Is George Osborne about to hit the UK banking industry?
Many believe that George Osborne will use his Mansion House speech this evening to launch a number of new initiatives aimed at the UK banking arena. He will warn them that they need to pay for the damage which "they inflicted" on the UK economy and indeed there will be talk of new banking taxes and a banking levy discussed.
It is also believed that many Liberal Democrat politicians are pushing George Osborne to instigate an investigation into integrated banking arrangements such as Barclays Bank, which operate both commercial banking activities and investment banking operations. Some of the more radical moves discussed include splitting commercial banking and investment banking into two separate entities thereby reducing the risk to an overall company from any one of these operations. This is not something which will go down well in the City where the likes of Barclays Bank, one of the integrated banking giants, has operated relatively successfully for many years.
Even though it may seem like a knee-jerk reaction to a once-in-a-lifetime event, i.e. the credit crunch, the UK banking arena could be about to change forever with many people concerned that the financial industry has become too powerful and too influential.
Savers question the wisdom of Building Societies
As the dust starts to settle on the takeover the Cheshire and Derbyshire building societies by the much larger Nationwide Building Society it seems that all is not well with customers of the two smaller societies. Left with no choice they will now see their investments merged with Nationwide but unfortunately many will see the amount guaranteed by the Financial Service Protection Scheme (FSPS) fa...Read More
Are International Banking Procedures Blocking Overseas Trade?
A recent survey from Travelex Global Business Payments has blown a hole in the belief that it has never been easier to transfer money around the world. The survey revealed that 1 in 5 UK businesses spend at least 4 days a month trying to unravel and understand overseas banking payments while a massive 52% has experienced serious problems over the last 12 months.
While we have all b...
Banks fading from high street and cutting financial advisers
04/02/2014 Banks are beginning to fade from the high-street as some of the biggest financial institutions are cutting branches and staff. Financial institutions cutting their high-street services include Lloyds banking Group who will be cutting managers, as well as back office and operations staff, whilst Barclays recently confirmed that they will be closing some high-street branches over th...Read More
Alliance & Leicester attacks the UK current account market
In a sign of increased competition in the UK banking industry it has been revealed that Alliance & Leicester is again offering £100 to customers switching their current accounts from competitors. The online offer is set to run until 28 May and is indicative of greater demand for current account customers in the UK banking sector.
The Alliance & Leicester offer also allows an intere...
Mervyn King Turns Up The Heat On Bank Compensation Scheme
Mervyn King, the governor of the Bank of England, has turned up the heat on the UK's leading banks by suggesting that they should start contributing to a new compensation fund now, rather than after the event. The new compensation fund will be used to fund any similar scenarios to the Northern Rock debacle and it is hoped it will instil confidence back into the sector.