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Bank Loan: New banks 'can't compete' with established rivals

New banks are struggling to compete with their more established rivals who have a loyal customer base, a new report has found.

The Office of Fair Trading has claimed start-up banks face a number of "significant challenges" when entering the UK banking market.

New firms often have difficultly in attracting new customers as many consumers are loyal to established brands, the report said.

Clive Maxwell of the Office of Fair Trading said: "Vigorous competition in retail banking is vital for personal and small business customers and helps support growth and productivity in the economy.

"If firms face significant difficulties in entering and competing in the market, incumbents have less incentive to reduce costs, innovate and price competitively."

Watchdog Consumer Focus has claimed that brand loyalty is "often misplaced" and advised consumers to switch providers to give banks an incentive to improve their customer service.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800218466-ADNFCR

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