Royal Bank of Scotland joins UK asset protection scheme
Despite attempting to wriggle off the hook, which is the UK government's asset protection scheme, the Royal Bank of Scotland has been forced to sign up and confirmed that this happened on 26 November. While there's no doubt that the scheme will protect the company's assets in the short to medium term, like Lloyds bank, the company had been attempting to negotiate an exit rather than pay the multibillion pound premium.
In a bizarre quake of fate, if the UK economy does take a further downturn, as some people believe it will in 2010, the scheme will become vital for Royal Bank of Scotland and Lloyds bank may well have made a mistake negotiating its own exit. The agreement which was signed by Royal Bank of Scotland is conditional upon approval by Royal Bank of Scotland shareholders and overall approval by the European commission which is now heavily involved in the UK banking sector and the restructuring of businesses such as Lloyds bank and Royal Bank of Scotland.
Now that the saga surrounding the asset protection scheme looks to be over there are hopes that the Royal Bank of Scotland management can look ahead to the future even though markets are still very difficult. This is a company which was the largest banking operation in the world at one stage, after a massive expansion programme, but has now come back down to earth with a bump and will need to rebuild from a very low base.
Bank of England cautious on UK economy
The Bank of England has revised various forecasts regarding the UK economy amid concerns that the exit from recession will be slower and longer than expected. While the Bank of England last week suspended the quantitative easing program, the bank's governor Mervyn King has today suggested that the program may return and it is too soon to end the program completely. So where does this leave the UK...Read More
PwC predicts possible double dip recession
A leaked report by PwC has today cast doubt upon the UK government plans to overhaul the UK banking system. The report was commissioned by major banks in the UK such as Barclays, HSBC and Royal Bank of Scotland and suggests that the introduction of new rules, to govern capital adequacy and banking liquidity, could actually reduce liquidity in the UK market place and push the UK economy back into r...Read More
Lack of knowledge discourages potential investors, says AIC
Potential investors are being deterred from investing in the stock markets by a lack of understanding, according to research from the Association of Investment Companies (AIC).The AIC found that 32 per cent of those polled said that they did not understand enough about the stock market to feel confident enough to invest in it, while nearly a quarter were put off because they did not know how to go...Read More
Foreign exchange transactions on your credit card
A number of people have complained about the standard of service when taking your credit card overseas and so-called "hidden charges". However, there have also been a number of instances of unauthorised credit card transactions going through, only to be cancelled within 24 hours, but customers being left out of pocket.
At the core of the UK banking sector regulations is the fact tha...
New “Number Spoofing” fraud alert
29/10/2014 Criminals have started to use a new technique to try and get peoples bank details called “number spoofing”. Financial Fraud Action UK’s (FFA UK) have advised that the scam involves criminals cloning a telephone number of an organisation they are trying to impersonate, such as a bank, police officers or other trusted companies to make the victim believe they are talking to s...Read More