Community Banks

Treasury written question – answered on 26th June 2012.

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Photo of Guy Opperman Guy Opperman Conservative, Hexham

To ask the Chancellor of the Exchequer what steps he is taking to make it easier to set up local community banks.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The Government believe that it is important for consumers to be able to access an appropriate range of financial products and services.

Therefore it is essential that the regulatory regime facilitates new entrants to the banking market wherever possible. The Financial Services Authority and the Bank of England are conducting reviews of the prudential and conduct requirements for new entrants to the banking sector to ensure that the requirements are proportionate and do not pose excessive barriers to entry or expansion.

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