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Loan Protection: Metro Bank founder slams lack of banking competition

The founder of Metro Bank has criticised the UK banking sector for its "lack of competition" which leads to "poor customer service".

Speaking to the Treasury Select Committee today (December 15th), Vernon Hill claimed that many British banks aim to make financial gains rather than attempting to deliver excellent customer service.

"We have a very concentrated market with a small number of banks essentially offering the same products and the same services and the customer has very little choice," Mr Hill told the House of Commons committee.

"The larger a retail bank is, once they get past a certain point, the poorer they serve the consumer."

He added that firms have "incredibly bad" IT systems while he also criticised the fact many banks turn away customers.

Metro Bank is the first new UK consumer bank to open on the high street in more than a century and currently has four operational branches.

It is open 361 days a year and aims to provide better customer service than its rivals.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800294152-ADNFCR

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