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HBOS collapse – the result of management failure while FSA was ‘deficient’

HBOS collapse

The collapse of Halifax/Bank of Scotland (HBOS) in 2008 was the result of management failure and the City regulator – the Financial Services Authority (FSA) – was ‘deficient’ in its handling of the crisis.

These are the findings of two damning reports into the catastrophic collapse of HBOS which was rescued from collapse by Lloyds TSB – an action which later resulted in Lloyds being bailed out by £20.5 billion of taxpayers’ money.Read More

SUCCESS STORY – I think I would have been fobbed off


Pensioner Janet Marsland is grateful for the help she received from Gladstone Brookes in getting her compensation for mis-sold PPI from Yorkshire Bank.

She said: “If it hadn’t been for you, I don’t think I would have got anything back.  I had already fallen out with Yorkshire Bank over the way they treated me in the past and I think I would have been fobbed off if I’d made the complaint myself.Read More

SUCCESS STORY – I couldn’t get any sense out of them

Carry on the good work!

Former merchant seaman Colin Rotchell tried to make a claim himself for mis-sold PPI on a Lloyds loan, but got nowhere.

“I tried calling the bank,” he said, “But I couldn’t get any sense out of them.”Read More

SUCCESS STORY – Absolutely delighted with the service

Over the moon

Like many others, Kevin and Maureen Devenish had been hearing about mis-sold PPI for years, but they never did anything about it because they didn’t think it applied to them.

Then their son made a claim through Gladstone Brookes and was paid compensation.Read More

‘Banned’ self cert mortgages set for comeback

self cert mortgages comeback

Self certification mortgages, effectively banned by the UK regulator, are set to make a comeback through a new lender setting up in an eastern European country.

Normal mortgages require the lender to ensure that the borrower has enough income to make the repayments, but ‘self cert’ loans didn’t require the affordability check.  They became known as ‘liar loans’ because borrowers fibbed about how much they earned so they could get a bigger mortgage.Read More

Be on the lookout for cyber villains on Black Friday

Buyers beware

The shopping frenzy that is Black Friday is coming up fast, but people are already being warned to watch out for cyber villains plotting to separate you from your festive cash.

An estimated £810 million was spent in the UK on Black Friday last year and this year’s event, on November 27th, is confidently expected to top that and could be the first ever £1 billion shopping day in the UK.Read More

Top MP warns government to resist bank lobbying

Warning about bank lobbyinf

An influential MP has repeated a warning to the government not to give in to lobbying by Britain’s banks to ‘water down’ banking reforms designed to prevent a repeat of the 2008 financial crisis.

Tory MP Andrew Tyrie, chairman of the Treasury Select Committee and former chairman of the Parliamentary Commission on Banking Standards (PCBS) sounded the alarm bell in a speech in the City Of London.Read More

£411m PPI issues push Clydesdale/Yorkshire into the red

Fall in profits

An extra £390 million for mis-sold PPI and a £21 million fine from the UK financial regulator have combined to help push Clydesdale/Yorkshire banks’ balance sheet into the red by £308 million for the year ending September 20th 2015.

The joint banks’ annual report shows their overall PPI provision to date is £1.196 billion with £770 million remaining to pay future successful claims.Read More

SFO to charge 10 bankers over rate-rigging

Fraud charge for bankers

The UK’s Serious Fraud Office (SFO) is to charge 10 bankers who are accused of rigging the benchmark lending rate Euribor.

Proceedings are being taken to bring the 10 – nine men and one woman – before Westminster Magistrates Court on January 11th, charged with conspiracy to defraud.Read More

FCA can’t fine HBOS execs over bank collapse

FCA can't fine bankers

A report to be published later this week is expected to reveal that the UK’s financial regulator cannot fine former executives of HBOS because the bank collapse happened so long ago it is now outside the six year statute of limitations on fines.

The report is also expected to make the explosive allegation that HBOS executives ‘leant on’ auditors KPMG to approve their own analysis of impairment charges, despite the auditors taking a more pessimistic view of the bank’s balance sheet.Read More