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PPI Claim: Regulatory changes could lead to more start-up banks

More start-up banks could be formed as a result of regulatory changes, which could benefit people pursuing a payment protection claim.

From 1st April, the UK's banking system was restructured. The Prudential Regulation Authority (PRA) and the Financial Conduct Authroity (FCA) have replaced the Financial Services Authority (FSA), which previously regulated the financial services sector and consumer issues.

The Financial Policy Committee (FPC), part of the Bank of England, will control both new bodies.

Mortgage Strategy reported that the changes could open the door for start-up banks to challenge the biggest players in the market.

Baroness Kramer, a Liberal Democrat peer and former vice-president of Citibank in Chicago, told the website the developments were a "game changer".

She explained: "For 100 years the regulator has rejected almost every new bank, leaving us with a banking system dominated by just four institutions, many of whom have abused that power by failing to serve the customer."

Under the new regime, banks will need less capital to begin operations than is required by existing organisations. A recent reduction in liquidity requirements will benefit all banks.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801565554-ADNFCR

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