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17 January 2014

FSB reacts to Miliband's banking reforms

Reference number: FSB PR 02/2014

John Allan, National Chairman, Federation of Small Businesses, said: "There is a clear consensus the banking sector is far too concentrated and more competition and choice needs to be introduced. This is vital for small firms to get the access to finance they need to grow and create jobs.

In our view, that will be achieved by encouraging further entrants into the market through regulatory reform, improving the way the market functions for example reforming the current payment system controlled by the big banks, and stimulating a vibrant non-bank market such as peer-to-peer lending. These issues need to be addressed and reforms speeded up before drastic action such as stipulating market share caps are put in place."