Press releases

3rd Jul 2015 Back to top
  • BBA response to changes to depositor protection limits

    Responding to the Prudential Regulation Authority‘s (PRA) announcement that there will be changes to depositor and policyholder protection provided by the Financial Services Compensation Scheme (FSCS), a BBA spokesman said:

    “It is disappointing that this protection has been reduced from £85,000. It had become well known and recognised by customers and banks alike. Our firms will work with the PRA and FSCS to implement the new £75,000 limit and assess the implementation issues that arise given that the transition period ends on 31st December 2015.

    “A huge amount has been done to make the UK’s banking system safer for the future. As the Bank of England has stated, banks in the UK are now strong enough to weather even the severest of financial storms, and now hold five times more capital than they did before 2008.”

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30th Jun 2015 Back to top
  • Comment on the bank Appeals Process Annual Report from Professor Russel Griggs

    Commenting on the Annual Appeals Process Report from Independent External Reviewer Professor Russel Griggs, BBA Executive Director of Business Finance, Irene Graham, said:

    “Small businesses play a vital role in our economy, and banks are keen to support them. The Appeals Process lets an SME challenge a bank’s finance decision and thousands of business owners have done exactly that, unlocking millions of pounds.

    “We would urge any business unhappy at being turned down for a loan to ask the bank to look again. Sometimes, however, bank finance just isn’t the right match for the firm and banks have partnerships with alternative providers and brokers to help.

    “The Appeals Process should encourage those considering taking on finance to apply with confidence – and with eight out of ten applications approved, you’re more likely to get a “yes” first time around than you might think.”

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24th Jun 2015 Back to top
  • May 2015 figures for the high street banks

    Richard Woolhouse, Chief Economist at the BBA, said:

    “Household borrowing remains robust and this is indicative of the wider recovery we’re seeing in the economy.

    “The increase in mortgage approvals this month is consistent with the trend we’ve seen since the start of the year. The numbers show that the property market remains buoyant after the general election. Fierce competition between lenders means that there are some great mortgage deals available from the high street banks.

    “Personal borrowing by British families also seems to be strong – the uptake of personal loans and credit card borrowing is further proof of consumers’ confidence.”

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23rd Jun 2015 Back to top
18th Jun 2015 Back to top
16th Jun 2015 Back to top
  • “Wave and pay” saves a century at the check-out

    Consumers taking advantage of contactless cards have together saved over 90 years of time since they were introduced, a new publication by the BBA has found.

    The publication says that on average it takes half a second to “wave and pay” by contactless card, while it takes seven seconds to pay by chip and PIN.

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14th Jun 2015 Back to top
11th Jun 2015 Back to top
  • A world leading industry – paying the right level of tax

    Commenting on the Chancellor’s Mansion House speech, BBA Chief Executive Anthony Browne said:

    “The Chancellor said some important words tonight about how a successful banking industry is good for Britain. We share his ambitions for a City that is the best regulated in the world and has the highest standards for conduct, with greater innovation and more competition.

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  • Delivering a gold standard for fair dealing

    Commenting on the publication of the Bank of England’s Fair and Effective Markets Review’s final report, the BBA’s Chief Executive Anthony Browne said:

    “It’s vital that London once again sets the gold standard for fair dealing and integrity in financial markets.

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28th May 2015 Back to top
  • April 2015 figures for the high street banks

    Richard Woolhouse, Chief Economist at the BBA, said:

    “British businesses and consumers have started to put their foot on the gas. There appears to be broad confidence about the economy, which the banks are supporting through affordable credit, leading to rises in borrowing across the board.

    “Business lending has risen in three of the first four months this year indicating that we might have reached a turning point. There was a significant pre-election jump in mortgage approvals which we would expect to continue in the coming months.

    “There was a sharp rise in the amount savers deposited in their bank accounts and also in the amount people are borrowing through personal loans and credit cards. This suggests that consumer spending will continue to drive the British economy forwards.”

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