OFT should conduct investigation into Scottish banking sector - Purvis (Tweeddale, Ettrick and Lauderdale Liberal Democrats)

Tweeddale, Ettrick and Lauderdale Liberal Democrats <info@libdems.org.uk>

OFT should conduct investigation into Scottish banking sector - Purvis

May 14, 2009 10:17 AM
Originally published by Scottish Liberal Democrats

Liberal Democrat Finance spokesperson Jeremy Purvis MSP has called on the Scottish Government to request that the Office of Fair Trading (OFT) conduct an investigation into competition in the Scottish banking sector.

Mr Purvis has said that the investigation should be based on the concern that the OFT had already expressed in advance of the setting aside of competition law by the UK Government to allow the takeover.

Commenting after speaking in a debate in the Scottish Parliament on the HBOS, Lloyds TSB merger, Mr Purvis said:

"As we will be approaching the anniversary of the HBOS demise in September it is right that the Scottish Government takes the lead in defending competition in retail and business banking in Scotland.

"Small businesses and the Scottish economy need a vibrant banking sector and it will be a tragedy if a long term consequence of state supported banks is a less competitive retail banking sector in Scotland.

"The Office of Fair Trading should carry out an investigation within the year."

Ends.