Fewer banks, fewer mortgage and credit card offers - and more common sense

An overhaul of the British banking system - and the way in which we save and borrow - is on its way as a consequence of the banking crisis. It will mean fewer high street banks and branches, thousands fewer people working in the financial sector, more expensive current accounts and less choice of financial "products". There is going to be less competition as the banks put rectitude before risk. Bank tellers will spend more time counting cash and less time "selling" investments. One banking analyst described the changes ahead as "a comeback for common sense". While just a few months ago there were five big banks and a variety of mortgage and internet banks competing for savings on every high street, there will now be just a maximum of four big banks. Ros Altmann, a former bank director and pensions consultant, said there would... [read full story]