Banks: Competition

Treasury written question – answered on 8th June 2020.

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Photo of Mark Pritchard Mark Pritchard Conservative, The Wrekin

To ask the Chancellor of the Exchequer, whether the Government has plans to liberalise the UK banking sector and increase competition from non-UK banks.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is committed to ensuring that the UK financial services sector delivers choice and value for customers and to that end has taken significant action to ensure effective competition in UK banking markets. This includes: providing the financial services regulators with competition objectives, and a new Payments Systems Regulator to ensure fair and equal access to payments systems; reducing barriers to entry for new market entrants; initiatives to make it easier for customers to switch between bank account providers; and continued support for non-traditional providers, including the UK’s fintech sector.

It is also important that the UK maintains a prudential regulation regime that supports financial stability and economic growth as well as competition amongst firms. The Government will continue to prioritise the implementation of global regulatory standards, such as the Basel III standards, to maintain the UK’s position as a world-leading financial services centre.

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