Review into barriers to entry “appears to be a step in the right direction”, says Tyrie
Commenting on the publication of the review by the FSA and the Bank of England into barriers to new entrants to the banking sector, the Chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP, said:
The Commission will examine the report closely. We will be producing recommendations on competition in our Final Report.
This appears to be a step in the right direction.
The lack of competition in banking has been reinforced by a regulatory regime favouring large incumbents. Customers have lost out as a result.
Moves to remove barriers to entry are essential.