British banks must start treating their customers better, according to FSA managing director Martin Wheatley, who accuses the industry of dragging its feet on issues such as prompt payments processing.
Well said Martin and it is a must if the industry is able to move to T+2.A question that will be put at the next Post Trade Forum. The conversion of treasury to asset settlement has to be closer and i can see this happening bit by bit
Precisely the point I was making in my Blog Post “Why has SWIFT become so SLOW?” (http://www.finextra.com/community/FullBlog.aspx?blogid=6499 ) And it’s not only banks in the UK either.
The problem is global.
Just a few hours after Faster Payments went live in May 2008, a payment I initiated from my HSBC account reached my colleague's Barclays account in literally a few minutes. So did his return payment back to me. FSA's comments are surely disorienting against
that personal experience. Has the overall industry gone retrograde since then to invite them? Or, if they only pertain to a few select banks, some 'naming-and-shaming' might help accelerate the change in the status quo.
Competitive base, double OTELondon, UK
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