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.
Should we have a national consumer bank?
The UK government has effective control of Lloyds bank and Royal Bank of Scotland, by virtue of the massive share stakes taken using UK taxpayer funds, and there are some in the Labour Party and other areas of the population who feel it is time for a national consumer bank. However, against this background of renewed optimism and hope for a national consumer bank is the fact that the UK economy is...Read More
The bank charges saga goes on and on
The UK banking sector has been given an extended waiver as the dispute regarding bank charges goes on and on. The move by the Financial Services Authority (FSA) effectively puts on ice any demands for the repayment of bank charges going back to 2001 until the legal challenge brought against by Office of Fair Trading is completed. However, despite being granted various rights to act on behalf of UK...Read More
Bank 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
Nationwide to charge customers using debit cards overseas
In a surprise move it has been revealed that the Nationwide is set to scrap the current 1% currency conversion charge on overseas Nationwide debit card transactions in favour of a 2% charge on all overseas transactions and a £1 withdrawal fee. However, the situation is slightly different for those holding Nationwide credit cards as the current 1% overseas charge will be retained for transactions...Read More
Will the UK banking system ever be the same again?
Over the last 18 months we have seen a significant change in the make-up and landscape of the UK banking system which is now ultimately controlled by the UK government. Northern Rock has been taken in house, large stakes have been acquired in Lloyds bank and Royal Bank of Scotland and the Bradford & Bingley was split up and sold on with the UK government retaining the more risky assets of the grou...Read More