Banking News

Whether you're reading about John Darwin faking his death, or even watching your favourite soap, the dangers of debt are everywhere you look.

Consumer trust in financial services institutions could be dramatically increased if there was a clearer demarcation between financial sales and advice, according to a report from the Association of Independent Financial Advisers (AIFA).

UK Growth & Income Fund Manager and Banking Sector Specialist, Chris White, gives his views on the Lloyds' Interim Results: "There was fuel for the bulls and the bears in today's results for Lloyds TSB.

The enormous volume of business transacted round the clock through the UK's banks is highlighted in the British Bankers' Association's latest Abstract of Banking Statistics.

Alliance & Leicester Commercial Bank has announced the launch of the Bank's latest regional Business Centre in Nottingham's city centre.

The Financial Services Authority (FSA) has fined Liverpool Victoria Banking Services Limited (LVBS) £840,000 for serious failings in the sale of single premium Payment Protection Insurance (PPI).

The rises in facility takeover and application fraud seen earlier in the year are indicative of a continuing trend rather than just a ‘blip', according to data from the CIFAS - the UK's Fraud Prevention Service.

Since the credit crisis erupted commentators have frequently speculated that the Bank of England has advanced funds outside the framework of its normal money market operations to banks other than Northern Rock.

The Financial Services Compensation Scheme (FSCS) improved its service to consumers while cutting its costs during 2007/08, according to its annual report. At the same time, the Scheme passed the billion pound mark in compensation paid to consumers.

As Britain struggles with growing fear of crime, soaring inflation, failing pension provision and a fast food generation new research by Chelsea, UK building society, shows consumers want a return to the values of the past.

Commenting on the decision by the FSA to maintain the freeze on reclaiming bank charges for a further six months, James Caldwell, Director at FairInvestment.co.uk said, "Consumers shouldn't have to wait any longer to claim their money when they have the law on their side.

Dick Parkhouse, The Co-operative Financial Services Managing Director, Retail commented: "For years now, the big four banks have continually lagged behind the smaller banks in providing high levels of customer service and competitive products.

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "With only a few weeks to go before the long awaited A' level results are published, some school leavers will be excitedly preparing to go off to university.

Commenting on another delay on a banking sector decision - namely overdraft charges - Kevin Mountford, head of current accounts at moneysupermarket.com, said: "Is it any wonder that people's faith in the UK banking system is at a low ebb when no one seems to be able to make a decision.

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "On leaving university, searching for the best current account provider may be the last thing on many graduates' minds.