Playing the Field: Consumers and competition in banking

Join us for the launch of a report which explores the phenomenon of multi-banking and considers how consumers behave in markets for financial services.

Mark Garnier MP
James Daley, Managing Director, Fairer Finance
Katie Evans, Economist and report author, Social Market Foundation
Steve Smith, ‎Director, Competition and Regulatory Strategy, Lloyds Banking Group

Jonathan Ford, Chief Leader Writer, Financial Times

Date and time:
July 16 2015 

Light refreshments will be served
The discussion will include a Q&A session

Social Market Foundation
11 Tufton Street, London, SW1P 3QB

Competition in banking is under scrutiny. With further steps to encourage competition expected in the new Parliament, all too often the focus of the debate is on the supply side: the market share of the big banks; the emergence of new entrants; and the case for regulatory action that creates a more diverse range of providers.

But structural change is slow and expensive. The ultimate goal of competition is consumer benefit, and consumers’ own behaviour is changing. With technology making it easier to manage money online and new options like peer-to-peer emerging through specialist online providers, the old idea of having one bank for life is fading. This report will explore how consumers are using financial services, the implications for competition and how policymakers should respond.

Our panel will present the report’s findings, consider their implications for consumers, and explore the changes needed to cope with the changing behaviours of consumers.