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UK: BOE accepts role of fostering banking competition

 |  October 7, 2013

The Bank of England announced Monday it would spearhead efforts to boost competition in the UK’s banking sector following a report released by the Parliamentary Commission on Banking Standards.

The Commission offered its report with the conclusion that BOE’s supervisory unit, the Prudential Regulation Authority, should take up the responsibility of promoting competition in the market and fostering safe operations.

On Monday, the BOE agreed with the recommendations of the lawmakers.

Further, the committee also suggested BOE’s Financial Committee to have extended powers to limit the ability of banks to finance assets with borrowed money, say reports.

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