Group says major banks stifle competition and exploit both vulnerable and loyal customers
A cross-party group of MPs is calling for the break-up of major high street banks, which they say are stifling competition and exploiting vulnerable customers.
The call is part of recommendations put forward by the all-party parliamentary group (APPG) for challenger banks and building societies after a two-year inquiry into competition across the UK banking sector. Together, six UK lenders – including HSBC, Barclays, Lloyds, NatWest, Santander and Nationwide building society – hold about 87% of the retail banking market, according to Reuters data from 2018.
