UK banks fall behind Europe

NEWS UK banks are on course to miss a 2005 deadline of an international banking directive that requires banks to provide complex information on credit history performance, where banks need to update or implement new data systems. According to the report from consultancy KPMG, 40 per cent of UK banks have not begun the work required, compared to 100 per cent of respondents in several European countries. The problem lies in the complexity found in most systems, with sizeable amounts of information needed - in some cases dating as far as seven years ago.