Retail banking refers to banking activities conducted with the general public, small enterprises and charities. It comprises a wide variety of products and services, including deposit-accounts, current accounts, savings, personal loans and mortgages.
In the UK, banks are authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The PRA's statutory objective is to promote the safety and soundness of PRA-authorised persons. The FCA's statutory objectives are to ensure that the relevant markets function well, and pursue the operational objectives which are related to:
The FCA Handbook and PRA Rulebook contains the rules and regulations by which the financial industry is regulated. The regulators respond to issues as and when they arise by identifying risks which threaten their statutory objectives and work towards mitigating those risks.
The interest rate swap mis- selling scandal clearly showed the importance of taking legal advice before signing up to a product sold by a bank. The instability of the markets post-Brexit referendum means interest rates and the Pound are in a state of flux, leaving banking customers vulnerable to increased rates and charges if they are unaware of the terms and conditions of what they are signing up for.
You can search for a banking solicitor in your area on our website. Not only will you find lawyers who specialise in the sector, you will see how former clients have rated them in terms of service and the advice they received.
If you need advice on a mortgage, or any other banking related matter, you will find the right banking law solicitor for you on Solicitors Guru.