OFT claims new banks face hurdles to high street success

first_imgThursday 4 November 2010 11:27 pm OFT claims new banks face hurdles to high street success KCS-content whatsapp Tags: NULL Sharecenter_img More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp Show Comments ▼ THE OFFICE of Fair Trading (OFT) said yesterday that smaller retail banks face significant challenges when trying to entice customers away from the high street giants. Customers are reluctant to switch banks and remain loyal to existing brands, the watchdog said in a research paper published yesterday. Smaller banks also complained of difficulties in getting approval from the Financial Services Authority, and of higher capital requirements hitting new entrants disproportionately. “A number of firms have recently entered the market, and more are expected to follow,” said OFT executive director for goods, services and mergers Clive Maxwell, in a nod to the newly-opened Metro Bank.“While we found few barriers to setting up, new firms trying to grow in this market face difficulties due to customers’ low levels of switching, loyalty to incumbent providers, and attachment to a local branch.” The OFT also warned that a lack of inter-bank lending following the financial crisis could also hinder the growth of new banking groups. The OFT’s review will be submitted to the Independent Commission on Banking, which was set up by the new government in June to look at competition and stability in the banking market. last_img read more

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