Reacting to this morning’s announcement by the Competition and Markets Authority, a BBA spokesman said:
“All the banks have been working with the CMA as part of this ongoing inquiry. There are already substantial changes underway across the banking industry to strengthen competition, which improves choice and service for customers. This includes initiatives like midata that help customers access their data and shop around, as well as a range of new technologies that have changed the way we bank both online and in branch.
“Today’s statement takes a positive of view of recent innovations in retail banking and shows that more than 90% of current account customers are satisfied.
“Last year we published a series of ideas to help new banks set up and smaller players to grow which we hope will be taken up by regulators and politicians. In addition, there are now even more new and aspiring entrants to the banking market.”Read more
Commenting on the BoE Agents’ Summary of Business Conditions, BBA Chief Economist Richard Woolhouse said:
“From the Agents’ summary we can seea further easing in credit conditions. Medium-sized businesses are benefitting from competition amongst banks and funding conditions available to smaller firms have also eased, which is great news for those looking to borrow and grow. The report says that businesses are also taking advantage of the broader financing with different sorts of lending of offer – from bank finance to alternative forms like crowdfunding and asset finance.
“With nearly eight in ten finance applications approved, we’d encourage business owners to speak to their bank if they’re thinking about borrowing.”Read more
The BBA has announced that Sir Hector Sants and Oliver Wyman have agreed to lead a review into the competitiveness of the UK on behalf of the banking industry.Read more
Responding to the Financial Ombudsman Service Annual Review 2014/15, a BBA spokesman said:
“It’s good to see that overall complaints are falling. Banks are determined that there will be no repeat of any of the bad practices which caused mis-selling in the past and have made appropriate changes. Staff are now rewarded for high levels of customer service and not sales volumes.”Read more
Responding to the Bank of England Bankstats, BBA Chief Economist Richard Woolhouse said:
“Though it’s early days, it is starting to look as though borrowing by businesses is turning a corner. In particular, we can see from these figures that small and medium-sized businesses are taking on more finance which suggests that confidence is up too.
“In terms of mortgage lending, homeowners seem to be taking advantage of competitive pricing with an increase in borrowing each month this year.”Read more
Richard Woolhouse, Chief Economist at the BBA, said:
“We’re starting to see signs that businesses from many sectors are starting to borrow more from their bank. While it’s still too early to predict, these figures and the latest data from the Bank of England suggest that business borrowing has turned a corner.
“Savvy savers appear to be continuing to take advantage of good deals, such as pensioner bonds, which is why we’re seeing weaker bank deposits.”Read more
Cardiff, Edinburgh and Sunderland are today revealed to be regional “banking hotspots”, with hundreds of new roles being created for local people by banks, according to official figures from the Office for National Statistics.Read more
Major report sets out key recommendations for the industry and urges regulators to give consumers certainty that their money is equally well-protected wherever they choose… Read more
Commenting on the increase in the bank levy announced in today’s budget, BBA Chief Executive Anthony Browne said:
“Banks in the UK already pay more than £40 billion in taxes each year, helping to fund schools and hospitals across the country.
“The bank levy imposes a significant cost on banking businesses in the UK, which is making many banks move work and jobs to other parts of the world, and is deterring international banks from investing in the UK. This major increase in the bank levy is likely to accelerate that process and damage the competitiveness of the UK economy.
“This will also further disadvantage UK headquartered banks by increasing tax on their overseas activities, while their competitors in those markets do not pay this tax at all.”Read more
Responding to a report from the Northern Ireland Affairs Committee, BBA Executive Director of Business Finance Irene Graham said: “Banks in Northern Ireland want to… Read more