Banks – The balance of power is shifting

Andy Haldane, an executive director of the Bank of England, has suggested that person-to-person lending services may well replace traditional bank lending.

Although this is not directly relevant to WeSwap and travel money, it is interesting that someone in such a senior position in the UK’s central bank is advocating person-to-person finance so strongly.

The interview was with The Independent newspaper (which published this article on their front page and this one in the business section inside).  The story was also covered by the Daily Telegraph.

And this seems to come as part of a bigger movement towards fairness and transparency in finance.  This was shown by the OFT’s ruling, a year or so ago, on the super-complaint from Consumer Focus about opaqueness and levels of pricing of travel money…

It feels like the tide is turning in personal finance.  The balance of power is shifting.

WeSwap are proud to be part of this sea change, to be returning the power to you, the consumer.

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