It’s true that today’s very much effective and useful financial institutions that are considered of utmost significance must have had their own start somewhere in yesteryears. When it is about banking institutions in the United Kingdom, it all started way back in the 17th century.
Initially, it was only associated with goldsmiths who used to accumulate significant stocks of gold after the dissolution of English monasteries. At that time, goldsmiths were known as ‘keepers of running cash’. They also accepted gold in exchange for a receipt and written instructions to pay back which is nowadays known as a modern age banknote or a cheque.
The year 1650, witnessed first provincial bank followed by the Bank of England in 1694. Later in 17th century, the banking institutions actually started functioning with some basic services for the people which later on increased with the passage of time and also improved.
Nowadays, banks in the UK have drastically refined their services. Though, the services are very much similar to the ones offered in yesteryears but they majorly vary in interest rates that are offered nowadays. Basically, the financial system provides three major types of services such as payment services, intermediation between savers and borrowers and insurance against risk.
All these three types of services support allocation of capital, the production and exchange of goods and services. Important thing to know is that all of these factors are very much essential for an economy to function properly and smoothly.
In the nutshell, the banking sector in the UK has gone through various changes according to changing times. Whatever the reasons may be, it will not be wrong to say that the UK banking sector is primarily dominated by some large banks such as Lloyds Group, Barclays, the Royal Bank of Scotland (RBS), and HSBC.
During the financial crises in 2002, the UK banking sector went through the process of consolidation. Later on, after the crises, the banking industry increased its level of concentration. In fact, the UK banks are now subjected to tighter regulations. The Financial Conduct Authority (FCA) is responsible to ensure proper and fair functioning of financial markets in the UK.
Certainly, the face of banking sector has gone through a vast change in all these years since its years of emergence. But certainly, nowadays, banking sector has become a backbone of the UK economy.
In case you also wish to keep your money in safe hands and do your trade or saving in the safest manner then it is advisable to get in touch with some renowned bank. For the same reason, you can call at Santander contact number as it is also one of the most renowned and trust worthy banks in the UK.
When you call at customer care numbers to speak with customer service executives, you will definitely get the satisfactory answer to all your concerns and that too in the friendly manner. After getting all the probable solutions to your concern you can select the best one and get your work done.