HM Treasury has published a paper outlining its approach to encourage open and competitive markets for businesses and households.
Business measures include:
- Launch of a new Bank Start-up Unit on 20 January 2016 to make it easier for new banks to enter the market and encourage consumers to shop around
- Range of government business support schemes, e.g. Funding for Lending
- Delivering open Application Programming Interface (API) standards in UK banking which make use of bank data to provide value-added services for consumers
Consumer measures include:
- reviewing the way that businesses present their terms and conditions; undertaking an analysis of price comparison websites
- ensuring greater protection of complaint and customer satisfaction data