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Banks MPs and Government

Three sites which need your help for the next three weeks, to build archives of what happened during the election, and to hold politicians to account.

1. The Straight Choice, live election leaflet monitoring project. Please please, especially in interesting marginals, get leaflets off friends and upload them here. This is our only chance not to lose these leaflets forever.

http://www.thestraightchoice.org/

If you want the stories that are coming from it, follow @thec on Twitter. If you're a journalist or blogger, email team@thestraightchoice.org to get a daily press briefing.


2. Election Champion, election billboard game and archive.

Take photos of party adverts that you see, and upload them here. It's also a game - you can be First Lord of the Treasury if you get more than anyone else!

http://electionchampion.com/

As well as being fun, this will turn into an invaluable record of how the campaign was fought.


3. YourNextMP, basic data about candidates.

Please check out constituencies that you know, and fill in any missing details. Photographs particularly appreciated!

http://www.yournextmp.com/

This is being used by TheyWorkForYou for an election survey and quiz. Make sure your future MP gets a good profile on TheyWorkForYou, by adding them to YourNextMP properly now.


Finally, if you want to join a community to do more fun, simple tasks to make a transparent, non-partisan difference to our politics, make sure you are signed up to Democracy Club.

http://www.democracyclub.org.uk/

Subscribe a new address to Public Whip mailings? Sign up here.
http://www.publicwhip.org.uk/account/register.php

We provide our members with truly independent, experienced and impartial banking advice and direct assistance with their business and business banking - helping them avoid or overcome business difficulties - email us for help.

Daily Mail 04/09/2009 - Backtrack on banking: Why Lloyds needs to be smaller, by the Chancellor who gave it a £17bn bailout - Alistair Darling has been forced into a major rethink over bailed-out superbank Lloyds. The Chancellor last night suggested that he wanted to slim it down to reduce its dominance after admitting that the financial sector needs much more competition. It represents an extraordinary reversal given that Gordon Brown rode roughshod over competition rules in personally approving the merger of Lloyds and Halifax Bank of Scotland last September.

Liberal Democrat Treasury spokesman Lord Oakeshott said: 'The Government have been making the rules up as they go along in the banking crisis and now they have been found out. Gordon Brown was only too happy to do a cosy deal which ruined Lloyds, and now they suddenly appear to have changed their tune. 'They are lurching from crisis to crisis.' Eddy Weatherill, of the Independent Banking Advisory Service said: 'Unfortunately we are left with a giant which has not been through the proper competition channels. 'HBOS was handed to Lloyds on a plate. 'To correct that, the Government has now got to take the merger apart again.'

IBAS comment - Firm, transparent and effective regulation has always been the answer for better banking and also consumer confidence. It is also a 'given' that Government should not be able to alter regulation 'on a whim'. The failure to implement those points so far means the UK cannot recover as quickly from recession as otherwise might be the case and growth remains poor. Protecting the banking industry at any cost has been counter productive for Government and the 'bailed out' banks are well known for exploiting weakness in Government. It's good to see the Chancellor admitting to error in this matter, but we can only hope the Government will learn the lessons quickly, before any more costly mistakes are produced.

The Bank of England's Financial Stability Report is not good reading and shows the extent of the problem created by banks and poor regulation. Robert Peston BBC Business Editor provides a good outline on his blog but the numbers are staggering. A recession lasting at least 3 years is very much on the cards now. Businesses will inevitably suffer as borrowing gets tighter. Many will fail as bankers look after themselves first - yet again. - 28th October 2008

Contact IBAS for Business Banking Solutions

The head of the Financial Services Authority has warned the City that the era of light-touch regulation is over  The FSA chairman Lord Turner said: his body would soon have "more people asking more questions" about the way the financial sector was being run. And he said the watchdog would have more room to do this because the current crisis had debunked the myth that hands-off regulation was key to competitiveness. Well it's taken a long time coming, but as we have been saying for a long time bankers cannot regulate themselves. They will inevitably be regulated in future with a somewhat 'heavier touch'- We cannot say anything but 'at last' and good, but look at what it's cost to make this happen? - 17th October 2008

The government has been accused of "complacency" after it apparently ignored warnings in July about Icelandic banks facing collapse. Is your money still in Iceland? Is your local council's money still in Iceland? Also some UK charity funds are on deposit in Iceland and fear they have lost up to £120m of funds invested in failed Icelandic banks - Will the UK Government get the money back for any of these? - 10th October 2008

Banks have been allowed too much 'rope' for too long. They are now hanging us all with it. Light touch regulation is to blame and regulators who do not bite hard or quick enough are part of the problem. The solution is better and stronger regulation. This last six months has proved that our existing systems are not good enough. It will probably swing the other direction now, but banks only have themselves to blame for that. Unfortunately, banking consumers of all types will inevitably pay for both the bank mistakes and the correction which will follow. - Eddy Weatherill, Chief executive, the Independent Banking Advisory Service (IBAS) 14th February 2008

The Financial Services Authority (FSA) published FSA's Financial Risk Outlook for 2008 - warning firms and consumers of the risks inherent in a significantly less benign economic environment. Its central scenario identifies the following five priority risks:

  1. Existing business models of some financial institutions are under strain as a result of adverse market conditions;

  2. Increased financial pressures may lead to financial firms shifting their efforts away from focusing on conduct of business requirements and from maintaining and strengthening business-as-usual processes;

  3. Market participants and consumers may lose confidence in financial institutions and in the authorities’ ability to safeguard the financial system;

  4. A significant minority of consumers could experience financial problems because of their high levels of borrowing;

  5. Tighter economic conditions could increase the incidence or discovery of some types of financial crime or lead to firms’ resources being diverted away from tackling financial crime.

The FRO focuses on the risks arising from the events of the second half of 2007 and the less benign economic outlook expected over the next 18 months.

UK Parliament helps in researching what is happening in Government.

It's natural you will want to know our 'pedigree' - visit UK Bank News 2009 for most recent Banking News and you will also find our national newspaper comments plus many more in the News and archives sections of our site - see our site map. IBAS has featured in BBC TV and ITV News items and programmes on banking and the banking issues many times since we were established in 1992.

Independent Banking Advisory Service (IBAS) is a national, independent, non-profit, unique specialist banking customer membership organization which resolves banking complaints and disputes and which has campaigned on UK Banking customer issues since 1992. We provide bank and banking assessment, analysis, bank comment and content for BBC TV News, ITV, Radio and national newspapers, keeping many serious banking issues 'alive'.