TSB fined £10.9m over treatment of customers in financial difficulty

11th October 2024 Consumer Lending | #banks#TSB

The Financial Conduct Authority (FCA) has fined TSB £10.9m, having found that the bank’s systems put customers at risk of harm. An investigation found that TSB failed to treat customers in arrears fairly, with more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected and were paid £100m in redress.…

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One in four consumers turning back on bank branches

24th September 2024 Consumer Lending | #banks

Physical banking is now of less importance to UK consumers than those in Europe or the US according to research by CRIF, Europe. The research shows that UK consumers are now the least likely to choose a bank or financial provider based on it having a physical presence near where they live. Overall, less than…

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Attracting young consumers is one of Banks’ biggest challenges

20th June 2024 Consumer Lending | #banks

More than half (57%) of banking executives surveyed across the UK say that attracting young consumers is one of the biggest challenges they are facing in the next twelve months, according to new research released by Tink. An estimated two thirds (67%) say it is a vital part of future proofing their business, with 50%…

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Banks fail to pass on £7.5bn in interest to SMEs

Small and medium-sized businesses are losing out on £7.5 billion each year because banks are failing to pass on higher interest rates to companies with savings according to research by Allica Bank. The study of the business savings market by Allica Bank found that banks are systematically offering larger companies better savings rates while small…

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Monzo tops banking satisfaction rankings

16th August 2023 Consumer Lending | #banks

Challenger bank Monzo has topped of a ranking that gauges whether customers would recommend their bank, with a satisfaction rating of 80%. Monzo had previously shared first place with Starling Bank but now leads the way, with Starling in second and First Direct in third. Virgin Money and Royal Bank of Scotland came in joint…

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FCA proposes tougher curbs on branch closures

15th June 2022 Consumer Lending | #banks

The Financial Conduct Authority (FCA) is planning tougher curbs on bank branch closures, saying Banks and Building Societies will have to provide greater justification for closing a branch or cutting opening hours. The FCA is also consulting on requirements for more detailed analysis on how firms assess the impact on customers when they plan to…

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Banking competition is growing

21st January 2022 Alternative Consumer Lending | #banks

The Financial Conduct Authority (FCA) says competition in retail banking is growing, with a shift from large banks to small businesses. In an update to its 2018 strategic review of retail banking, the FCA says the increase in competition is providing more choice and lower prices for consumers. The analysis shows that the share of…

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