Uk Banks Must Make Fast Account Switching Work Or Face It Overhaul

On September 15, 2013 by admin

A sign from a branch of a Lloyds bank is reflected in a window in central London May 13, 2013. REUTERS/Stefan Wermuth

The new rules – which aim to ensure that all outgoing and incoming payments are automatically transferred – come into effect next Monday as part of the government’s campaign to break the dominance of Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC, which between them control three-quarters of UK retail accounts. Lawmakers and regulators believe a lack of choice has been a factor behind scandals such as the mis-selling of loan insurance and complex interest rate hedging products, which have cost banks over 20 billion pounds in compensation. The government said in June that if 7-day switching did not deliver the expected benefits it would consider more radical options, including “full account portability” – meaning an industry-wide IT platform that would allow customers to keep their account details when they switch banks. Such a move would force banks to abandon their existing IT systems and invest jointly in a system that could be used by the whole industry – including any new competitors, which are also being encouraged by the government. The cross-party Parliamentary Commission on Banking Standards, which was asked to make recommendations for bank reform, asked the government to initiate an independent study of the technical feasibility, costs and benefits of such a move. Banking bosses are not keen on the idea: Lloyds chief executive Antonio Horta-Osorio recently said it would not work and be too difficult to implement. “If they don’t get it right, political pressure will mount for something more formal. It’s in everyone’s interest to make this work,” said a senior executive at one of Britain’s biggest retail banks, referring to 7-day switching. Bank customers are notoriously reluctant to move because of the perceived difficulties involved and a feeling that rival lenders are no different. But 7-day switching could be a game changer, according to surveys. Research by YouGov, commissioned by business services provider SAS, suggested around 5 million UK current account holders will switch banks in the next year as a result of the changes. It found that 2 in 5 customers had not switched in the past because they believed the process to be time-consuming although 1 in 4 said they didn’t think their current bank offered the best customer service. Nick Payne, retail banking consultant at SAS, said the research suggested consumer switching between retail banks could increase significantly from historic levels of 2 to 3 percent.

Forgotten victims: UK pedophile gangs target Muslims as well

America Prepares to Honor 9 11 Victims

I knew we would uncover cases, but I was shocked at the numbers coming forward and the horrific nature of the crimes, Shaista Gohir, chair of the Muslim Womens Network UK, based in Birmingham, told The Guardian. What we discovered is that these sexual predators will target any girls who are vulnerable and accessible, regardless of their background, ethnicity or faith. The report, Unheard Voices: the sexual exploitation of Asian girls and young women, said most of the victims were aged under 16 and two thirds of them were from Pakistani families. It added that Asian girls, including Muslims, are under-reporting abuse to police and authorities because they fear not being believed, or because they are threatened with bringing shame and dishonor on their families. Made over a five-month period, the study also shows that offenders will target vulnerable youngsters of the same ethnicity but rely on the Asian and Muslim culture of honor and shame to mask their vile crimes. Although there has been a series of high-profile British court cases in which men of South Asian heritage were convicted of sexually exploiting vulnerable white girls, authorities are failing to spot cases in which men target girls from their own ethnic group. Blackmail was a key factor in these girls complying and not speaking out, and the shame and honor card was used time and time again, Gohir added. The cases detailed in the 126-page report included females aged from nine to 30. They came from London, the West Midlands, Yorkshire and Lancashire. Its a worrying figure, said Gohir. This was a small-scale, unfunded study. If we managed to collect so many case studies in a short space of time, what is the reality? It is likely to be far worse. In 2012, nine Britons of Pakistani and Afghan descent were found guilty of exploiting girls, who were all white, in sexual activities in Rochdale and Derby in return for drugs and alcohol. Last June, seven men who abused girls as part of a sadistic sex grooming ring based in Oxford were also jailed for life at the Old Bailey.

Is UK your dream destination for studies?

For example, did you know that in Scotland, the first degree in arts in the four ancient universities namely St. Andrews, Edinburgh, Glasgow and Stirling and also in the University of Dundee is an MA or Master of Arts? Master of Arts is a post graduate qualification in all other universities. Type of Institutions When choosing a university, it is important to know what the university is like. Most universities in the UK fit into one of about five categories, depending on when they were founded. Some are based in bustling cities while others are in a more rustic setting. Even the buildings on campuses vary greatly with some campuses dating back to the 18th century while others are modern and their architecture, very innovative. Some are large while others are small. In a nut shell, there is one to suit each and every choice. You could take a virtual campus tour, visit student blogs and research the net to understand the various options. Universities created at the same time often share a number of characteristics. No two universities in the UK will give you the same set of experiences as a student. For easy understanding, there are broadly five categories of institutions, they include Ancient Universities, the Red Brick Universities or the Russell Group of Universities, Plate Glass Universities,( those universities granted a charter between 1963 and 1992 (mainly in the 60s), Recently created Universities, these universities were formerly university colleges and have been granted university status since 2005 and university colleges.

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