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FSA’s breaks for new banks could pave way for smaller players

New entrants to the banking sector could be given special breaks from tough regulation following new proposals announced by the Financial Services Authority boss Lord Turner. Michael Ossei, personal finance expert at Uswitch.com**,** says: “These proposals could take us a step closer to creating a level playing field between traditional high street banks and new entrants. This is urgently needed to restore consumer confidence in banks and make competition work.

“Confidence in traditional high street banks has been battered these last few years – consumers want and need more choice. Our research shows that four in five (80%) consumers would consider switching to a new entrant, even if they don’t have prior banking experience – a telling reflection of the state of the UK banking industry.

“New entrants are hot on the heels of traditional banks, winning customers over with their untarnished reputations, and promise of superior rates and customer service. Hopefully these proposals will not only make it easier for new banks to operate, but act as a wake-up call to the larger players that still dominate the sector to pull their socks up.

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

Notes to editors

Research carried out online with the Uswitch.com Consumer Opinion Panel in July 2012 amongst a sample of 1,275 GB adults.1. When told that ‘In recent years, new additions to the banking industry have included Virgin & Metro Bank, and there have been offerings from M&S, Post Offices, Co-op and Sainsbury’s’ those surveyed were asked to indicate from a list which statements they believed to be true or false. 79.9% said ‘I would consider switching to one in the future’, 51.8% said ‘They care more about their customers than the traditional banks’, and 18.0% said ‘I have already switched to one.’

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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.

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