Blog Category: Banks
Virgin Money boss, Jayne-Anne Gadhia says the next chief executive of UK’s financial regulator should introduce a deadline on future PPI claims and let the banking sector go back to growing.
Martin Wheatley was recently ousted as chief executive of the Financial Conduct Authority (FCA) by Chancellor George Osborne. Now Ms Gadhia wants to bring an end to the multi-million £ fines and multi-billion compensation costs for mis-sold PPI.Read More
HSBC has announced an additional £58 million to its PPI provision ‘reflecting higher than expected levels of inbound complaints.’
Their half year report adds that they expect a further 300,000 complaints in future, but that figure did not include potential new claims generated by the Plevin case of 2014.Read More
Lloyds Banking Group (LBG) have raised their PPI payout pot by a further £1.4 billion, increasing their overall provision to £13.4 billion.
Chief Financial Officer, George Culmer, revealed in the bank’s half yearly figures that £2.2 billion of the figure remains unused. It is intended to cover future successful claims and the cost of the Past Business Review Lloyds have had to carry out on 1.4 million previously rejected or potentially underpaid cases.Read More
Royal Bank Of Scotland (RBS) has reported a half year loss of £153 million after setting aside still more money for litigation costs.
But the predicted increase in their PPI provision did not materialise. The £459 million being set aside is intended for anticipated penalties by US regulators arising from the mis-selling of mortgage-backed securities in America and interest rate hedging products.Read More
The FCA believe warnings about pressure tactics being used on sales staff in financial businesses are being ignored.
The UK regulator issued a statement in mid March, highlighting its concerns that management applying pressure to sales staff increases the risk of mis-selling products to customers.Read More
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
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
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
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 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