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.
Faulty cashpoint payments could be theft
As hundreds of people queued at a cash machine in Stratford on Thursday to collect double their money, a number of legal experts have come out suggesting that those involved could well be charged with theft. At the time and money has never been tighter, many people in the Stretford area took advantage of this short-term glitch, which has now been rectified, to double their money and take some pres...Read More
Lloyds to axe protection advice service
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 number of job losses at Lloyds branches is expected to be around 700, Halifax is expected to be 400, and 100 at Ban...Read More
FCA could probe ‘teaser’ rates
The Financial Conduct Authority (FCA) has hinted that it could launch an investigation into ‘teaser’ rates which could lead to action being taken against companies who mislead consumers. Teaser rates are those that lure customers to a product, such as a cash Isa, with higher initial interest rates. However these are only introductory rates, sometimes containing a first year bonus, and will...Read More
Virgin Money in rumoured bank expansion
Richard Branson is rumoured to be on the lookout for "a small UK bank" which he can bring into his Virgin Money operation and expand his banking services. The company has confirmed it is exploring "a number of strategic options" although the strongest rumours in the market currently relate to Virgin Money acquiring the "good bank" of Northern Rock. Those who have followed the story will be well...Read More
Will the UK banking sector ever be the same again?
While there is no doubt that the UK banking sector has been and is currently going through one of the most difficult trading periods ever known, many believe that it will soon be business as normal as and when the economy picks up. However, while business volumes may return to former levels in due course the relationship between customers and banks may well have changed forever. Customers will not...Read More