FCA Publishes Speech on Future of Retail Banking

On November 26, the FCA published a speech made by the FCA Director of Supervision on the future of retail banking and the issues identified by the FCA.

In particular, the speech notes that banks must focus on rebuilding consumer trust, dealing with new and potentially threatening technologies, addressing changes in consumer behavior in light of technological developments and addressing issues such as misselling and building a stronger business model.

The speech also notes that the FCA intends to encourage a competitive market and urges banks to focus on evolving in a consumer friendly way.  Speech.