Blog Category: Banks
Lloyds Bank could be re-privatised by the end of 2015 says Chancellor George Osborne.
He was speaking after the government reduced its stake in the bank to less than 13% by selling off a further 1% of its holding, valued at around £500 million, to institutional investors.Read More
The Financial Ombudsman Service (FOS) is still receiving more than 3,600 new PPI complaints every week, according to figures released today.
But they are just the claims appealed by consumers after being rejected by the banks. Many thousands more are successful and are paid out each week.Read More
Financial experts are speculating that Britain’s banks are on the verge of being hit by another £40 billion bill for mis-selling and manipulation of a number of exchange rates.
A new mis-selling scandal could cost the UK’s banks millions of pounds after a redress scheme was agreed between the banks, credit card companies and insurance provider Affinion International.
An estimated 2 million card holders who were sold unnecessary card protection for fraudulent use of stolen or lost cards can now claim compensation for the useless cover which cost up to £25 a year.Read More
The Co-operative Bank has almost tripled its losses for the first half of the year – from £77 million in 2014 to £204 million this year – and says it could be another two years before it is back in the black.
The bank has been under siege since nearly going under two years ago when it had to be rescued by a consortium of investors after a £1.5 million ‘black hole’ was discovered in its balance sheet.Read More
The troubled Co-op Bank has dodged a possible £120 million fine for the failings which led up to its virtual collapse in 2013 after a £1.5 billion ‘black hole’ was found in its balance sheet.
The bank has been under intense scrutiny from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for the last two years after it had to be rescued by a consortium of investors led by American hedge funds. The Co-operative parent company now owns just 20% of the bank.Read More
Three of Britain’s top banks are involved in a £1.3 billion settlement of the FOREX rigging scandal.
The troubled Clydesdale/Yorkshire Bank has been given another £420 million by its Australian parent company to pay future successful PPI claims.
National Australia Bank (NAB) which owns the two British banks has also made a further £80 million available to pay compensation for mis-sold interest rate hedging products.Read More
Angry consumer groups are demanding that the UK financial regulator does not cave in to pressure from the banks to impose a deadline on future PPI claims.
Martin Lewis of moneysayingexpert.com and Richard Lloyd of Which? have written a joint letter to Tracey McDermott, acting chief executive of the Financial Conduct Authority (FCA), with a last ditch plea to prevent the deadline being agreed.Read More
The government has started its re-privatisation of Royal Bank Of Scotland (RBS) by selling off 600 million shares to institutional investors at a loss of £1 billion.
The Treasury waited for the Stock Market to close yesterday before offering the shares at 330p each – a discount of 7.6p on the market’s closing price.Read More