FSA considering three new applications for UK bank licences
The FSA is today considering three applications for new bank licences in the UK which will see the sector increase in size and an increase in competition. While the FSA is unwilling at this point to name the three parties in question there is much speculation regarding their identities although nobody has yet stepped forward to confirm or deny the rumours.
This is exactly what the UK banking industry needs and what the UK government has been striving towards for many months. An injection of new blood into the UK banking sector will not only shake up the sector as a whole but it could also allay consumer fears about practices which have caused confusion and friction in the past. While even a maximum of three new entrants to the market will not make a difference overnight, there is the potential for new blood to attract new business and ensure that the old guard of the UK banking sector "wake up and smell the coffee".
The application for new bank licences appears to coincide perfectly with the forthcoming sale of Northern Rock, which has obviously set many tongues wagging. So who are the mystery applicants?
Share this..
Related stories
Financial watchdog receives 7000 banking complaints per day
The Financial Services Authority (FSA) has today confirmed that over the last six months, on average, an unbelievable 7,143 complaints were made against UK banks each and every day. A total of 1.3 million grievances have been logged over the last six months with the likes of Barclays Bank, Royal Bank of Scotland and NatWest amongst the worst offenders with regards to the percentage of complaints u...
Read MoreDo you know how much it costs to run your bank account?
Over the last few months, as profitability in UK finance sector has become harder to come by, a number of charges have been introduced to the mix, with very few hitting the financial headlines. Many financial operations, such as Halifax, have used the introduction of new European laws to amend their small print and introduce new charges and potentially expensive changes to customer agreements.
Finances cause separation problems for two thirds of couples
17/04/2015 Joint bank accounts, loans and pay monthly purchases are making it hard for two-thirds of unhappy couples to break up in the UK, according to Debt Advisory Centre. Joint finances are preventing unhappy couples from having a clean break up, as a third have a joint rental agreement and a quarter have a joint mortgage. This leads to at least one partner having to sort out alternativ...
Read MoreFemales failed by UK banks
Women are not being targeted effectually by the banking sector, according to a study by Accenture, which believes that females could be the most profitable market for retail banks.According to the research, 55 per cent of women have financial products with at least two banking institutions. Moreover, 52 per cent revealed that they would probably switch providers if a bank was offering tailored pro...
Read MoreBank of England staff member suspended in rigging probe
05/03/2014 Following an investigation, a staff member has been suspended by the Bank of England for potentially rigging the foreign currency exchange market. Traders are alleged to have been involved in setting key exchange rates in the £3bn-a-day foreign exchange market. In a statement the bank said It does not condone market-rigging "whatsoever", but declined to comment further as to w...
Read More