If the industry does not agree on solutions to replace banks, new measures would be appropriate, the Finance Ministry wrote in a letter to banks.
The short version
- The Ministry of Finance sent a letter to Finans Norge about competition in the banking market, with a focus on switching between banks.
- The Ministry believes that competition is good, but it sees room for improvement, especially when it comes to banking exchange services in banks.
- If the banking industry does not take the initiative to improve these services, the Ministry of Finance and the Ministry of Justice and Emergency Preparedness will consider new regulatory measures.
- The Ministry of Finance requested a response by mid-June.
- Finance Norway's CIO, Tom Staffy, confirms that they are constantly working on improvements and that they will respond to the ministry's inquiry.
The summary was prepared by the AI tool ChatGPT and quality assured by E24 journalists
Today, Friday, the Ministry of Finance presented the financial market report for this year. It will provide an overview of developments in financial markets and highlight current questions and issues.
In this regard, the Ministry also sent a letter to Finans Norge, on competition in the banking market, with a particular focus on bank transfer.
In essence, the Ministry thinks so Competition is goodBut there is room for improvement in some areas.
“According to the Ministry’s assessment, there is still room to strengthen the position of consumers in financial markets, and various measures have been highlighted in the Financial Markets Report 2024. When it comes to banks’ banking services, room for improvement is also noted.”
Read on E24+
These funds trade six now
Threatening measures
In the letter, the ministry requests an answer from the Norwegian Ministry of Finance on how to improve the situation, and says the ministry will take action if the industry itself does not cooperate in finding a solution. they write:
“If the industry itself does not come together around solutions to replace banks that take care of customer needs well enough, it would be appropriate for the Ministry of Finance and the Ministry of Justice and Emergency Preparedness to consider new regulatory measures, also beyond the potential measures outlined in today’s letter to the watchdog.” Norwegian Finance.
The Ministry of Finance is now asking the Norwegian Ministry of Finance to provide comments on three questions:
- Whether – and if so how – it is appropriate for the industry to work towards further improvements in banking services, for example. Solutions where banks inform payers of new account information and ensure savings agreements etc. are maintained, whether it is the payment account or savings agreement that is transferred.
- Whether wire transfer services could include more account types than today, such as e.g. Savings accounts with lock-in period.
- Planned progress of work to collect BankID issuance in BankID BankAxept AS.
The Ministry of Finance requests a response by mid-June.
-We're working on this all the time
Tom Staffy is CIO at Finans Norge. When E24 calls, he sits down and reads the message from the Ministry.
– As the Ministry of Finance wrote, competition is good, but measures can be taken to make it better. He says this is something we work on all the time, and we have to respond to the ministry in an organized and proper way.
Staavi also says that Finans Norge is positive about measures that improve competition in the banking market.
-We are competitive.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
