HM Treasury has published a policy paper entitled Banking for the 21st century: driving competition and choice. In this document the Government discusses the measures that it has already put in place to increase competition in the UK banking industry.

The Government also discusses future initiatives including:

  • its intention to apply anti-money laundering regulation to digital currency exchanges in the UK, to support innovation and prevent criminal use;
  • that its midata initiative will launch on 26 March 2015, along with a Gocompare current account comparison tool, enabling customers to get detailed comparisons of which personal current account is best for them based on how they use their bank account;
  • its intention to deliver an open Application Programming Interface standard in UK banking which will further increase consumer engagement by making it easier for customers to see where they could get a better deal;
  • that the Bank of England is conducting a study that will quantify the economic benefit of improving access to credit data for trade creditors and is expected to publish the results of the study in autumn 2015; and
  • it is working with LINK and its members to explore how changes can be made to LINK Scheme Rules to allow customers to deposit as well as withdraw cash from intelligent cash machines.

View Banking for the 21st Century: driving competition and choice, 18 March 2015