Bank probe’s narrow view is criticised

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EXPERTS drawing up plans for the future of banking in the UK have failed to look at how alternative models could help ordinary people, a city MSP claimed today.

Edinburgh Southern SNP MSP Jim Eadie said when Holyrood’s economy committee took evidence from the secretary to the UK Government’s Independent Commission on Banking, it was clear the commission had not explored the potential for organisations such as credit unions.

Mr Eadie said: “When so many people are struggling from one month to the next and people have huge debts and mortgage arrears to pay the bills, the commission is not looking at how they can help through credit unions.

“They have failed to look in any depth at the work of credit unions, mutuals and alternative business models that would be well-placed to provide finance to households and small and medium-sized businesses. Real people in the real economy are in danger of being left behind by the banking reforms. Competition is not just about the number of players, but about having a diversity of different types of financial institutions.”