailed reports will be published from January 2019.
The all-party group will soon issue the first in a series of detailed calls for oral and written evidence. The first areas to be examined will be consumer access to banking services and diversity of providers, with the APPG’s first oral evidence session is slated for the 15th November.
Kemi Badenoch MP the group’s Chair commented:
“A decade on after the crash, the retail banking sector looks very much the same. We have also seen a shrinking service offer as branch networks are cut with a huge shift to online banking.
There is little sign of greater competition and choice for consumers. The APPG will be reviewing whether there is effective competition in UK banking services, what that should look like and whether consumers are getting what they need, as well as what they want from their providers.”
Notes to editors
- A detailed call for evidence will be issued shortly via the APPG’s website: https://www.cbbsappg.org.uk/terms-reference/cbbsappg.org.uk
- The APPG’s first oral evidence session on access to banking services will take place on the 15th
- Kemi Badenoch is the MP for Saffron Walden. Further biographical details and images can be found https://www.saffronwaldenconservatives.com/kemibadenochmp
- The CBBS APPG’s aims and objectives are set out on the parliamentary register for APPGs and are: To review the regulations of the banking and financial sector and to promote fair competition, removing entry barriers and encouraging diversity of service.”