BRASS NECK. You can’t fault Metro Bank (MTRO.L) Chief Executive Daniel Frumkin for lack of brazenness. Little more than two years after the 190 million pound UK lender’s previous boss said it had massively under-reported the risk in its loan book, Frumkin wants regulators to ease rules on small banks to make his life easier. Admittedly, he’s responding to a serious problem. A Metro-sponsored report by the Social Market Foundation found that fewer customers switched banks in 2020, helping incumbents like Lloyds Banking Group (LLOY.L). The market for personal current accounts is “moderately concentrated” under the Herfindahl-Hirschman Index, trustbusters’ favourite competition measure. That’s a failure for the post-2008 drive to shake up the sector. Yet financial technology upstarts like Revolut stand a much better chance of changing that than conventional challengers like Metro. They’re faster-growing read more and unencumbered by branches. Revolut rival Starling Bank has even turned a profit. While Frumkin complains about the rules of the game, the fintechs are out there racking up points. (By Liam Proud) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Chinese e-insurance IPO warns Wall Street read more Small is less beautiful in Indian bank loans read more America adds fewer jobs than anticipated read more Elon Musk gives new meaning to comedic value read more Rapid grocery delivery startup GoPuff goes British read more