Is George Osborne about to hit the UK banking industry?
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.
It is also believed that many Liberal Democrat politicians are pushing George Osborne to instigate an investigation into integrated banking arrangements such as Barclays Bank, which operate both commercial banking activities and investment banking operations. Some of the more radical moves discussed include splitting commercial banking and investment banking into two separate entities thereby reducing the risk to an overall company from any one of these operations. This is not something which will go down well in the City where the likes of Barclays Bank, one of the integrated banking giants, has operated relatively successfully for many years.
Even though it may seem like a knee-jerk reaction to a once-in-a-lifetime event, i.e. the credit crunch, the UK banking arena could be about to change forever with many people concerned that the financial industry has become too powerful and too influential.
UK banks to trial living wills
A small selection of UK banks will this year start trials of so-called "living wills" which have been encouraged by the Financial Services Authority (FSA) in the event of a collapse of a banking institution. In simple terms these so-called living wills will allow regulators to come in and have ready made plans to wind down the operation, exposing every nook and cranny and investment operation in a...Read More
How can I teach my children about finance?
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 a...Read More
Which? calls for current account market overhaul
02/10/2015 Consumer watchdog Which? has called for regulators to name and shame the worst current account providers in the UK. Which? also believes there should be a complete overhaul of the current account market to ensure that consumers are not taken advantage of by high charges. Both Which? and Tesco bank are calling for more transparency in the current account market, and Which? have sug...Read More
Is It Safe To Keep All Of Your Assets With One Bank?
As the debacle about ISA transfers rages on, the Bradford and Bingley continues to come under pressure and smaller financial companies start to feel the strain, is it really safe to keep all of your assets with one bank? Or will you need to pay a little more for the comfort of knowing that your assets are safely spread?
There is no doubt that the UK banking and finance sector has co...
Who would benefit from a shakeup of the UK banking industry?
The Independent Commission on Banking is looking at ways to reduce the risk from banking to the overall UK economy and also to improve services. However, if the Independent Commission on Banking does take the controversial decision to split up investment banking and retail banking operations who would benefit? It is difficult to see how the consumer on the streets and businesses in the UK wou...Read More