Andrew Bailey told MPs at a Treasury Select Committeee meeting yesterday that he had “reservations” about making competition as statutory objective because it could be “tripping over” the FCA’s remit.
Speaking at the meeting on the Financial Stability Report, Mr Bailey said: “We need a better understanding of why we have struggled to get competition into high street banking. But I have reservations about making it a legal objective because the FCA already has one.
“I have no desire to stand in the way of the FCA’s work. We’d also have to work out how we frame it, as most objectives in the past have been framed in a hierarchy.”