Peterborough loses out again

Royal Bank of Scotland has announced it will close 14 of its 27 insurance offices around the UK over the next three years, including Direct Line and Churchill. The largest insurance site to close will be at Peterborough, which employs 650 people, though the bank said it will discuss redeployment opportunities and try to minimise compulsory redundancies.

Still not listening

Yorkshire Building Society has been found to be in breach of the Data Protection Act by the UK's Information Commissioner's Office, following the theft of an unencrypted laptop containing customer data. The laptop, which was found within 48 hours, was stolen from the Cheltenham branch of the building society in April and contained a 'substantial part of the CBS customer database'.

When will banking companies begin to take seriously the security of customer data and put in place processes and controls to ensure such data is adequately protected. Has it become cheaper to pay the fines than change the internal processes and deliver training to all staff!

They know nothing..

Standard & Poor’s analysis has suggested that changes implemented by management teams at Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland only played a small role in the banking sector's return to profitability in 2010. The ratings agency indicated that factors beyond the banks' control, such as government stimulus programmes, were far more important in increasing their performance levels.

When will people realise that banking economists and modelling people know no more than you and I in how the banking sector will react to market conditions. It sort of suggests you should go with common sense and gut feeling!

Best Customer Service

Which? has conducted a survey on customer service in which Santander received 39% for savings, the lowest rating obtained, 48% for mortgages, 47% for current accounts and 57% for credit cards. Elsewhere, HBOS scored 42% for savings, while Yorkshire BS's savings rating fell 10% to 59%. The overall winner was First Direct, followed by the RBS-operated Virgin One account and Co-op's Smile account.

Isn't it about time the other banks looked at First Direct and asked themselves why can't we copy their customer service principles. I'll tell you why , it's because it would cost too much money and apathy keeps alot of customers with the same bank and as you may well know you can still treat your customers badly and they stay, we must be mad !

For Sale

Co-operative Financial Services is considering the sale of its life and health insurance operations as part of its continuing integration with Britannia, according to Money Marketing. Its life business has assets worth around £18bn, with a focus on pension and protection business. CFS is also in exclusive talks with a prospective buyer to offload its Co-operative Independent Financial Advisors arm.

Unhappy Lloyds customers

Lloyds TSB has revealed it receives more than 2,000 complaints a day and has so far received 300,000 complaints in H1 2010. However, data shows that only 10% ended in an apology or compensation for the customer effected, while 90% were dismissed. The bank also revealed it had 'closed' 600,000 outstanding complaints this year.