At a banking debate, featuring a keynote speech from Business Secretary Vince Cable, Which? called upon the Independent Commission on Banking (ICB) to be brave with its recommendations by supporting our five challenges.
Which? chief executive Peter Vicary-Smith said: ‘Unless the ICB is brave in its recommendations to government, it will have missed a unique opportunity to create a banking system that truly works for consumers, good businesses and ultimately the economy’.
Read our full report from the event.
Vince Cable keynote speech
Vince Cable, Secretary of State for the Department for Business, Innovation & Skills (BIS), delivered a keynote speech on the merits of separating retail banks from their investment arms. He was joined by Which? chief executive Peter Vicary-Smith, David Pitt-Watson, chair of Hermes Focus Asset Management, and the British Bankers’ Association for a panel debate.
This event has been archived is no longer available as a liveblog event. However, you can still view a transcript of the event.
View PDF transcript of the Which? banking event with Vince Cable – 26 July 2011 (PDF: 74kb)
Five banking challenges
Which? challenged the ICB to recommend that:
1. Banks should be allowed to fail without bringing the whole system down.
2. Banks make it easier for consumers to vote with their feet by making it easier for them to switch bank accounts.
3. New banks should be welcomed, to challenge the market domination of the ‘big five’.
4. New regulators – the Financial Conduct Authority – should be given the powers and tools to do its job effectively, such as the power to assess hidden charges.
5. Competition in the banking industry should be assessed.
The ICB has just under two months until it provides the government with recommendations for banking reform.
Which? personal finance campaigns
Which? campaigns to make people’s lives fairer, simpler and safer. We’re currently campaigning on finance issues which include getting redress for consumers mis-sold payment protection insurance, putting an end to excessive surcharges and ensuring consumers’ needs are put first in plans for banking reforms. To find out more about our campaigns, follow Which? Action on Twitter or facebook.