A stronger policy framework for the Government's
approach to banking services which
Increases transparency in banking supervision
Does not give banks preferential treatment
Improves competition scrutiny, including
within The Treasury
Eliminates regulatory distortions
Prevents anticompetitive mergers in the
banking industry
A new payments regulator (PayCom) to supervise
a licensing regime for banks' cash and payment networks
Specifically for small and medium sized enterprises
(SMEs), a monopoly reference of banking services supplied to them
- Note: These services were referred to the Competition Commission
on the day the report was published
Better information to help customers - particularly
those excluded from banking services, and SMEs - to find the best
banking deal available for them
Measures to help consumers make sense of this
information, by setting up benchmarks, including a basic bank
account for the many people who do not have one
An opportunity for everyone, especially those
on low incomes, to have access to affordable basic banking services
Better complaint handling procedures for personal
customers and SMEs, with clear and objective standards for banks
to be judged against by the new Financial Services Ombudsman.
