The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
Telegraph.co.uk£89 for unwanted softwareTelegraph.co.ukI have a John Lewis & Waitrose Partnership card with which I make most of my credit card purchases. Four months ago I was debited with £89 with a merchant reference I did not recognise. I queried this with the card provider and the £89 was refunded ...and more »
This is MoneyFUND FOCUS: Law Debenture is a law unto itself – the global trust with a split personalityThis is MoneyBy Personal Finance Reporter For The Mail On Sunday ... Now, the corporate services arm's activities range from acting as independent trustees for company pension schemes through to offering a whistleblowing facility for employees if they are aware of ...
This is MoneyJEFF PRESTRIDGE: How six workers who lost their jobs after their employers went bust stopped a pensions abyssThis is MoneyOn Wednesday, while the heat was intensifying on Sir Philip Green to plug the gaping hole (a £571 million hole) in the BHS pension scheme, six middle-aged gentlemen were quietly allowed into the armed courtyard of 10 Downing Street. Their mission, to ...MPs invite Sir Philip Green to answer questions over BHS collapsePoliticsHome.comBHS - The 'Dead Store Walking' That Never Really Had a ChanceHuffington Post UKall 43 news articles »
Telegraph.co.ukNegative rates are bad for everyone - just ask Sir Philip GreenTelegraph.co.ukTo many of us, it's been obvious for a long time now that ultra-low interest rates are doing more harm than good, driving up house prices and mortgage debt for no particular benefit to consumption and business investment. Quite the reverse, in ...JON REES: What was Sir Philip Green thinking and why did we not learn when Comet went bust after being sold for £1?This is Moneyall 36 news articles »
The GuardianPoll boost for Remain campaignThe GuardianWith less than two months before the in/out referendum, the latest Opinium/Observer poll shows 38% of voters believe the UK economy would fare better inside the EU, against 29% who think it would do better if the UK voted to leave. The online poll ...and more »
Have you met...
Latest Members:


Tania Bae


peuores


DeanWatriama


afnan36


girlagogo


aksawy


walaa

 

General News

Email this story to a friend:

70% OF THE PUBLIC DEMAND BETTER BANKING FOR ALL

55% believe financial services are essential or very important to everyday living
70% think it should be a basic right for all to have access to mainstream financial services such as bank accounts, loans, overdrafts and credit cards18-02-2010

 As banks remain in the spotlight for their continuing bonus culture, a new survey of the general public shows strong popular demand for reform to the banking system so everyone can access mainstream financial services. The survey was commissioned by the Better Banking Campaign, a coalition of charities and community organisations aiming to tackle financial exclusion by increasing access to mainstream financial services for people and businesses who most need it.
 
Between 5 - 7 million people cannot access mainstream credit (overdrafts, loans, credit cards) while an estimated 1.75 million adults don’t have access to even a basic bank account. Many are forced to borrow money from payday lenders and home credit companies sometimes charging as much as 2,500% APR. Some 25,000 businesses a year with viable propositions are unable to access finance.
 
The campaign is calling for:
•    Transparency – full disclosure from financial institutions on where they invest their money, to help government understand the size of the problem and increase efficiency by targeting spending on the areas where it is most needed
•    A cap on unfair interest  rates for those who cannot afford them
•    Incentives and obligations for financial institutions to encourage them to offer mainstream financial services to all who need them
 
Steve Wyler, a spokesperson for the campaign, said:
“Considering how much public money has propped up the financial institutions, it is deplorable that they aren’t currently supporting the people and businesses most in need in our communities. Most people believe access to bank accounts and affordable credit are basic rights, so we want to see this as a priority for all the political parties.”
 
“We are not talking about lending for lending’s sake, we talking about responsible lending to people and businesses who want to get on, who come from communities who would benefit greatly from better access to mainstream financial services.”
 
Over 40,000 residents in Thamesmead are experiencing first hand the impact of financial exclusion.  With no bank in the town and only a handful of cash machines an estimated 1,200 households in Thamesmead may be accessing funds from illegal suppliers.
 
The campaign is calling on the public to pledge their support by signing up at www.betterbanking.org.uk.
 

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks