Published: 5th Feb 2013

Baroness Susan Kramer was one of several peers who fought a successful battle to amend the new Financial Services Bill to make it easier to set up small banks. She talks to David Boyle about the potential for new models of local finance to emerge. HOW WILL THE NEW AMENDMENTS MAKE A DIFFERENCE TO THE BANK ‘DROUGHT’? The key element of change in the bill was giving the new Financial Conduct Authority (FCA) a duty to ‘have regard to’ – though it is only a ‘have regard’ to – people’s ability to access financial services. When we first started this process, the Treasury was initially very opposed to it, but that changed over time. As a result, it is now a different world for the UK regulator: they can no longer just ask ‘is the competition out there fair?’, but need to ask ‘are there people who are not being … (To read the full article, subscribe below)