The Post Office is to launch three new current accounts
The Post Office has given details of its three new bank accounts, but only one will be free to use.
The Post Office has given details of its new bank accounts. Two will charge a fee while one will be free to use. The Post Office will trial its new current accounts in 29 branches in East Anglia and won’t roll them out throughout the branch network until 2014. Controversially, it will charge for its ‘basic’ bank account, which is aimed at helping people who have had debt problems in the past or who are new to the UK.
The government wants to give consumers better rights. What will this involve?
The Queen’s speech promised simpler and clearer rules around consumer rights, including making it easier to challenge unfair pricing.
In this week’s Queen’s speech, there was confirmation that the government plans to pass a bill to protect consumers and to simplify the regulations. At the moment, although consumers have quite good protection from rogue traders in a number of areas, consumer protection laws are quite complex. What could the new laws mean?
Will ‘ringfencing’ the retail banks and other changes help?
George Osborne says he wants banks to change their culture
George Osborne outlined his planned changes to the banks so that they will never need a taxpayer bail out in the future. He also said that banks will need to change their culture and that consumers would be able to switch bank accounts within a week.