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Banking sector shake-up must improve competition

27 Dec 11

The Federation of Small Businesses (FSB) has urged the Government for an increase in competition in the banking sector, as well as not watering down the proposals, in the up coming Independent Commission on Bankings (ICB) report.

The FSB, whose main purpose is to protect and promote the interests of the self-employed and those who have their own businesses, has said that increasing competition in the small business credit market is vital for a secure banking industry.  

Research conducted by the leading business organisation, has found that 89 per cent of small firms believed that the banking system needs reform, and 70 per cent said that opening up competition would be key to this.

The FSB investigation has found that as there are five high street banks holding 85 per cent of the small business banking market; competition will drive down the cost of credit for small firms and increase the stability of the sector as a whole.

John Walker, National Chairman of the FSB, said, "This is a vital decision by the Chancellor and we hope he understands that competition and stability are two sides of the same coin. More banks, especially specialist banks, could help to improve relationships with small firms, and boost product innovation. Most importantly, it could reduce the systemic risk of the entire banking industry.

"We understand that pressures are being placed on the banking industry due to the crisis in the eurozone, but we also know that small businesses need choice in finance, a working and trusted relationship and innovative financial products to help them grow.”

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