Rebecca Long-Bailey MP, Shadow Chief Secretary to the Treasury, commenting on the Competition and Markets Authority’s (CMA) retail banking market investigation, said:

‘’The CMA’s package of measures announced today may go some way to address the lack of competition and innovation in the retail banking sector, in particular measures to better regulate unarranged overdraft charges which are very costly to customers who make a mistake.

“However, Labour would like to see much wider reform of the banking sector, more regional banks and credit unions to improve affordable access to finance for retail banking customers. Labour has already committed to national and regional  investment banks to unlock £500 billion of investment across the UK.

“For too long, people in the UK have had to bear the brunt of a financial crash caused by the financial sector, it is now time for the retail banking sector to work in the interests of the 70 million current account holders in the UK.’’