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.
MPs stick the boot in to the FSA
The FSA (Financial Services Authority) has had what you may call "a bad day at the office" today after receiving severe criticism from MPs regarding the handling of the Dunfermline building society collapse. Despite receiving the backing of Gordon Brown on numerous occasions, the FSA today took a battering from the Scottish affairs committee with serving MPs queueing up to criticise the whole affa...Read More
Financial exclusion hits four million Brits
One in eight Britons is classified as financially excluded, according to latest statistics, meaning that they do not engage with basic financial services.University of St Andrews' researcher Professor John Wilson is calling on banks to disclose information which will help to explain why certain people are reluctant or unable to access banking services.Professor Wilson said: "Financial exclusion no...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
Is It Safe To Use Overseas Banks?
As investors and savers look to squeeze the last penny of profit out of their assets it seems as though many in the UK are looking towards the Iceland banking community with 300,000 British residents holding accounts with banks based in the country. While there have been no problems yet there are fears that the smaller banking community of country might not be able to cope with a run similar to t...Read More
Anglo Irish Bank raided by fraud squad
The Irish government is already reeling from a significant protest by the Irish population last week, which was attended by more than 100,000 people, but tonight saw the fraud squad raid the offices of Anglo Irish Bank (which was recently nationalised by the government). It is rumoured the raid is in connection with allegations of loans between various financial institutions and loans allocated to...Read More