Aldermore Bank's Chief Executive Officer Phillip Monks said:"I welcome today's decision by the FCA and believe a new regulator is the first step towards creating a level playing field in the banking industry.
"Part of the problem for creating genuine competition has meant that banks like Aldermore face unnecessary regulatory hurdles and capital costs to access the payments infrastructure.
"This is not in the interest of ordinary consumers or SMEs across the UK who ultimately want a banking system that works in their interest.
"If they are intent in making changes and seeing a shift away from the status quo then the road towards a better payments infrastructure will have benefits to all."
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