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'Financial Exclusion and Banking Regulation in the United View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by UWE Bristol Research Repository ‘Financial Exclusion and Banking Regulation in the United Kingdom: A Template Analysis.’ Clare Louise Chambers A thesis submitted in partial fulfilment of the requirement of Bournemouth University for the degree of Doctor of Philosophy November 2004 1 Copyright Statement This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognise that its copyright rests with its author and due acknowledgements must always be made of the use of any material contained in, or derived form, this thesis. 2 Abstract This thesis examines the self-regulatory nature of the United K ingdom banking industry in relation to its effectiveness at promoting financial inclusion. This exploration is conducted through an examination of the changing culture of the banking industry from the 1600’ s to the present day whilst considering the effect banking regulation has played on financial exclusion and exploring the expectation gap between bank delivery and customer expectation. The thesis also examines in detail the characteristics of financial exclusion within the United K ingdom in relation to the self-regulatory mechanism, which regulates the industry, namely the Banking C ode. F urthermore the thesis questions whether banks have a social responsibility towards customers who experience financial exclusion or difficulties. This thesis uses template analysis in order to analyse data collected through interviews and surveys. Through template analysis the researcher has produced two main templates which can be used to illustrate the process of the development of financial exclusion and its relationship with banking regulation. Stemming from these templates the thesis puts forward four recommendations which could be adopted by the banking industry to help promote financial inclusion within the United K ingdom. The thesis makes two essential contributions to knowledge. The first is that financial exclusion has been explored using a novel methodology, namely, template analysis and a greater understanding of this social phenomenon has been uncovered. The second contribution to knowledge is that the research has shown there is an expectation gap between customer and banker which has arisen from the cultural evolution of the banking industry and in turn this has helped promulgate financial exclusion. F inancial exclusion is therefore a complex and diverse problem. The findings in this thesis could be used for further research encompassing an international dimension as well as looking at other areas of the United K ingdom's financial service providers such as insurance. Therefore this piece of research can be used and adapted to examine further avenues of financial exclusion of a cross industry sector and global scale. 3 Acknowledgements I can say for certain that thesis would not have been possible if it had not been for the considerable amount of help from a number of people who are enormously important to me. This is why I feel it necessary to thank them individually on this page. I would like to thank my two patient and diligent supervisors, Professor Philip Hardwick and Jonathan Edwards. They really are the backbone of this thesis. Without their continued help, support and encouragement above and beyond the normal call of duty, the work would have faltered. I cannot thank you enough for your belief in me and my research, thank you. I feel a special mention should be made to Jane Gwizdala because without her professional and personal support I would not be in this position today, thank you. I would also like to thank all those respondents and other who offered guidance and have taken the time and effort to talk to me endlessly about banks and financial exclusion. Finally I would like to dedicate this thesis to my parents. Without their continuous love and belief in me I would not have had the strength to complete the Ph.D. Your support has always been unconditional and has never wavered, despite the many troubled time I have had with this research. The knowledge that you are always there behind me in every step I take on this journey has afforded me the courage to progress. I cannot say thank you enough and so this thesis is for you. To Mum and Dad with love. And now for Bruce who makes my world complete. 4 Contents Chapter One: .......................................................................................................................................... 8 Introduction ............................................................................................................................................ 8 Introduction .......................................................................................................................................... 8 Research aims ....................................................................................................................................... 9 The changing culture of the banking industry .................................................................................... 10 An overview of the thesis ................................................................................................................... 12 Definition of key terms ....................................................................................................................... 18 Summary ............................................................................................................................................ 19 Chapter Two: ........................................................................................................................................ 20 Methodology.......................................................................................................................................... 20 Introduction ........................................................................................................................................ 20 Epistemology and ontology of the research ........................................................................................ 20 Qualitative research and the research questions ................................................................................. 23 Justification for a qualitative study using template analysis ............................................................... 26 The qualitative methods of data collection ......................................................................................... 30 Interviews ........................................................................................................................................... 30 Questionnaire surveys ........................................................................................................................ 32 Limitations and possible bias ............................................................................................................. 36 Ethical considerations ......................................................................................................................... 38 Chapter Three: ..................................................................................................................................... 41 The Changing Culture of Banking Practices from 1600 to the Present Day ................................... 41 Introduction ........................................................................................................................................ 41 Literature review ................................................................................................................................ 41 History of banking within the United Kingdom ................................................................................. 48 Bank failure ........................................................................................................................................ 54 The growth of the savings bank .......................................................................................................... 55 Societal influences .............................................................................................................................. 56 Regulation .......................................................................................................................................... 56 Recent legislation ............................................................................................................................... 57 Financial Services Act 1986 ............................................................................................................... 58 Bank of England Act 1998 ................................................................................................................. 60 Financial Services and Markets Act 2000 .......................................................................................... 60 The Electronic Communication Act 2000 .......................................................................................... 63 The Regulation of Investigatory Powers Act 2000 ............................................................................. 64 The Postal Services Act 2000 ............................................................................................................. 65 Categories of banks ...........................................................................................................................
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