Charity Bank has put its name behind the Which? campaign Britain Needs Better Banks.
Supporting the campaign, Malcolm Hayday, Charity Bank’s chief executive, says: ‘The Which? research shows that people are angry with the banks for being one of the root causes of the financial crisis and that, despite over £120bn of taxpayers’ money going into the banking system, not much has improved. This campaign is about changing banking for the benefit of the consumer.
‘Banks like us, with a social as well as financial motivation, are an antidote to the banking crisis. We offer savers personal service, security and transparency and the knowledge that their money will be used to fund charities and help communities. We put people first and encourage other banks to do the same.’
Charity Bank is the only regulated UK bank that is also a registered charity. It is fully authorised and regulated by the Financial Services Authority (FSA) and deposits of up to £50,000 are covered by the Financial Services Compensation Scheme (FSCS).
It is also the only bank in the UK that uses depositors’ money solely to support charitable organisations. And its policy of publishing details of every loan it makes also appeals to customers demanding greater levels of transparency from the banking sector.
Find out more about Britain Needs Better Banks – and take action
The banks have been getting away with it for too long – giving customers a bad deal, and making money from dodgy products.
Over £120 billion of taxpayer money has gone into the banking system to keep it afloat. They messed up, and we had to bail them out, but not much has improved.
A general election is coming up early next year – now is the perfect time to make it clear that whoever wants to be elected must listen: get tough on the banks and change banking to help ordinary people.