Thursday 9 August 2012

Better banking

So , another British bank is accused of bad practice; Standard Chartered is described as a " rogue bank".

On top of all we now know about malpractice in our finacial industry there can be no doubt on the need for reform. The ACEVO led " better banking coalition" have achieved a notable success in our own campaign to secure transparency in banking.

The Labour Party have today published their " banking transparency policy review ( Read it here).

It recognises how knowing where bank lending is happening, or not happening, could help national, regional and local policymakers to better shape support to small and medium-sized businesses, and  tackle poverty and financial exclusion. And adopts the introduction of a US style Community reinvestment act in the UK as recommended by the Better Banking Coalition.

The review also explores what can be done to encourage much stronger joint working between mainstream banks and other parts of the financial services industry such as community banks and credit unions.

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