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The regulation of British retail banking utilities

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  • Andy Mullineux

Abstract

Purpose - The purpose of this paper is to consider in the light of the post August 2007 banking crises, how “fair” access to retail banking services for British households and small‐ and medium‐sized enterprises (SMEs) can be assured. Design/methodology/approach - The current responsibility for assuring the bank customers are “treated fairly” belongs to the Financial Services Authority (FSA). The paper argues for the establishment of a banking commission to regulate retail banks as utilities, leaving the FSA to concentrate on prudential (“risk based”) supervision of bank and non‐bank financial institutions. Findings - If access to payments services is infrastructural and access to finance is regarded as essential in a modern society, then retail banks should be regulated as utilities. Originality/value - The banking crisis led to calls for banks to maintain lending to SMEs and households (especially mortgages). This implies that access to finance, like access to water and electricity, should be assured and that customers should be protected against the “monopoly” powers of large suppliers. Hence, retail banks are utilities and should be regulated as such.

Suggested Citation

  • Andy Mullineux, 2009. "The regulation of British retail banking utilities," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 17(4), pages 453-466, November.
    • Handle: RePEc:eme:jfrcpp:v:17:y:2009:i:4:p:453-466
    DOI: 10.1108/13581980911004406
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    Citations

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    Cited by:

    1. Mullineux, Andrew W., 2012. "Taxing banks fairly," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 154-158.
    2. Mullineux, Andy, 2014. "Banking for the public good," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 87-94.
    3. repec:kap:iaecre:v:17:y:2011:i:4:p:436-450 is not listed on IDEAS
    4. Andy Mullineux, 2011. "The Public Duties and Social Responsibilities of Big British Banks," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(4), pages 436-450, November.

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