A group of leading banks in the UK has written to the Labour Party’s shadow minister for financial services, Tulip Siddiq, asking for a seat at the table in financial policy negotiations, Sky News reported.
The banks, including Metro Bank Holdings PLC (LSE:MTRO), Co-operative Bank plc (LSE:CPBB), Starling Bank and Tesco PLC (LSE:TSCO)'s banking operations are calling to be included in a Labour Party financial policy review that is currently led by top executives from FTSE 100 companies.
The group of banks, which include challenger and specialist lenders, argued that they represent a vital part of the UK’s banking sector and that their views should be heard in shaping the future of financial services.
They also expressed concern about the lack of competition and innovation in the industry, which is still dominated by the ‘Big Five’ banks, making a plea for more financial licences to be granted to challenger banks.
Signatories to the letter also included Aldermore (AIM:ALD), Close Brothers Group PLC (LSE:CBG), Investec PLC (LSE:INVP), Monzo, OakNorth, OneSavings Bank, Paragon and Shawbrook.
The Labour Party has appointed a panel of advisers that includes prominent figures from the City, but also reportedly a representative from the Yorkshire Building Society.