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.
Banks make it easier for consumers to switch accounts
16/09/2013 The banking industry has undergone a major IT overhaul at a cost of £750ml to reduce the time it takes for consumers to switch their current account to a new provider. Before the change, customers would have to wait up to 30 days to switch to a new provider and have all of their standing orders and direct debits working correctly. However, the overhaul is expected to reduce the...Read More
UK banking sector is nationalised
In a move which has been broadly welcomed by the financial markets it looks as though the vast majority of the UK banking sector will be under government control by the end of the year. As RBS stepped forward for a £30 billion handout and the Lloyds Bank / HBOS merged entity stepped forward for £17 billion many shareholders are starting to fret big time. But why?
It turns out th...
Are we one step closer to a government financed toxic bank?
Gordon Brown has today announced another banking bailout with up to £500 billion of taxpayer's money set to be used to insure banks against toxic assets which are literally ripping the industry apart. This is in effect a "bad" bank in all but name as the Royal Bank of Scotland gets ready to transfer £250 billion of toxic assets into the scheme.
In theory the creation of the "bad"...
RBS customers experience cash machine problems
Royal Bank of Scotland (RBS) has experienced cash machine problems which have left customers unable to draw out money. Natwest, which is owned by RBS, has also been affected by the issue. Millions of RBS and Natwest customers have been unable to access cash from ATM machines after technical problems. Cashpoints, online banking and telephone banking systems have crashed, leaving customers unable...Read More