Stockbrokers accuse UK banks of bullying
It has been revealed that three of the U.K.'s leading stockbrokers have today written to Lord Myners, the UK government's City minister, claiming that Lloyds bank and Royal Bank of Scotland are placing undue pressure on their customers to use their own corporate banking services when looking to raise funds. At a time when many companies are finding it very difficult to survive, the added pressure of being forced to use services which they have never used in the past is placing undue pressure on management and time constraints.
There is also the issue of anti-competitive behaviour, which is actually against UK law, and bearing in mind the banks in question are majority owned by the UK government this is something of an embarrassment. At a time when many companies are now looking to raise funds and replenish their balance sheets it is becoming more and more apparent that companies such as Lloyds bank and Royal Bank of Scotland are seeking to place themselves at the top of the corporate fundraising pile. Not only will this impact upon the profitability of leading UK stockbrokers and corporate advisers, but will also put at risk the U.K.'s position as a leading financial market. How will the UK government respond?
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