Over the last few years the threat of ID theft in the UK and around the world has increased dramatically with more and more people now on the radar of the fraudsters and scammers. However, the vast majority of people who may be at risk from identity theft are still unaware of problems which may await them in the future. So are you at risk of identity theft?
Spanish giant Santander has today confirmed a potential £1.8 billion for the 318 Royal Bank of Scotland branches which are up for auction. It is believed that Santander is the only firm bidder for the branches despite the fact that a number of parties came forward when the auction process began. The branches are being sold because of an EU ruling in relation to state aid for Royal Bank of Scotland when the company was on the verge of collapse.
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.
In a bid to try and regain the trust of the UK public Royal Bank of Scotland has today issued a 14 point customer charter. While the charter contains a number of relevant and interesting points it is the promise that where Royal Bank of Scotland is the "last bank in town" it will ensure that the operation remains open thereby ensuring banking facilities for people in the area.
There are many subjects that are taught in schools up and down the UK but many people believe there is a lack of practical lessons in areas such as finance. We are not suggesting that children in their first years of school should be hit with the full array of financial services available but they should at an early age begin to recognise the value of money. Teaching a child about money, savings and the cost of living is an early stage will make them more aware of issues which may arise in the future.
Many people in the UK will have access to "interest-free" overdrafts for which they may be charged a small administration fee on a monthly basis. However, do we really need an overdraft or is it simply a long-term extension of our own credit facilities?
Despite the fact that the current and the previous UK governments promised to assist UK consumers with their banking arrangements and standard of service from the financial industry, it has been revealed that the average unauthorised overdraft rate in the UK is at a 10 year high of 14.22%. When you consider this rate is against a backdrop of just 0.5% for UK base rates it really does show how expensive an unauthorised overdraft can be!
The Financial Services Authority (FSA) has announced plans to increase the amount of money which the UK financial sector contributes to the FSA budget. At the same time the FSA has announced that its budget will increase by 10% to nearly £455 million in 2010/11 which is an increase of around £40 million. However, it looks as though an across-the-board increase in levies and fines may not be the way forward.
Britain and France have expressed dissatisfaction with an EU proposal to create a new funding initiative to cover failing banks in the future. Despite the fact that the likes of Germany and other EU members are in agreement over the creation of "national fund" to help wind up and reorganise troubled banks the UK and France are now arguing heavily against the deal.
The Office of Fair Trading (OFT) has today announced a wide-ranging review of the various barriers to entry for the UK banking sector. This comes at a time when the UK government, and the previous government, is looking to increase competition on the high street and competition in the UK banking arena in particular. There are specific areas which the OFT will look at including the regulatory environment, access to payment systems, branch networks and other issues impacting on the UK banking arena.
