uSwitch accuses banks and stores of irresponsible lending
by Gill Montia
Story link: uSwitch accuses banks and stores of irresponsible lending
A survey by price comparison website, uSwitch, suggests that millions of consumers have been issued with credit cards over the past year without giving proof of their financial status.
uSwitch accused banks and retail stores of acting irresponsibly after its Credit Card Affordability Survey revealed that 84% of people questioned, who had been approved for credit […]
BBA completes Libor review
by Gill Montia
Story link: BBA completes Libor review
The British Bankers’ Association (BBA) is introducing some changes to the way in which the London Interbank Offered Rate (Libor) is set.
Since the onset of the credit crisis Libor, which defines the rates at which banks lend to one another, has remained high despite cuts in the Bank of England’s base rate.
Some economists have been […]
BBA opposes FSA attack on tied advice
by Gill Montia
Story link: BBA opposes FSA attack on tied advice
The British Bankers’ Association (BBA) has criticised new measures being proposed by the Financial Services Authority (FSA) that could curtail or even outlaw tied advice, such as advice given by a bank based on the range of products its provides.
The BBA believes that consumers could lose out under the proposals because they would be caught between […]
BBA expedites Libor review
by Gill Montia
Story link: BBA expedites Libor review
The British Bankers’ Association (BBA) has announced that it is bringing forward its review of the way in which it calculates the London Interbank Offered Rate (Libor), the interest rate at which banks lend to one another.
Three month Libor has seen record high levels since the onset of the credit crisis, and has remained high […]
UK banking jobs to be cut by 15%
by Dave Nixon
Story link: UK banking jobs to be cut by 15%
Job losses accounting for around 15 per cent of the US and European investment banking industry have become a near certainty in the initial half of this year following the latest turmoil on Wall Street, senior bankers have cautioned.
The US is anticipated to see the utmost cutback in headcount, at about 15 per cent, reflecting […]
BBA urges caution on legislation for banks in crisis
by Gill Montia
Story link: BBA urges caution on legislation for banks in crisis
The banking industry is urging Chancellor of the Exchequer, Alistair Darling, to take a cautious approach to new legislation that is being drawn up as a result of the Northern Rock crisis.
The British Bankers’ Association (BBA) has advised the Treasury that it could undermine creditors’ rights if it proceeds with a “special resolution regime” that […]
Northern Rock borrowing increases to £23 billion
by Gill Montia
Story link: Northern Rock borrowing increases to £23 billion
Shares in Northern Rock, the troubled mortgage bank, fell 6.5% on Thursday when it was revealed that the bank’s borrowing had increased to around £23 billion.
Figures from the Bank of England covering the week to the 31st October show a £2.2 billion increase in “other assets”.
Analysts have taken this to indicate that Northern Rock has […]
Penalty fees survey shocks BBA
by Gill Montia
Story link: Penalty fees survey shocks BBA
uSwitch, the price comparison website, has published the results of a poll in which over 4,000 of its customers were surveyed about the penalty fees charged by leading UK banks.
The research was conducted by YouGov and concluded that UK bank customers who have been charged such fees have paid an average of £742 each, over […]
Base Rate Increases to 5.75%
by Gill Montia
Story link: Base Rate Increases to 5.75%
The Bank of England has increased its base rate from 5.5% to 5.75%. The increase is the fifth since August 2006 and follows warnings from the Bank’s Monetary Policy Committee (MPC) that inflationary pressures remain a danger.
The content of the MPC’s statement accompanying the news was similar to the one issued in May, when the […]
Banks support EU mobility plans
by Brian Turner
Story link: Banks support EU mobility plans
UK banks across the high street have voiced their support in principle for banking mobility across EU member states.
The proposals being considered in Brussels involves determining how easily EU citizens should be able to transfer bank accounts to other member states.
According to the British Banks Association (BBA), support for a process of “mobility, not portability” […]
