Lloyds and Barclays top bank complaints

New figures show two banks attracted over 56,000 new complaints in first half of this year.
Lloyds Banking Group is the banking group the Financial Ombudsman Service received most complaints about, according to its latest figures, while Barclays generated the highest percentage of complaints per customer.
Between January and June this year, over 30,000 people complained to the Ombudsman about the Lloyds group, which includes Lloyds Bank and Bank of Scotland. And nearly 27,000 people complained about Barclays.
The Ombudsman is where […]

  • complaints
  • complaints

Banking sector slow to increase competition after new rules

A relaxation in the rules governing the creation of new banks is yet to lead to a dramatic increase in the number of new high street players being authorised by the City regulator.
Figures published by the Bank of England show little change in the annual approval rate for new banks since the introduction of rules last year, which mean that new banks need less capital to get started than they did in the past.
Five banks were authorised in the […]

  • All bank logos

Bank of England cuts 100 jobs in biggest cull for a decade

Union expresses shock as review initiated by Bank governor Mark Carney focuses cuts on IT and HR staff

Pedestrians and workers outside the Bank of England. The Bank says it ‘envisages between 80 and 100 redundancies’. Photograph: Bloomberg/Getty

The Bank of England has announced its biggest jobs cull for more than a decade, with 100 positions to go as part of an efficiency drive.

The “value for money review”, which was launched shortly after Mark Carney arrived as governor last year, puts as many […]

  • boe building
  • fca2
    Permalink Gallery

    Update on independent review of RBS’s treatment of business customers in financial difficulty

Update on independent review of RBS’s treatment of business customers in financial difficulty

The Financial Conduct Authority (FCA) has appointed Promontory Financial Group and Mazars to conduct an independent skilled persons report under section 166 of the Financial Services and Markets Act (FSMA) 2000.

The report will examine Royal Bank of Scotland’s (RBS) treatment of business customers in financial difficulty and consider allegations of poor practice set out in the report by Dr Lawrence Tomlinson and referenced in Sir Andrew Large’s report.

The first stage of the review will consider RBS’ treatment of a […]

  • _68915012_canary_pa
    Permalink Gallery

    More competition in banking depends upon a more feasible plan

More competition in banking depends upon a more feasible plan

Ed Miliband has picked a reasonable fight with big bank bosses, but his suggested structure leaves much to be desired.  His desired structure – two new challenger banks created via divestments of branches by the current big banks – looks unworkable.  Too crude. Too costly. Too time consuming. Ed Miliband should prepare for more attacks along these lines. Executives at big banks simply hate the idea that they should be made to unload parts of their organisations.

Some of the objections carry […]

  • ed milliband black eye boxing