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CBI comments on Airdrie Savings Bank

The CBI commented on the closure of Airdrie Savings Bank, after 182 years of business.

Flora Hamilton, CBI Head of Financial Services, said:

“It is sad to see Airdrie Savings Bank close its doors after nearly two centuries, and regretful that a small mutual bank has struggled with the regulatory burden placed upon it.

“A strong financial services sector is the lifeblood of the wider economy, enabling the growth and security that business and society rely on.

“But in order for the sector to support business and to benefit everyone effectively, regulation must be fit for purpose. A more practical approach to regulatory change, through collaboration and engagement, is needed to create a level playing field between smaller, challenger firms – who are disproportionately hit by the regulatory burden – and larger companies competing in the sector.

“Smarter regulation – not less regulation – will provide certainty to financial services firms, allowing them to adapt in a shifting political and economic climate as well as anchoring our competitiveness as a global financial centre.”

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