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Frontier discussion event on future of retail banking
At the end of 2011, the Independent Commission on Banking became the latest organisation to give a view on what it thinks is required for effective competition in retail and SME banking. This follows investigations by the OFT, CC and several Government departments in recent years, and comes before a promised review of personal current accounts by the OFT in 2012.
A range of changes are already underway in the industry that aim to enhance the competitiveness of ‘challenger’ banks and address potential sources of switching problems and a lack of transparency. But what will effective competition look like as these changes take effect, and how will regulators judge the outcomes?
Frontier (Europe) hosted a discussion event today on the topic “Light at the end of the tunnel?”, inviting guest speaker Clive Maxwell, Executive Director at the Office of Fair Trading, and respondents to discuss what effective competition in retail banking will look like in the next few years.
Responding to Clive, and joining him on the panel were:
• Christine Farnish, Chair of Consumer Focus;
• Niamh Grogan, Group Competition and Consumer Policy Director, Lloyds Banking Group; and
• Steve Smith, Retail Competition and Regulatory Strategy Director, Lloyds Banking Group.
See Frontier’s bulletin ‘Pressing the switches’ for an analysis of competition in retail banking following the Independent Commission on Banking’s report.
Frontier (Europe) advises Lloyds Banking Group on competition and consumer policy issues.
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