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.
Nationwide closes yet more branches
The so-called "secretive closure" of Nationwide building society branches across the UK seems set to continue with more closures announced this week. Research by the Daily Mail indicates that 15 Nationwide branches have been closed over the past 12 months although there has been no official announcement to confirm this. It would appear that the UK mutual sector is under pressure, as are all financ...Read More
Adam Posen criticises competition in the UK banking sector
Adam Posen, a member of the MPC, has today stepped into the public domain to criticise competition in the UK banking arena at a time when businesses and consumers are crying out for more liquidity. While he appreciates that the UK is probably ahead of the EU and even the US in terms of tackling various banking problems, he believes that the fact that five major banks in the UK control the vast maj...Read More
RBS bank charge verdict document 'leaked'
RBS would look to return bank charges to customers if it lost an ongoing High Court case on the matter, a bank document has indicated.The statement, leaked to the BBC, shows that accounts that were "due a refund" would be "calculated as accurately as possible".Furthermore, the document adds, "any monies will be reconciled".The wording of the leaked statement suggests that RBS, which is involv...Read More
Spanish giant Santander looks to UK for growth
Spanish financial giant Santander is rumoured to be looking towards the UK for further expansion with the company set to finalise a deal to acquire 318 Royal Bank of Scotland branches early next week. While the fee for the branches has yet to be confirmed it will be substantial although it will also give Santander more exposure to the UK high street and more influence over the UK marketplace. T...Read More
Banks 1, Consumers 0
It has been revealed that the Office of Fair Trading (OFT) has today dropped its case against UK banks and the overdraft charges incurred by many UK banking customers. After a long battle with the UK banking industry it would appear that the Supreme Court ruling earlier this year has curtailed any chance of large-scale compensation for UK consumers caught up in the overdraft charges saga. So what...Read More