Broadly speaking, our view is that UK financial services has good levels of competition across core areas, but competition is not as strong in certain niches (eg payday and SME lending) or elements (eg National Savings and Investments, some price comparison websites, and prudential mortgage regulation).

The BSA fully supports the FCA's statement that it will "always aim to design packages or remedies that address consumer harm, that are proportionate and that are realistic in terms of likely response by both firms and consumers."  We welcome the FCA's confirmation that it will be transparent about the success of failure of its remedies.

Read the full response here.