Call for bank competition

Tim Wallace
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THE INCOMING head of the new Financial Conduct Authority (FCA) must do more to actively promote competition in banking, rather than take the route of increased regulation, MPs warned in a report out today.

“Getting competition into the culture of the FCA will also be a huge challenge for its leadership,” said Treasury Select Committee chairman Andrew Tyrie MP.

“The government’s new Financial Services Act fell short of providing the new regulators with the accountability structures that were needed.”