Aldermore CEO Phillip Monks comments on BBA Chief Executive’s speech on competition in banking

POSTED: 4th February 2014
IN: Newsroom

Commenting further on today’s speech by the British Bankers’ Association Chief Executive Anthony Browne on competition in banking, Aldermore Bank’s Chief Executive Officer Phillip Monks said:

"The UK banking sector is undoubtedly improving, particularly as consumers have more choice and information about products on the market. Relaxing the rules on capital for smaller banks would be a welcome move. 

"But let's not believe that competition will solve everything. The Government, Opposition and regulators need to look at the current marketplace and realise that bigger banks are still suffocating economic recovery. Competition can only exist if the Government breaks-up the state-owned banks, and particularly the parts of those banks servicing SMEs, and allows challengers like Aldermore to compete on a level-playing field. 

"Otherwise we are simply cutting up the same cake into smaller portions".


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