Blog Category: Banks
The UK financial watchdog has published a new set of rules making top bankers responsible for the misconduct of their employees, unless they can show they took steps to stop it.
The announcement comes two years after the Parliamentary Commission on Banking Standards proposed a shake-up in the rules governing the way in which the country’s top bankers carry out their work following the financial crash of 2008.Read More
Lloyds Banking Group (LBG) chief executive, Antonio Horta-Osorio, has told other banks to stop complaining about new regulations on ring-fencing and stop treating customers badly.
The idea of ring-fencing banking operations to separate retail divisions from the investment side is that it will stop retail banking money being used to fund investment banking operations. Read More
As the Financial Conduct Authority (FCA) announces that the total paid out for mis-sold PPI is now just a shade under £20 billion, analysts are starting to ask how much more will PPI cost the banks?
The £410.1 million paid out in April brings the total so far to £19.7 billion with a further £6 billion set aside to pay future successful claims. But is that going to be enough?Read More
Chancellor George Osborne has announced he is willing to sell off Royal Bank Of Scotland (RBS) at a loss because further delay would be bad for the economy, the taxpayer and the bank.
The move will be the biggest ever UK privatisation, even though it means the bank could be sold for less than half the amount of the government bail-out in 2008.Read More
Guest house owner Christine Davidson thought it was bad news when Bank Of Scotland rejected her claim for mis-sold PPI on her credit card.
“I thought it was all over,” she said. “But when I spoke to Gladstone Brookes about it they said they disagreed with the rejection and thought it was one which should be appealed.”Read More
Lloyds Banking Group (LBG) has been fined a record £117 million by the UK financial regulator for mis-handling PPI complaints – five times more than the previous record.
The bank has also agreed to either review or automatically uphold 1.2 million previously rejected claims which could be worth hundreds of millions of pounds to consumers.Read More
News is emerging that Lloyds Banking Group (LBG) is about to be hit by the UK’s biggest ever fine for mishandling the investigation of PPI complaints – possibly more than £100 million
The Financial Conduct Authority (FCA) have refused to comment at this stage or confirm the amount involved, but it is believed the fine will dwarf the previous record fine of £20.7 million handed out to the Clydesdale Bank in April.Read More
In the week where the UK regulator confirmed it may be changing the rules for investigating the mis-selling of PPI they have announced that payouts under the current system have now topped £19 billion.
The Financial Conduct Authority (FCA) has confirmed it is examining the results of a landmark Supreme Court decision from last year. The court ruled that failure to disclose a large commission payment on single premium PPI policies made the relationship between lender and borrower unfair under Section 104A of the 1974 Consumer Credit Act.Read More
Three top British banks have revealed they are investigating the possibility they may have been used for corrupt payments by FIFA officials.
Barclays, HSBC and Standard Chartered are among dozens of banks named in a US Department of Justice indictment following the arrest of seven FIFA officials who – together with seven others – were charged with racketeering, wire fraud and money laundering over a 24 year period.Read More
The Treasury has confirmed it is to launch a Lloyds share sale to the public ‘within the next 12 months.’
It also announced that it has sold a further 1% of shares as part of the Chancellor’s trading plan to take its stake below 19%.Read More