Latest: Banking News

Co-op stops offering bank accounts to bankrupt customers

Co-op stops offering bank accounts to bankrupt customers

Despite its commitment to ethical business practices the Co-op has stopped offering bank accounts to people who are undischarged bankrupts. Bankrupts are usually automatically discharged from bankruptcy after 12 months and are then freed from bankruptcy restrictions and from the debts owed. People who are undischarged bankrupts will have access only to Barclays’ Cash Card […]

September 17, 2012 More
Lloyds chief says banks should be boring

Lloyds chief says banks should be boring

Lloyds Banking Group’s chief executive, Antonio Horta-Osorio, has called for banks to be simple and boring in order to regain the trust of the public following the recent series of scandals. Speaking at the CBI Scotland annual dinner, Mr Horta-Osorio said that the general public had been let down by “complacent, non-customer focused and inefficient” […]

September 7, 2012 More
Mobile operators to launch digital wallet

Mobile operators to launch digital wallet

Mobile operators Everything Everywhere, O2 and Vodafone have been given the thumbs up by European regulators to develop a digital wallet currently going under the name of ‘Project Oscar’. Hutchison Whampoa-owned Three may join the partnership at a later date and has welcomed news of the European Commission’s approval, although it initially expressed concern that […]

September 6, 2012 More
Banks warned to improve IT systems

Banks warned to improve IT systems

In the wake of the IT meltdown at the RBS group earlier this summer, the Treasury Select Committee is calling on banks to check their IT systems. The error occurred on 19 June during routine maintenance of the RBS computer system. It caused automated batch processing software to malfunction and although this was quickly fixed, […]

September 4, 2012 More
Complaints about banks soar

Complaints about banks soar

The total number of customer complaints about UK banks has soared, but many of the complaints relate to payment protection insurance (PPI) mis-selling. When PPI-related complaints are stripped out, many banks received fewer complaints in the first half of this year. Part state-owned banks Lloyds and RBS received 146 per cent and 128 per cent […]

August 31, 2012 More
Ulster Bank announces compensation for IT errors

Ulster Bank announces compensation for IT errors

Ulster Bank has revealed details of a scheme to compensate customers who were left out-of-pocket following a major IT failure earlier this summer. The problem started on 19 June following a software update by parent company Royal Bank of Scotland which left thousands of customers without access to their accounts. Transactions were disrupted for NatWest […]

Building Society lending increased in July

Building Society lending increased in July

Building Society lending is increasing as mutuals attract customers from high street banks. Lending from building societies increased to £3.1 billion last month, a 14 per cent increase from June, according to the Building Societies Association. Building Societies gained a 24 per cent market share of gross lending in July, an increase of 17 per […]

August 30, 2012 More
Brits would trust retailers to provide current accounts

Brits would trust retailers to provide current accounts

Consumers’ trust in UK banks has fallen to the extent that millions would trust high-street retailers with their current accounts, according to a poll by comparison site Uswitch.com. Public confidence in banks has been eroded by recent scandals, including Libor rate-fixing and the mis-selling of financial products, as well as by IT failures. In its […]

August 29, 2012 More
RBS could receive higher fine than Barclays for rate-rigging

RBS could receive higher fine than Barclays for rate-rigging

The Royal Bank of Scotland could be more heavily involved in inter-bank rate fixing than Barclays, an MP has suggested. John Mann, a Labour MP on the Treasury select committee, speculated that RBS could receive a fine in excess of the £290 million incurred by Barclays, if the allegations prove true. A source from within […]

August 24, 2012 More
Which? report claims free banking is a myth

Which? report claims free banking is a myth

A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. […]

August 21, 2012 More
Barclays appoints new chairman

Barclays appoints new chairman

Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, […]

August 9, 2012 More
Standard Chartered in money-laundering scandal

Standard Chartered in money-laundering scandal

Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and […]

August 7, 2012 More
RBS may be fully nationalised

RBS may be fully nationalised

The Government is believed to be considering plans to buy the 18 per cent of the Royal Bank of Scotland (RBS) it doesn’t already own, bringing the bank under full public ownership. The government purchased 82 per cent of the bank for £45 billion in a rescue deal at the height of the credit crunch. […]

August 2, 2012 More
Government to develop easy-to-compare savings products

Government to develop easy-to-compare savings products

Following a two-year consultation, the Treasury is planning to develop a range of savings products that would be offered by different providers. All providers would offer the same terms and conditions on the products but would compete on price, service and value, making it easy for customers to compare the products. The proposals, which are […]

NatWest hit by IT problems again

NatWest hit by IT problems again

A further IT problem is affecting customers of NatWest bank, just weeks after an IT failure in June left NatWest and Ulster Bank customers without access to their funds. As before, NatWest customers are finding that they cannot access their accounts and their cards are being rejected in stores and restaurants. On its Twitter feed, […]

July 26, 2012 More
Co-op bank boosts high street presence

Co-op bank boosts high street presence

The Co-op’s long-awaited deal with Lloyds Banking group has taken a major step forward with the sealing of a Heads of Terms agreement, under which the Co-op will pay around £750m for 632 Lloyds branches. Lloyds Banking Group was ordered to sell the branches under the terms of the bail-out it received from the government […]

July 19, 2012 More
UK trade minister drawn into HSBC money laundering scandal

UK trade minister drawn into HSBC money laundering scandal

UK trade minister, Lord Green, will have to answer some “serious questions” over HSBC’s involvement in money laundering, Chris Leslie, the shadow financial secretary to the Treasury, said. Lord Green was chief executive of HSBC from 2003 and 2006, and was chairman until 2010 when he resigned to become part of the coalition government. A […]