A helpline for bank start-ups

REGULATORS have launched a new helpline offering advice to individuals thinking of starting their own challenger bank.

The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority said they had opened a new bank start-up unit for entrepreneurs to ‘phone a friend’ for information and support. The Government is keen for new banks to enter a market where consumer banking is dominated by a handful of lenders such as HSBC, Barclays, Lloyds, RBS and Santander UK.

Tracey McDermott, acting chief executive of the FCA, said: ‘Increasing competition in the banking sector is important for consumers.’