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.
Could we see UK banks moving overseas?
As the recently created Banking Commission looks to hit the ground running in the UK there is great concern that the idea of forcing UK banks to split themselves up between retail and investment operations could backfire. Already the likes of HSBC have stepped forward to say that while they are happy to be based within the UK they will, like so many other banks in the country, reconsider their pos...Read More
Irish government set to outline banking changes
Last year saw the collapse of the Irish property market which led to weakness in the Irish financial sector and the eventual bailout of many banks in the Republic of Ireland. The National Asset Management Agency was set up to manage assets held by Irish financial institutions and the government took more of a hands-on approach with regards to the banking sector and financial services. So what is t...Read More
Royal Bank of Scotland customers in dilemma
As Santander gets ready to bring on board up to 2 million new customers from the takeover of the Royal Bank of Scotland and NatWest high street banking outlets the BBC has reported that Royal Bank of Scotland customers can still remain with the bank if they so wish. Under the terms of the Santander takeover of the various banking outlets, Royal Bank of Scotland is not able to encourage customers t...Read More
Is It Safe To Keep All Of Your Assets With One Bank?
As the debacle about ISA transfers rages on, the Bradford and Bingley continues to come under pressure and smaller financial companies start to feel the strain, is it really safe to keep all of your assets with one bank? Or will you need to pay a little more for the comfort of knowing that your assets are safely spread?
There is no doubt that the UK banking and finance sector has co...
BBA warns on phishing emails
Phishing scams are on the rise and people need to know what to look out for, a spokesperson from the British Bankers' Association (BBA) has warned.Online banking fraud has increased by nearly 45 per cent between 2005 and 2006, costing an estimated £33.5 million, according to figures from APACS, the UK's trade association for payments Phishing scams have become far more frequent in recent months a...Read More