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Banks forced to use cash to dodge FSA

With lending becoming ever more difficult experts are expressing surprise that the Financial Services Authority (FSA) in the UK has been so slow in granting new banking and lending licenses so says mortgage and property website

In recent weeks even the chancellor of the exchequer, Alistair Darling blasted the FSA for delays in speeding up the processes for granting new banking and lending licenses.

Reportedly there are nearly thirty banking and lending licenses either in the market or are in the process of being set up.

Spokesperson, Tony Whish at the property and mortgage website said “You would think that in this time of financial instability the FSA would make this a priority, how better to increase competition than providing more lending institutions?”

Even some of the bigger name companies in the UK have sought to fast-track their banking license woes; Virgin for instance is likely to launch Virgin Bank later on this year after acquiring its license through the takeover of regional bank, Church House Trust.

Other big players seeking to use this route are Walton & Co, the lender being set up by Panmure Gordon analyst Sandy Chen who is trying to acquire the stand alone banking license held by Hampshire Trust from National Counties Building Society.

There are also rumors that Manchester Building Society is in talks with an unnamed bidder for its stand alone license, Whiteaway Laidlaw Bank

Whish went on to say “It seems that if you have money you can get around the delays by buying a small bank. It just goes to show the extreme actions that corporations are prepared to take to to cut through red tape. My only concern is that the additional money spent on acquiring these banks will be recouped from consumers in the long run – perhaps we will see small banks for sale on ebay!”

The Conservatives have publicly announced that if they win the next general election they will abolish the FSA and dividing its responsibilities between the Bank of England and a new Consumer Protection Agency.

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Article Title: Banks forced to use cash to dodge FSA

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Chris Gardner ( is a director of Obligo, the UK mortgage and property portal. Obligo provide consumers with free tools and information helping them to make well informed mortgage and property decisions.


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