Royal Bank of Scotland issues customer charter
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.
Amongst the other pledges issued today is a promise are at least 200 branches will open earlier through the week and close later on weekends with more branches set to open on Saturdays. Custom waiting times will also be addressed within branches, as well as annual reviews for customers, an early warning system for customers facing financial difficulties and more focus on customer services and customer requirements.
This would appear to be stage one of a fightback by the UK banking industry after a period when the sector has been tarred as the "devil incarnate" but as we have seen before, the proof is in the pudding. It will take some time to regain the trust of customers in the UK who never for a second believed that the UK banking system could ever have been on the verge of collapse.
Stanford International Bank assets frozen in UK
Alleged fraudster Allen Stanford, who is vigourously defending his good name against the US government, has today received news that over $100 million of assets held by his Stanford International Bank in UK have been frozen. The court order extends until 27 April although it can be further extended with the agreement of a court judge.
Stanford himself is under investigation regardin...
New banking code promises fairer deal for customers
UK borrowers are set to benefit from the introduction of a new code of conduct for lenders, it has been announced. As of today, the code has been amended to ensure banks adopt a more proactive approach to preventing customers from falling into debt. Under the new rules, banks must study the financial records of customers and contact those who are at risk of suffering difficulties. They are also to...Read More
Barclays Bank to close 11 cash ISAs
07/08/2014 Barclays Bank is set to close 11 of their cash ISAs (Individual Savings Accounts), meaning 2.3 million customers will be moved onto a simplified product range. The simplification of their ISA range means that 1.6 million savers will be put on a worse interest rate than before, although 740,000 will be put on the same or a better rate. Lee Chiswell, head of savings at Barclays...Read More
Banks to appeal overdraft charges decision
Banks are today expected to formally challenge the recent High Court ruling which cleared the way for the Office of Fair Trading (OFT) to investigate overdraft charges. The High Court has ruled that the OFT can scrutinise the charges levied by bank accounts providers when their customers go overdrawn or when their cheques bounce. However, at a case management meeting between the two parties today,...Read More
Government U-turn on post offices
The government has intentionally leaked plans for the UK Post Office network to the press this week amid signs that a massive U-turn is underway. After initially looking to downsize the Post Office, sell-off the more profitable areas and withdraw from many local communities, Lord Mandelson is believed to be pushing ahead with new plans to make the UK Post Office network a "mini community bank". So...Read More