Banks and Energy: Competition

Department for Business, Energy and Industrial Strategy written question – answered on 12th December 2017.

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Photo of Gareth Thomas Gareth Thomas Party Chair, Co-operative Party

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to increase competition in the (a) energy and (b) banking consumer markets; and if he will make a statement.

Photo of Margot James Margot James Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Government wants markets to thrive and continues to promote competition as the best driver of value and service for customers. a) The Government and Ofgem are working to implement the Competition and Markets Authority’s recommendations in the retail energy market through faster and more reliable switching, measures to increase consumer engagement reforming the regulatory framework which aim to increase competition in the energy market. b) The Government has established competition objectives embedded in the Financial Conduct Authority and Prudential Regulation Authority (PRA). The regulators set up the New Bank Start-up Unit to help prospective new banks enter the market and through the early days of authorisation. Since 2013, the PRA has authorised 15 new UK banks, reducing the market share of the four biggest banks and increasing the stability of the sector.

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