Which? welcomes Tory banking plans

21/07/2009

Consumer group Which? has given support to the new proposals from the Conservatives on the future of the UK's banking industry.

Conservative shadow chancellor George Osborne has unveiled a number of measures, which include the scrapping of the Financial Services Authority and increased powers for the Bank of England.

Which? said that it is "encouraging" that all of the major political parties "recognise the need for reform", but gave particular credence to the Tories' policy.

A statement from the organisation read: "We share the Conservatives' concerns about the nature of competition in this market and the power that the big players wield on the high street - power that could be used to the detriment of the ordinary consumer.

"We need a stable, prosperous banking industry where consumers are treated fairly so it's vital that the regulator has the necessary tools to do its job and, more importantly, the will to use them."

Tags; Current UK Economy,

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