Lloyds Banking Group is soon to axe its protection advice service, leaving consumers without guidance or advice on protection products. The banking group will no longer offer stand-alone protection product advice through its Halifax, Lloyds Bank and Bank of Scotland branches.
The Competition and Markets Authority (CMA) have announced a full competition enquiry into current account and small business banking markets, as they aim to boost competition in the high street.
Criminals have started to use a new technique to try and get peoples bank details called "number spoofing". Financial Fraud Action UK's (FFA UK) have advised that the scam involves criminals cloning a telephone number of an organisation they are trying to impersonate, such as a bank, police officers or other trusted companies to make the victim believe they are talking to someone who can be trusted
1.2 million bank accounts were switched this year, helped by a government backed scheme created to generate more competition in the bank account market. 69% of people are now aware of the service, but the switch rate still remains a fraction of the 46 million current accounts in the UK.
UK banks have launched a new campaign to help consumers protect themselves from fraudsters. The British Bankers Association (BBA) has warned that millions of customers are still vulnerable to fraud, both online and over the phone.
The Bank of England (BoE) has today launched new proposals to protect savings, making it easier for consumers to get their cash back when banks fail. BoE has published four papers that propose changes to the banking system, making it safer for depositors.
Contactless payments will be introduced on London’s tube, tram, DLR, overground and most National Rail services in London from today.Contactless payments work in the same way as Oyster, charging customers an adult-rate, pay as you go fare when they touch in and out on readers at the start and end of every journey. Rather than topping up their Oyster Card regularly, travellers will now be able to hold their contactless payment card to the card readers.
Share prices for RBS and Lloyds Bank jumped today, as they joined a host of other banks who have announced contingency plans to re-register as English companies in the event of a “yes” vote for Scottish independence. Other banks that have made a similar announcement in recent days include TSB and Clydesdale Bank, who are the owners of Yorkshire Bank.
TSB have confirmed that they are planning to open up to 30 local branches in the UK.
The bank has declined to confirm where the new branches will be, as they are still negotiating the acquisition of the new sites, but experts say they’re most likely to be in the Midlands and the South East.
Barclays and Hitachi have today launched a new, futuristic way to for customers to access bank accounts, using only their finger. A device about the size of a tennis ball is plugged into a computers USB port and an infa-red light checks the unique pattern of veins inside a customer’s finger. They will then be able to access their bank account without having to use passwords, pin numbers or electronic number generators.