Is the European banking sector entering a consolidation phase?
Yesterday's news about four Spanish banks are looking to merge as a means of cutting costs and strengthening their balance sheets has received a mixed welcome from analysts. It seems as though weakness in the Spanish banking sector has brought about this move with the aim of creating a larger more secure group. However, many people are sceptical about this move. Despite the fact that in the eye...Read More
New balance transfer system goes live
Britons will be able to make bank transfers in a matter of hours as of today, thanks to the introduction of a new system. Apacs' Faster Payment System will cut the time it takes customers to make one-off payments by phone or over the internet from the current duration of around three-days. The system is in place at Barclays, Citigroup, Clydesdale and Yorkshire Banks, HSBC, Lloyds TSB, Northern Ban...Read More
Financial Services Compensation Scheme pays out £21 billion
It has been revealed that the Financial Services Compensation Scheme (FSCS) has paid out an incredible £21 billion in the first six months of 2009. When you consider the scheme has only paid out £1 billion in the seven years prior to the current financial crisis it puts into perspective the seriousness of the collapse in the UK financial system.
The vast majority of the claims re...
Royal Bank of Scotland ordered to sell off branches
In line with European Union state aid rules, Royal Bank of Scotland is rumoured to be on the verge of receiving a request to reduce the company's UK market share by around one sixth. The situation has evolved because of the significant state aid received from the UK government, something which was paid out before it was rubber stamped by the EU Competition Commissioner, and the market share the co...Read More
Do you trust the government to run the UK banking sector?
The UK government will soon have controlling stakes in Royal Bank of Scotland and Lloyds bank as well as full ownership of the Bradford & Bingley mortgage book and Northern Rock as a whole. While in many ways the UK authorities have no choice but to take substantial stakes in Royal Bank of Scotland and Lloyds Bank as well as taking over Bradford & Bingley and Northern Rock, do you trust the UK gov...Read More
Is Debt Counselling The Final Option?
As the UK debt mountain continues to rise, more and more people are on the verge of serious financial trouble. Bankruptcies are on the up and credit card companies are starting to squeeze many of their clients for early repayment of debts at a time when they can ill afford extra outlay. Debt counselling is very much back in the frame, but is it really a last resort?
Many people fa...
When did you last move your bank account?
The vast majority of people in the UK are unlikely to have moved their bank accounts within the last decade and indeed many have remained with the same bank for most of their lives. However, while in the past it may have been a little difficult to transfer bank accounts, direct debits, etc, the situation has now changed and many websites now offer you the chance to move banks and they will look af...Read More
Customers still want high street branches
29/05/2015 A recent survey by Newcastle Building Society has shown that 99% of consumers would still like to see financial branches on the high streets, and believe there is still a need for them. The main reasons stated as why people still want branches on the high street included: • Access to cash and financial products that are not online • The belief that a machine would not be ab...Read More
Royal Bank of Scotland set to display art collection
The Royal Bank of Scotland has astounded shareholders and the government alike with news that the company is set to put its private art collection on public display. The collection contains paintings by some of the best-known artists in the world and is worth a significant amount of money on the open market. But why have companies such as Royal Bank of Scotland even got a private art collection?
Is it time to review the high-profile status of UK banks?
Over the last few weeks the UK banking sector has come under extreme pressure, gone cap in hand to the government for assistance and then blatantly turned round and ignored some of the conditions which had apparently been agreed. There is now a call for the UK banking sector to be thoroughly investigated and reorganised so that never again can the UK economy be in the hands of so few individuals a...Read More