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.
Figures released from the Financial Services Authority (FSA) have today confirmed that banks are held in more disdain by UK consumers than ever before. It seems that more than 2 million complaints were received in the second half of 2009 with concern focused upon back dated charges which have hit many people in the UK. So what can we expect in the future?
Unofficial sources have claimed that Virgin Money has been dropped from the final three bidders in the ongoing Royal Bank of Scotland branch sale. It is believed that Santander, BBVA and National Australia Bank are the three remaining companies in the running with Virgin Money apparently dropping out due to the level of the company's bid.
US-based financial group New Century Bank has confirmed an application for a UK banking licence has been lodged with the Financial Services Authority (FSA). It is believed the company has around £200 million into invest this new venture which will be targeted at rural areas of the UK where many customers have become disgruntled by their treatment at the hands of the high street giants.
A report by Tesco bank has revealed that 29% of couples in the UK are unwilling to pool their financial resources into joint accounts and similar setups. The report also reveals that it takes two years for the average couple to be happy to pool their finances although around 56% would still look to maintain some kind of financial independence from their partner.
The likes of Lloyds Bank and Royal Bank of Scotland today stand accused of offering very disappointing rates to UK savers and less than competitive rates to UK borrowers. This will dismay the UK government at a time when the UK economy needs further liquidity and UK consumers are crying out for more help. We have seen businesses and families struggling to make ends meet, and this is sure to have an impact upon the short to medium term strength of the economic recovery.
Despite the fact that the Financial Services Authority (FSA) last week confirmed that a number of UK banks were under investigation regarding the handling of customer complaints, we have yet to hear the identity of those banks in question. A number of UK entities have already ruled themselves out of the running although others have been less forthcoming with details. As a consequence, UK consumers are still unaware of the identity of those UK banks with "inadequate" complaints procedures - even after the FSA confirmed that 25% of complaints were poorly investigated.
A report by Which? magazine has highlighted the risks which many UK credit card and debit cardholders are taking with the revelation that many actually write down their pin numbers. A large number of people in the UK tend to keep their pin numbers in wallets, handbags or even type them into their mobile phones leaving themselves at significant risk of fraud and theft.
The Which? magazine has today issued a report into the UK banking sector after reviewing the standard of customer service available today. The report alleges that Lloyds bank, Halifax and Bank of Scotland (part of Lloyds bank group) have been lacking in the standard of their customer services in recent times.
The FSA (Financial Services Authority) has today confirmed that two UK banks are in line for significant fines for the mishandling of customer complaints. It was also confirmed that problems have been discovered at five banking groups in the UK, two of which have been referred for further investigation, and five others are currently amending their complaints procedures.
