Aldermore sets out to discuss competition in the UK banking sector during party conference season

IN: General

As the UK’s political leaders gather for the party conference season, Aldermore is taking this opportunity to hold three open panel debates exploring competition within the British banking sector.

undefinedThe banking industry has been the subject of much questioning recently, with the Competition and Markets Authority (CMA) publishing two studies on the consumer and SME banking markets.

“Our studies have found that despite some positive developments, significant competition concerns remain which mean that customers may not be getting consistently good service and value from their banks,” admits CMA Chief Executive Alex Chisholm.

The emergence of challenger banks and alternative lenders in the wake of the financial crisis has begun to diversify the UK’s financial landscape, and Aldermore’s own growth story highlights the demand for competition in the market. At its foundation in May 2009, Aldermore had customer lending in the region of £76m and approximately 50 employees. Since then, the Bank has developed into a multi-product asset-based lender and through focussing on organic growth, has grown significantly. Yesterday it was announced that by the end of June 2014, Aldermore had £4.8bn of assets, approximately 160,000 customers and over 800 employees.

Unfortunately though, many SMEs and consumers are still not aware of the full range of financial options available, relying largely on the ‘Big Four’ high street banks to service their financial needs instead of approaching the most suitable provider.

To discuss the situation and what could be done to best meet the financial needs of British businesses, homebuyers and savers, Aldermore will be hosting three fringe events alongside the political party conferences. Each of these debates will invite a panel of MPs, trade body leaders and key policy decision makers to share their thoughts on the future of the banking industry in an open question and answer session.

These fringe events aim to discuss the advantages of growing banks challenging the status quo and identify ways of making further progress to provide better banking services for businesses and consumers.

Of course Aldermore is also keen to hear from the real individuals and businesses affected by the situation. The Bank is inviting homeowners, savers and SMEs to get in touch with Aldermore on Twitter to let the Bank know which topics you hope to see addressed by the panels in Manchester, Birmingham and Glasgow.

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