Smaller Banks lobby heats up... Yippehhh!!
Brett Alegre-WoodChairman, YPC Group
Hey guys,
Well it appears that my shouts and disgust about the creation of large banks (such as Lloyds Group) that undermine competition are not falling on deaf ears. Now I don't think for a minute that anyone in power is actually listening to my rants but it appears that I am not alone. Vince Cable and George Osbourne are releasing their thoughts today about the issue.
So everyone cross your fingers and hopefully it will produce a much more competitive environment. Oh, by the way if you are in any doubt about the lack of competition then think about margins. Pre-2007 margins were around 2% including arrangement fees, now margins are around 5-6%. Hmmm, hopefully you see the benefit of competition in the marketplace.
Competition is one of those things that a free market must have, without it the market moves to an inefficient and unproductive system where innovation lags and the economy stagnates.
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In addition to this it looks like the FSA is getting the chop. Well, losing its regulatory capacity and the Bank of England will take over as the regulator.
Live with passion,
Brett Alegre-Wood
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