UK banking sector

The UK banking sector comprises financial institutions that provide services such as savings and current accounts, loans, mortgages, and payment processing. Major banks like HSBC, Barclays, and Lloyds support individuals, businesses, and government needs, facilitating economic activity. Banks earn profit mainly through interest, fees, and investment activities. They are regulated by authorities like the Bank of England and the Financial Conduct Authority to ensure stability and protect customers. The sector is vital for the UK economy, enabling saving, investment, and commerce, while also adapting to technological advancements like digital banking and fintech innovations.