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Bank charges: Capital easing for smaller banks

New banks in the UK will not be required to hold as much capital as larger banks.

This was announced by Lord Turner, chairman of the Financial Services Authority (FSA), in order to try to make major UK banks more competitive.

It is hoped that, by encouraging competition, customers will be offered better rates.

A report from the Office of Fair Trading criticised the biggest banks for offering a ‘lack of dynamism’ within the market for current accounts.

Under new regulations, banks are required to have more capital behind them in order to protect against future losses.

This was suggested in Basel III, which was put together to find ways to stop another financial crisis from happening.

As well as reducing the capital required for new banks, regulators also hope to speed up the process of authorisation so that it will be easier for them to raise funds and begin working.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801548645-ADNFCR

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