Senior Bank of England executive Andy Haldane has backed calls for the creation of a shared database for the storage of customer account details, arguing that the move would help boost competition in financial services.
In a speech at Occupy Economics’ Socially Useful Banking event on Monday, Haldane, executive director for financial stability at the BofE, bemoaned the fact that – until Metro arrived on the scene in 2010 – no new bank had been set up in the UK for a century.
Although cautioning that there is no “silver bullet” to the problem, Haldane said he is attracted to the prospect of putting some core banking services in the hands of a shared utility, storing customer account details.
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