‘Bank on Dave’

Is this the solution to our banking troubles?

Dave Fishwick, has tried to set up his own bank. Only he can’t call it that, because he hasn’t got a banking license from the FSA – it’s actually the Burnley Savings and Loans Company, and its ‘depositors’ are really peer-to-peer lenders, since they are not protected by Government deposit insurance.

He’s successfully lending £25,000 a month from local savers to local businesses.

Read more

Advertisements

Trust shaken by bank scandals: RBA

One of Australia’s top banking regulators says that recent global bank scandals ranging from the Barclay’s Libor affair to Wall Street bank JP Morgan uncovering billions of dollars in trading losses has further undermined “the bond of trust” between banks and the community.