22 October 2015

The CMA's provisional findings are a solid first step but there's a long way to go to bring real competition to UK banking

TSB's CEO, Paul Pester comments on the CMA's provisional findings

Paul Pester, Chief Executive Officer for TSB, says : "The CMA's provisional findings are a solid first step in breaking the stranglehold of the big banks and putting customers in control at last.

"We agree with the CMA that there is a significant lack of competition in the UK retail banking market which has been fuelled by a lack of transparency, low levels of switching and a switching service that doesn't cater for all UK consumers.

"In a truly competitive market, consumers will be offered genuine choice and a level of transparency they've never seen before, so they can make informed choices and switch with ease. The switching service needs to be improved for those who are trapped by their current provider and the provision of a standard format monthly bill that spells out the true cost of banking should be mandatory. Only then will we see customers being able to vote with their feet.

"TSB looks forward to working with the CMA over the next six months to make sure customers are put in control of their banking at last - because we know that only real competition will shift banks' focus towards the long-term interests of their customers and so fix the culture in banking.

"This is a once in a generation opportunity that could fix the market, once and for all, for the benefit of all consumers."