We know building societies play a key role in the UK economy, in our recovery, and we will support the industry in that task, he said.

“We will look at ways to enhance competition in financial services so that you can effectively challenge the big incumbents. We will ensure that regulation in the financial sector protects fair and open competition between all its participants,” he added.

He said it’s up to the sector itself to set a vision for its future.

Click here to see the speech in full

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