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Blog Category: Banks


Barclays add another £600 million to PPI pot

Barclays add another £850 million to PPI pot

Barclays Bank has added another £600 million to the amount they have set aside to pay future successful PPI claims.

The bank – the first to declare its half year figures for 2015 – has now set aside a total of £6 billion.Read More


Did the government and banks exert pressure on the FCA over mis-selling?

Newsnight claim

A BBC investigation claims the government and banks have both exerted pressure on the UK’s financial regulator to sidestep millions of pounds of compensation for mis-sold interest rate hedging products.

The Newsnight programme says it believes that the Treasury tried to put pressure on the Financial Conduct Authority (FCA) over concerns about how much the mis-selling of interest rate hedging (IRH) products could cost the British banking industry.Read More


Government forced to stop selling Lloyds shares?

Government forced to stop selling Lloyds shares?

Experts believe the government could be forced to stop selling Lloyds shares to make sure there are enough for the Chancellor’s promised sale to the general public.

The trickle selling of shares to the institutions overseen by UK Financial Institutions has been so successful there is a danger the government will run out of shares to sell to the public before the retail sale takes place in February or March next year.Read More


Banks to set aside another £2 billion for PPI?

Banks to set aside another £2 billion for PPI?

City analysts are predicting that three of Britain’s top banks are about to set aside a further £2 billion to pay for PPI claims, fines and legal costs.

Barclays, Lloyds and Royal Bank Of Scotland (RBS) will all announce their half year figures this week and all of them are expected to reveal substantial amounts being set aside to pay for future successful PPI claims and money needed to pay fines and costs for involvement in a number of scandals.Read More


MPs will investigate delays into HBOS report

MPs will investigate delays into HBOS report

MPs from the Commons Treasury Select Committee (TSC) are set to investigate the continuing delays into the publishing of the report on the £20.5 billion collapse of Halifax/Bank Of Scotland (HBOS) seven years ago.

The report was commissioned in 2012, but has been repeatedly delayed.Read More


FOS says 74% of PPI claims unfairly rejected

FOS says 74% of PPI claims unfairly rejected

New quarterly figures issued by the Financial Ombudsman Service (FOS) show that 74% of the claims resolved between April and June had been unfairly rejected.

The new figures show that FOS received 62,105 complaints about PPI in the three month period, resulting in 49,377 new claims – a rate of 3,700 a week.  PPI claims continue to make up more than half of all complaints received by the service.Read More


FCA chief ousted by Chancellor

FCA chief ousted by Chancellor

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), has been ousted by Chancellor George Osborne.

News outlets are claiming Mr Wheatley resigned after learning Mr Osborne would not be renewing his contract when it came up for renewal in March next year.Read More


FCA – “There is nothing to fear from high standards”

FCA - “There is nothing to fear from high standards”

The FCA’s new rules on banking accountability will not be used to hunt the scalps of wrongdoers, emphasising ‘there is nothing to fear from high standards.’

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UK interest rate may be on the rise soon

UK interest rate may be on the rise soon

Britain’s base interest rate may soon be on the rise after being held at a record low of 0.5% for six years.

Bank Of England Governor, Mark Carney, told the Common’s Treasury Select Committee that the date for a rate rise is  moving closer, given the performance of the economy.Read More


RBS faces massive $13 billion bill over US securities

RBS faces massive $13 billion bill over US securities

Royal Bank Of Scotland (RBS) is facing a massive $13 billion (£8.33 billion) bill to settle claims that it mis-led purchasers of mortgage-backed securities in America.

The potential penalty is more than double RBS’s expected profit this year and the American agency involved in the case says it may not be able to pay.  The figure is also more than four times what RBS has put aside to settle the case.Read More



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