New banking reforms hit the marketplace today
The 1st November will forever be remembered as the pivotal day in the future make-up of the UK consumer banking industry after the Financial Services Authority (FSA) took control. The FSA has replaced a number of voluntary banking codes which have been in place for many years but which ultimately gave overall power to the banking institutions and banking associations. So what does this mean for UK consumers?
There will many changes to the old system which will include easier switching of bank accounts, quicker money transfers between bank accounts and further protection for UK consumers with regards to banking investment tools and other investment opportunities. Interestingly, the FSA has now deemed that UK banks are not able to automatically assume a customer is liable for any fraudulent activity because a valid PIN number or password was used. We should also see far quicker reimbursement of funds withdrawn without a customer's knowledge with the onus now transferred to the UK banks to prove why they might need to investigate further and withhold funding in the short term.
The changes above are literally the tip of the iceberg and over the weeks and months ahead there will be many more new systems and new processes introduced to the UK banking arena, hopefully all in the name of consumer protection!
Share this..
Related stories
How will the VAT increase impact upon household incomes?
The 1 January 2010 will see the VAT rate in the UK return to its previous figure of 17.5% after a period during which it was reduced to 15%. While 2.5% may not seem an awful lot when you buy one item, if you replicate this additional cost across the whole of the UK economy, both for products and services, the impact will be marked. Not only will we see an increase in the cost of goods and products...
Read MoreIs the Post Office bank starting to fall apart?
As the UK government today announced news of a significant investment into the UK Post Office network, which will result in banking services becoming available up and down the country, these very ambitious plans are already under attack. In a bitter blow to the UK government it has been revealed that a joint-venture with Bank of Ireland will see the Post Office hand over 50% of all banking profits...
Read MoreUK government offers incentives for renewable energy supply
The UK government is forecasting that one in 10 UK homes will have solar panels or some other form of renewable energy source attached to their roofs in the future. Indeed the government is set to introduce a scheme in April 2011 which will see UK households earning up to £900 a year by installing solar panels on their roofs and generating electricity which will be directed to the National Grid....
Read MoreHas the US economy emerged from recession?
While investors in the UK continue to digest the news that in the opinion of Mervyn King, the Gov of the Bank of England, the UK economy is moving out of recession, it appears the same may be happening in the US. Economic data from the US seems to indicate that economic activity has increased and the US would seem to be on a growth path once again.
If this is the case this will have...
Aviva quick to reassure the market about its finances
Insurance giant Aviva has been quick to reassure the stock market that its finances are in order and there is a more than sufficient cash buffer between its current asset and it liabilities. The move came as the group announced increased sales but took a hit on assets on the back of the recent stock market falls. While it is reassuring in some ways to see the group step forward with figures to c...
Read More