United Kingdom Parliament Treasury Committee has published a letter from a group of challenger banks which outlines – among other things – the opportunity afforded by the EU referendum result to improve competition in the banking sector.
- Letter from challenger banks, dated June 30, 2016
- Letter from Andrew Bailey, Governor, Prudential RegulationCEO, Prudential Regulation Authority, dated February 26, 2016
- Inquiry: Review of CMA work on Retail Banking Market
- Treasury Committee
Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, commented:
Brexit poses risks; it may also create opportunities. Current EU legislation could be placing smaller banks at a disadvantage. This is because it risks imposing a ‘one size fits all’ approach to banking regulation.
The Bank of England and the Government both now need to consider whether the opportunity afforded by Brexit could enable the development of a regulatory regime less prejudicial to small and challenger banks.”