Banking Crisis - Treasury Contents

Memorandum from John Bradley

  1.  Banks should not diverse into selling Insurance of any kind.

  2.  Please simplify the provision of accounts and reduce their number—(a) state clearly the interest rate, (b) do not attach confusing conditions in small or even large print, (c) abolish restrictions on withdrawals: either one can or cannot take money out as required, (d) no more introductory interest rates which reduce after a few months—this is deceptive and (e) once a rate has been given, it should remain so until the Bank Rate changes, not be changed retrospectively ad lib by the provider.

  3.  Individual Saving Accounts ISA—this was simple at inception and should remain so, without attached conditions of having to open "their" bank account or having to invest in dodgy securities to obtain a good interest rate. NO conditions except the original CAT standards—which are now defunct!

  4.  It is the added "conditions" which confuse and annoy the public. Let each provision of accounts or services be simple and of one kind, so that comparisons with other providers can easily be made. It is now called "transparency"—let it prevail.

  5.  Banks must appoint Branch Managers who are knowlegeable and professional. Adverts in the shop window (!) for the position of "bank clerk" indicating "training will be given", does not inspire confidence in the ability of staff to be professional, keep accounts confidential, nor does the public have confidence in their status as clerks who could advance to managerial positions. An examination provided by the Bankers' Institute should be made compulsory for all empoyees in a bank. It must be a profession, not a temporary job for spare housewives to earn some pin-money! (That is what it is now in my branch!)

  ASIDE: When I opened my first a/c in 1950, I would be greeted by a clerk with "Good Morning, Mr Bradley" BEFORE I had presented my cheque to draw out some money! The customer was known and respected, so he remained loyal to his bank.

January 2009

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