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Global cost for ‘banks’ bad behaviour’ – $273 billion and counting

Global cost for bad boy banks

Ratings agency Moody’s has produced a new report which claims bad behaviour by the world’s banks has cost them $273 billion (£210.25 billion) so far – with more still to come.

Top financial journalist Eshe Nelson says: “It’s a number that gives big bank execs nightmares. In the nine years since the global financial crisis, US and European investment banks have set aside $273 billion in provisions to pay for fines and other litigation related to bad behaviour.”Read More

CHARITY OF THE MONTH – Alder Hey Children’s Charity

Gareth hands over the cheque for £400 to fundraiser Allan Eves

Gareth Smith has been back to Liverpool’s Alder Hey Children’s Hospital to say ‘thank you’ for saving his life when he was just one day old.

Gareth nominated the hospital’s Children’s Charity as GB’s charity of the month for July as his way of saying thank you for the life-saving operation performed by surgeons after it was discovered he had been born without an oesophagus.Read More

RBS hit by a £4.2 billion US fine

RBS hit by a £4.2 billion US fine

Royal Bank of Scotland (RBS) has been hit with a £4.2 billion fine from US authorities for selling toxic mortgages in the run up to the financial crisis.

But the pain is not over yet as another fine from the US Department of Justice (DOJ) is expected later in the year and there is speculation that it could be as high as $12 billion.Read More

How much more is owed in PPI compensation?

How much more?

As the total bill for PPI mis-selling breaks £27 billion, commentators are starting to ask how much more will have to be paid out before the PPI claims deadline in August 2019?

Payment protection insurance was mis-sold on an industrial scale for more than two decades before the first alarm bells started to ring in the mid-NoughtiesRead More

The Great Escape: Co-op Bank signs £700m rescue package

Co-op sign rescue deal

The Co-op Bank has signed a £700 million rescue package to prevent it being wound up under Bank Of England regulations.

The Manchester based bank has signed a deal with its existing investors who have agreed to swap their debt for a stake in the bank.Read More

Risk of more heavy fines and sanctions over PPI, claim

Risk of more heavy fines and sanctions over PPI, claim

Britain’s financial services industry runs the risk of more heavy fines and sanctions over their handling of PPI complaints claims an expert who helps banks to engage with their customers.

Tim Dimond-Brown works for GMC software who help banks communicate better with their clients. He said: “The final deadline for PPI claims and the effects of the Plevin ruling put the financial services industry at risk of heavy fines and sanctions if organisations do not communicate with customers in the right way.”Read More

Co-op Bank no longer up for sale

Co-op Bank no longer up for sale

The Co-operative Bank is no longer up for sale with a rescue plan on the horizon.

The bank had put itself up for sale in February after it was unable to meet capital requirements for Bank Of England regulations.Read More

Don’t give up in the face of rejection

Don’t give up in the face of rejection

Britain’s banks have paid out billions of pounds in compensation for successful PPI claims over the past seven years, but not all claims are successful and the banks have also rejected millions of claims in that time.

It’s impossible to say how many have been rejected over the years, but once a rejection is received it’s important to understand that all is not lost.Read More

Another £6bn of B&B mortgages go up for sale

Another £6bn of B&B mortgages go up for sale

The UK government is preparing to sell off another £6 billion worth of Bradford and Bingley (B&B) mortgage loans – twice the expected amount.

The sell-off follows the successful deal in which insurance giant Prudential and US private equity firm Blackstone bought £11.8 million worth of B&B mortgages in March.Read More


Charity of the month

Kelvin Hughes of Dravet Syndrome UK receives our £400 donation from Sarah Cunliffe who nominated the charity

Our charity of the month for June is Dravet Syndrome UK, nominated by Sarah Cunliffe.

Dravet Syndrome is a rare and disabling type of epilepsy which is all the more distressing as is presents in infants and for which there is no known cure.Read More