Royal Bank of Scotland issues customer charter
In a bid to try and regain the trust of the UK public Royal Bank of Scotland has today issued a 14 point customer charter. While the charter contains a number of relevant and interesting points it is the promise that where Royal Bank of Scotland is the "last bank in town" it will ensure that the operation remains open thereby ensuring banking facilities for people in the area.
Amongst the other pledges issued today is a promise are at least 200 branches will open earlier through the week and close later on weekends with more branches set to open on Saturdays. Custom waiting times will also be addressed within branches, as well as annual reviews for customers, an early warning system for customers facing financial difficulties and more focus on customer services and customer requirements.
This would appear to be stage one of a fightback by the UK banking industry after a period when the sector has been tarred as the "devil incarnate" but as we have seen before, the proof is in the pudding. It will take some time to regain the trust of customers in the UK who never for a second believed that the UK banking system could ever have been on the verge of collapse.
Government U-turn on post offices
The government has intentionally leaked plans for the UK Post Office network to the press this week amid signs that a massive U-turn is underway. After initially looking to downsize the Post Office, sell-off the more profitable areas and withdraw from many local communities, Lord Mandelson is believed to be pushing ahead with new plans to make the UK Post Office network a "mini community bank". So...Read More
Will Richard Branson really shake up the UK banking sector?
With rumours rife that Virgin Money, the offshoot of Richard Branson's Virgin Group, is in the market to acquire a "small UK bank" there is a difference of opinion regarding the ability of Richard Branson to actually shake up the UK banking sector. Historically, the Virgin Group under the stewardship of Richard Branson has been very successful in many sectors around the world but ultimately not ev...Read More
HBOS shares dive bomb on fears for future
Despite having just raised £4 billion to shore up its balance sheet it seems that the future of HBOS is very much in the balance with traders not convinced that the group is on a firm financial footing. There are concerns that the group will be forced to return to investors for more funding in the near future, something which has seen the shares fall by near a third this morning to around 190p,...Read More
Do 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.
Financial Services Compensation Scheme pays out £21 billion
It has been revealed that the Financial Services Compensation Scheme (FSCS) has paid out an incredible £21 billion in the first six months of 2009. When you consider the scheme has only paid out £1 billion in the seven years prior to the current financial crisis it puts into perspective the seriousness of the collapse in the UK financial system.
The vast majority of the claims re...