Virgin Money welcomes ‘The Future of Banking Commission’ report

Norwich based Virgin Money, which employs 230 people in the city, has welcomed the findings from 'The Future of Banking' report published by the Future of Banking Commission.

The commission, chaired by David Davis MP, makes some important recommendations to an industry that it concludes has failed its customers, its investors and the taxpayers who stand behind it.

Jayne-Anne Gadhia, Chief Executive Officer of Virgin Money said: “The Commission's report should provide the blueprint for banking reform in the UK.

"We agree with the conclusion in the report that the characteristics of the financial services industry make the introduction of competition difficult, and that more effort needs to be put into how effective and beneficial competition can be established.

"We also agree that UKFI should be required to apply a public-interest test to the restructuring and disposal of its bank assets to ensure that competition in banking is achieved”.

Gadhia added: "It is important that real action is taken based on these findings, otherwise the danger is that momentum is lost and the Banking industry simply returns to the ways of the past”.

As part of the Commission's review, Jayne-Anne Gadhia, Chief Executive Officer of Virgin Money and the late Sir Brian Pitman, then Chairman of Virgin Money, gave evidence.

To view 'The Future of Banking Commission' report click here

About Virgin Money:

Virgin Money is Virgin's financial services arm and was established in 1995 as a joint venture between the Virgin Group and Norwich Union.
In 1997, Virgin Direct Personal Financial Services Limited launched The Virgin One Account, a joint venture with The Royal Bank of Scotland that offered the UK's first current account mortgage direct to the retail market. In 2001, RBS bought out the Virgin Group's stake in the joint venture.
In January 2010, Virgin Money acquired Church House Trust plc, a small private bank, to provide the platform for Virgin Money to offer retail banking services in the UK.
In April 2010 WL Ross & Co. LLC, became a 21% shareholder in the Company (subject to FSA approval).
Virgin Money currently has over 2.5 million customers and offers Payment Cards (Credit Cards & Prepaid Cards), Savings and Investment products (Stakeholder Pensions, Children's Pensions, Employers Pensions, FTSE Tracker ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA, and Unit Trusts), General Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products to the UK market.
Virgin Money's brand ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
Virgin has signed a five-year deal to be the official sponsor of the London Marathon, the biggest annual fundraising event in the world. The inaugural Virgin London Marathon was on 25 April 2010. The 2011 Virgin London Marathon is to be held on 17 April 2011. Virgin Money, the financial services division of the Virgin Group is leading the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.