High Street Banks Deliver Best of Bad Service

One of the things most of us don’t change during our adult life is our bank. This has been proven to a certain extent, as two years ago the Office of Fair Trading discovered 64 per cent of consumers had always had the same account. As a result, many bank clients are finding both the rates not up to standard and faulty service.

A recent survey found that the new, smaller banks were offering better service overall, compared to the old high street bank names, most people are familiar with. About 43,000 people were surveyed about their experience with 31 leading banks and building institutions. The survey took things like current accounts, savings, mortgages and credit cards into account, to produce an overall satisfaction score.

High-street banks face break-up under commission plans

Retail and investment should be split, to avoid a future taxpayers' bailout, says finance chief

ritain's high-street banks may be broken up to protect taxpayers from future collapses, under radical plans being considered by the Independent Commission on Banking.

High street bank returns poised to fall

UK bank shares are likely to resemble those of low-growth utility companies if reforms proposed by the Independent Commission on Banking are implemented – but will still offer the prospect of rising dividends, analysts say.

New measures to ringfence bank’s high-street operations from their investment banking arms will be “game changing” and reduce total returns for shareholders, according to KPMG. “In many respects we are seeing a return to a more simple 1940/50s style of retail banking where it is perceived as more of a basic utility with low return on equity for shareholders,” said Jon Pain, co-head of the firm’s regulatory centre. “The really tough question is: can they generate earnings from the activities and services in the ringfenced bank that will provide a decent return?”

High street banks 'over-charging' for will writing services.

By Myra Butterworth, Personal Finance Correspondent

High street banks have agreed to reform the way they sell will-writing and executor services following concerns that people do not understand the high costs of these services.

A survey by the Office of Fair Trading found that 43 per cent of people appointed their will-writer or solicitor as their executor – the individual who sorts out a person’s finances after they die.

Activists Occupy High Street Banks in UK.

Protesters have been holding demonstrations outside high street banks around the UK and have succeeded in occupying a number of branches in the biggest direct action to date against proposed changes to the NHS.

The national protest, designed to draw attention to the banks' role in creating the deficit, is being spearheaded by the anti-austerity campaigning group UK Uncut, which has been were joined by trade unionists and others.

Activists dressed in doctors' coats and armed with fake blood had planned to enter branches and set up mock hospitals and "operating theatres". Instead they mostly staged their protests on the streets outside when branches were closed or police kept them out.

Lloyds Banking Group.

Lloyds Banking Group, Royal Bank of Scotland and HSBC are coming under pressure to follow Barclays after it said this week that it will compensate customers who were mis-sold payment protection insurancethousands of (PPI) on a no-quibble basis.

Barclays, which has set aside £1bn to cover the redress programme, said anyone who had complained on or before 20 April would have the complaint settled in full as a "gesture of goodwill". Peter Vicary-Smith, chief executive of consumer group Which?, called on the other banks to follow Barclays' lead.

Bank of England.

The Bank of England is the central bank of the United Kingdom. Sometimes known as the 'Old Lady' of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UK's financial system, the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy.

The Bank's roles and functions have evolved and changed over its three-hundred year history. Since its foundation, it has been the Government's banker and, since the late 18th century, it has been banker to the banking system more generally - the bankers' bank. As well as providing banking services to its customers, the Bank of England manages the UK's foreign exchange and gold reserves.