Aldermore CEO Phillip Monks comments on Ed Miliband speech on banking

POSTED: 17th January 2014
IN: Newsroom

Commenting on today’s speech by Labour Leader Ed Miliband on banking, Phillip Monks, CEO of Aldermore Bank, said:

"Both the Government and Opposition need to look at how we can increase competition in business banking and ensure SMEs across the UK get a better deal. Slicing-up the same old, branch-based, legacy-ridden banking cake will do little to stimulate competition.

"It would seem as a starting point we should be splitting-up the specialist SME lending divisions of the big five banks, such as asset and invoice finance. This will rapidly increase competition in the parts of the banking sector that gets finance straight to the front line for small businesses to invest.

"Ultimately the payment infrastructure remains the biggest blockage to competition and the consultations underway to create a payments regulator or even a payments utility should be pursued with pace.

"The reality is further uncertainty will make investors even more cautious and increase the cost of capital to banks, which will do nothing to help the sector in lending to SMEs and homeowners across the country."


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Adam Taylor, Cicero

0207 297 5971

07557 965958

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