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CBI: Commission should favour banking reform

Date Added: 11/04/2011  

The UK's retail banking market requires a revamp rather than a complete change, an expert in the country's business community has said.

Today (April 11th), the Independent Commission on Banking produced its Interim Report in response to a request for it to consider both "structural and non-structural" alterations to the banking arena in order to "promote financial stability and competition".

And according to John Cridland, director-general at the Confederation of British Industry (CBI), it is important for the body to favour reforming the sector as opposed to "breaking up universal banks".

Mr Cridland noted that stability in the market is "best achieved by establishing necessary capital buffers" and maintaining "effective recovery and resolution agreements", as well as a degree of supervision.

He went on to praise the Commission's highlighting of the need to switch between banks and increase the number of new entrants to the market as a priority, adding this is agreed with by the business community.

Posted by Julie Cutts

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