Financial Control Authority for People

Labour Manifesto 2017:

Labour will overhaul the regulation of our financial system, putting in place a firm ring-fence between investment and retail banking that will protect consumers.  We will take a new approach to the publicly-owned RBS, and launch a consultation on breaking up the bank to create new local public banks that are better matched to their customers’ needs. And we will extend existing Stamp Duty Reserve Tax to cover a wider range of assets, ensuring that the public gets a fairer share of financial system profits.

Labour will change the law so that banks can’t close a branch where there is a clear local need, putting their customers first. Britain has a successful international finance industry, but we also need a strong, safe and socially useful banking system to meet the needs of our own regional economies and communities.  We will commit to creating a more diverse banking system, backed up by legislation.