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Loan protection: More competition needed in banking sector, says Mervyn King

The governor of the Bank of England has claimed that more competition is needed in the banking sector.

In response to a question posed to him by TUC members yesterday (September 20th), Mervyn King stated that consumers should have more choice of where to bank.

He told the audience of trade union members: "We need more competition in the banking sector so that people can indeed choose from a wide range of options.

"I do think that mutual organisations have a very important part to play in this and indeed some of the mutual organisations in banking were the ones who prospered in the crisis."

Mr King added that mutual organisations were trusted by the majority of consumers so they can play a key role in the future of British banking.

A number of UK banks have merged, such as Lloyds and HBOS, in the wake of the financial crisis which has reduced the level of competition between firms.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800075318-ADNFCR

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