Virgin Money's move into retail banking 'will stimulate competition'

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Virgin Money's move into retail banking 'will stimulate competition'

Fri 8th Jan 2010

Virgin Money, which is poised to move into retail banking, will bring about more competition in the UK's banking market, it has been stated.

According to consumer group Which?, the introduction of a new major financial services provider in the UK will keep existing banks on their toes, as Virgin intends to offer mortgages, insurance, pensions and credit cards.

This week, Virgin bought out the Church House Trust as it prepares to move into retail banking, after trying and failing to acquire Northern Rock in 2007.

Chief executive of Which? Peter Vicary-Smith commented: "Consumers will welcome the prospect of more choice on the high street. There's a definite appetite for switching accounts if people feel they've been badly treated by their bank."

In early December, Virgin Money Car Insurance warned consumers that the last Saturday before Christmas Day is the worst day for car claims.

December 19th is the date that most insurance claims are submitted, with 40 per cent more negative incidents occurring than the monthly average.

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