Cruickshank to present review findings to banks
Friday 26 November 1999
The request has bolstered hopes that the year-long review may soon be coming to a close.
However, there is also disappointment in some quarters that Mr Cruickshank has not gone as far as the banks would like in meeting their requests for more scope to put forward their own views about improving industry competitiveness.
The review team has largely completed its fact-finding and will now retire to consider the results. The research has involved visits to the United States, Australia, France, Germany, Canada and Scandinavia, with which the British banking sector is being compared.
The banks have been irritated at being asked for large amounts of detail on the profitability of their operations on a product-by-product basis, information which they often do not have, while being denied the opportunity to put their case.
The review, launched by Gordon Brown in November 1998, was initially meant to concentrate on the provision of credit for small businesses but has been widened to include broader consumer issues.
In September, the Chancellor agreed to an indefinite extension. This was to allow more time for Mr Cruickshank - who is also running Action 2000, the government-sponsored campaign - to complete his work.
The banks argue privately that Mr Cruickshank has failed so far to show he understands their market. His interim report, published in September, spoke of greater competition in the US resulting in lower rates for small business lenders, whereas the reality is that banks in the US still largely enjoy regional monopolies, long since swept away in the UK.
The report also highlighted the banks' regulatory framework as a major reason for lack of competition in high interest rates charged on some products. But Mr Cruickshank's request for the Financial Services Authority to take responsibility for promoting competition has been rejected by the Government.
Swedish stars ask fans for £195 pledges on crowd-funding website
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
filmFilm producers sue Warner Bros for $75m over Hobbit films
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
David Cameron explains selfie with Obama and Helle Thorning-Schmidt at Mandela Memorial
French café starts charging extra to rude customers
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Australia incest case: Filthy and severely deformed children found in remote farming community after generations of inbreeding
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 John McAfee's $100 'anti-NSA' device: 'this is coming and cannot be stopped'
- 4 Is Facebook making us forget? Study shows that taking pictures ruin memories
- 5 Australia incest case: Filthy and severely deformed children found in remote farming community after generations of inbreeding
- < Previous
- Next >
iJobs Money & Business
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£70000 - £90000 per annum + BONUS + BENEFITS: Harrington Starr: A leading mark...