Edition: United Kingdom  
One News Page
“Probably the fastest-access news portal in the world”
> >

Red tape? What red tape, asks Atom Bank boss

City A.M. Monday, 21 November 2016
Up and coming lenders are not facing as many regulatory hurdles as you might think, the boss of one of the UK's newest challenger banks has said today.

Speaking at the Confederation of British Industry annual conference,  Mark Mullen, chief executive of Atom Bank, noted that the "regulatory hurdles have got better", not worse, since the financial crisis and "the regulator is doing its bit" to increase competition across the sector.

Mullen's words come in the same month that the Financial Conduct Authority (FCA) revealed the names of 18 firms it had chosen to join its so-called regulatory sandbox, which is designed to allow firms to innovate with fintech ideas in a space where the watchdog can still keep an eye on their developments. 

*Read more*: Bye-bye Dodd-Frank? What Trump's win means for the banking red tape

Instead, Mullen pinpointed the greatest barrier to entry to the industry as "raising capital...it's still a very expensive business to get into".

Mullen, whose mobile-only bank officially launched to all customers last month, added 12qthe lack of people switching accounts was still a problem.

"You join it when you're nine, you check out when you're 90," the challenger bank boss said of the current state of play.

*Read more*: Better, not less, red tape would really help financial firms

Speaking alongside Mullen, Matt Hammerstein, managing director, head of customer & client experience at Barclays UK, welcomed challengers onto the scene, pointing out that the "consumer choices that they're highlighting" helped his bank to drive and expand its own offering.

Hammerstein confessed that people's quibbles with the banking status quo was partly "our fault as an industry for maybe getting a little more complacent than we should have been", adding the days when people would pick their bank based on which branch was around the corner from them were well and truly gone. 
0
shares
Share on
Facebook
Share on
Twitter
Post on 
Reddit
Share by
Email
 

You Might Like


Other recent news in Business

British bosses are bold about BREXIT - but worried about global growthDavos 2017: UK bosses optimistic despite BREXIT FEARS
HARD BREXIT fears crunch sterling ahead of PM May speechPICCADILLY CIRCUS lights turned off for site renovations
Government gives $400m to BRITISH oil and gas firm in GhanaBrexit latest: Bank saved 250,000 jobs by cutting rates after referendum says MARK CARNEY
Forget BLUE MONDAY, Trump's election was the most depressing dayBURBERRY has confirmed the start date of new chief executive Marco Gobbetti
Heat gets to Murray in testing first-round win in AUSTRALIADONALD TRUMP's tax threats wipe €4.5bn off Germany's top car companies stocks

Twitter

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+