Labour: Changing banks should be as easy as switching phones July 8, 2012 TOP BANKS’ grip on the market would be broken if consumers could change banks as easily as they change mobile phone networks, Labour leader Ed Miliband will say today. He will also call for the big five high street banks to sell off up to 1,000 branches, allowing two smaller institutions to join the big [...]
Bank of England deputy faces Libor quiz from MPs July 8, 2012 PARLIAMENT will today question Paul Tucker, the deputy governor of the Bank of England, over his role in the Libor-fixing scandal that brought down top executives at Barclays bank and threatens to cause lasting damage to the reputation of the financial system. Tucker made the unusual decision to request an appearance in front of the [...]
Why it must be made much easier to switch bank accounts July 8, 2012 FOR once, Labour has got it half right. It will confirm today that it wants to make it much easier for current account holders to change bank, in a bid to empower consumers and to drastically improve competition in retail banking. The idea is to make switching bank as easy as it is changing mobile [...]
Smaller rivals pick up business after rates scam July 8, 2012 SMALLER banks and building societies are benefiting from increased current account business as consumers become disillusioned with big banks. Metro Bank saw a 30 per cent increase in new account enquiries last week, and has increased call centre manpower by 13 per cent to cope with demand. It typically opens 1,500-2,000 new accounts each week. [...]
LONDON REPORT July 8, 2012 ALL eyes will be focused on the Treasury Select Committee hearing today, as deputy Bank of England governor Paul Tucker presents his side of the story in the Barclays/ Libor scandal. His appearance will be followed tomorrow by one from Marcus Agius, the former Barclays chairman. Today sees trading updates from housebuilder Bovis – expected [...]
Modern means for managing your money July 8, 2012 YOU’VE probably changed the way you buy airline tickets and car insurance over the last decade, and it’s likely that you shop around on the internet or buy through price comparison sites. But what about the way you invest your own money? Some of us do it ourselves, some leave it to a trusted adviser, [...]
SFO launches Libor investigation July 6, 2012 The Serious Fraud Office (SFO) has said that it has put in motion an investigation into the rigging of the Libor rate. An SFO spokesperson confirmed that a case team had been formed to probe the manipulation of the inter-bank lending rate. A statement said: “The SFO Director David Green QC has today decided formally [...]
FTSE dips as investors eye US jobs data July 6, 2012 The FTSE 100 fell in early trading with investors cautious ahead of key US jobs data and still absorbing moves by three central banks to get their country’s economies back on track. Banks in China, Europe and Britain loosened monetary policy in an attempt to boost flagging global growth but ended up spooking investors, who [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 5, 2012 FINANCIAL TIMES Metro losses widen in first full year Metro Bank, which launched in 2010 with the aim of providing a customer-friendly banking expeirence, increased its losses by 40 per cent to £33.1m for the last year. The bank has spent about £2m on each of its 12 branches – double the cost of a [...]
Parliament to hold inquiry into Libor rate July 5, 2012 PARLIAMENT will hold its own investigation into rigging of the Libor interest rate after Labour MPs failed to force a public inquiry into the scandal yesterday. Following a bruising debate between chancellor George Osborne and Ed Balls, his opposite number, the government pushed through a motion that will set up a parliamentary inquiry led by [...]