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RBS admits new mis-selling scandal

RBS admits new mis-selling scandal

Royal Bank Of Scotland (RBS) has admitted a new mis-selling scandal – this time loans sold to small businesses under a Government incentive scheme.

The scheme was set up in 2009, at the height of the financial crisis, to help firms who would otherwise have found it difficult to obtain credit.Read More


UK banks face £billions more in penalties

UK banks face £billions more in penalties

UK banks are facing £ billions more in penalties according to top analysts.

Experts at JP Morgan are predicting that the top four banks – Lloyds, Barclays, HSBC and Royal Bank Of Scotland (RBS) – will need £15.1 billion to cover expected fines for foreign exchange manipulation, mis-sold securities on US mortgages and PPI over the next two years.Read More


Clydesdale boss quits after PPI claims provision hike

Clydesdale boss quits after PPI claims provision hike

The boss of Clydesdale/Yorkshire Bank has stepped down after the bank had to increase its PPI claims provision by almost six times following intervention by the Financial Conduct Authority (FCA).

It has emerged that the bank’s parent company, National Australia Bank (NAB) has hired a firm of City headhunters to find a replacement for David Thorburn who has been in his post for nearly four years.Read More


Bank of England aware of a possible crash but did nothing

Bank of England aware of a possible crash but did nothing

A shock report has revealed the Bank Of England were aware of problems with liquidity of banks just before the financial crash in 2007, but did nothing.

Astonishingly, the bank’s governing body – known as the Court – discussed the issue in a top secret meeting just a month before the storm broke and identified liquidity as ‘a central concern’.Read More


Housing market falls to 17 month low

Housing market falls to 17 month low

The UK housing market dipped to a 17 month low in November according to figures from the Bank Of England, confirming the slow down in the summer recovery.

But figures from Halifax show that the number of first time buyers in 2014 rose to the highest level in seven years.Read More


New warning over annuities mis-selling

New warning over annuities mis-selling

A new warning has been issued that annuities mis-selling by pension companies could become an even bigger scandal than PPI, costing the industry billions of pounds.

Nick Flynn of LEBC Group says there is a danger that thousands of people who were sold billions of pounds worth of standard annuities should have been offered an enhanced product paying them more money.Read More


FOS still getting 4,000 new PPI claims a week

FOS still getting 4,000 new PPI claims a week

The Financial Ombudsman Service (FOS) is still receiving 4,000 new PPI claims a week from claimants who have been rejected by their lenders and 65% of complaints had been unfairly rejected by lenders.

Chief Ombudsman Caroline Wayman says ‘it will be years’ before the biggest scandal in UK financial history is over.Read More


RBS facing mega fine over mis-selling scandal

RBS facing mega fine over mis-selling scandal

Royal Bank OF Scotland (RBS) is facing a mega fine of up to £5 billion for its part in yet another financial mis-selling scandal.

Shares in the bank fell by 1.5% on the first trading day of the New Year after news of the possible scale of the fines became public.Read More


Government employs debt chaser to claw back £20 billion

Government employs debt chaser to claw back £20 billion

The government has struck a deal with an American owned debt chasing company to try to recover £20 billion in unpaid taxes and student loans.

Ministers have created a joint venture with TDX Group – a leading ‘recovery management’ firm – to try to recover overpaid benefits and grants as well as the taxes and student loans.Read More


FCA in regulatory clampdown on seven financial benchmarks

FCA in regulatory clampdown on seven financial benchmarks

The Financial Conduct Authority (FCA) is to clamp down on the regulation of seven UK-based financial benchmarks in the wake of a series of scandals.

The regulator is taking over responsibility for policing a set of fixed income, commodity and currency benchmarks which affect the daily workings of the world’s markets.Read More


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