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UK: For new banking regulator, Parliament says competition is key

By  |  January 18, 2013
UK: For new banking regulator, Parliament says competition is key

As the Financial Services Authority, the UK’s current banking regulator, prepares to be liquidated and its services to be split between the new Prudential Regulation Authority and the Financial Conduct Authority, a parliamentary committee has warned that the Financial Conduct Authority must focus on transparency and set its goal to increase competition in the banking sector. The Parliamentary Commission on Banking Standards stressed last Tuesday that, as part of an industry overhaul, the new authority must improve consumer experiences and encourage more bank openings. The FCA’s new chair John Griffith-Jones said in a statement that the authority is hiring an antitrust expert to address these concerns.

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