Commercial banks have been the cornerstone of the financial sector for over 150 years, and today are responsible for over a third of the UK’s GDP.
They provide a stable and secure financial platform for individuals and businesses.
Commercial banks are key to ensuring that people and businesses continue to access the financial services they need.
But what are commercial banks and how are they different from other financial services firms?
In this article, we’ll take a look at the key differences between commercial banks, the roles they play in the financial industry, and what you need be aware of before you start using them.
Key differences Commercial banks The commercial banks in the UK are generally owned by a commercial bank, and they’re responsible for providing a safe and secure way for consumers and businesses to access their financial products and services.
Commercial banking is not a regulated financial institution, which means there are no bank guarantee standards or regulations.
Commercial Banks are also subject to the same laws as other financial institutions.
These include: Banking Act 1971 – the Banking Act means that commercial banks are required to comply with the Financial Services (Prohibition of Bank Secrecy) Act 1971 and the Trading Practices Act 1981.
Commercial Banking Act, Part 4 – Part 4 of the Banking Acts gives commercial banks the right to apply for the creation of new commercial bank accounts, and to set up branches of their own to offer services to customers.
This means that all the businesses that the bank supports need to have an account in order to be able to receive their banking products and service.
Commercial Bank Act, Section 1 – Part 1 of the Commercial Banking Acts sets out the roles of commercial banks.
It gives commercial banking powers to: Establish branches and branches of its own to help customers and businesses access financial products, services and other goods and services, such as a consumer credit card or an investment account;