John Mann has responded to the Banking Review by arguing that its missing the point.  He is saying that the Review has failed to deal with the current lack of competition and there are no requirements for greater transparency in the operation of our banking sector.

Commenting on the Banking Review, John Mann said “where have all the safe building societies gone? The market reaction to the Review demonstrates our problem.  Banks are modelled to respond to share holder pressure and this used to be countered by the stable presence of the building societies when they represented more than 30% of the market place.  The need for a significant mutually owned share of the banking industry is paramount and the Review has missed the point by not addressing this”.