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HSBC has become the latest bank to pay a multi-million dollar settlement to American regulators to conclude its involvement in the mis-selling of toxic mortgage investments in the lead up to the financial crisis of 2008.
4:04 pm HSBC
Are smartphones taking over the banking business?
The number of consumers using their smartphones to run their bank accounts has soared in recent years.
Together with internet banking, they have been blamed by many of the high street banks for the need to close branches across the country as customers change the way they handle their money.Read More
Is FOS solely to blame for PPI backlog?
The Channel 4 Dispatches programme highlighted major problems with the handling of financial appeal cases by the Financial Ombudsman Service (FOS), alleging poorly trained staff making wrong decisions on appeals and favouring the banks above the consumer.
After an undercover reporter infiltrated FOS’s training programme and found some staff had to Google a financial product after being asked to make an appeal judgement on a case.Read More
Have YOU done anything yet?
Six months after Arnie Schwarzenegger urged consumers to ‘Do It Now’ and check if they have ever been mis-sold PPI, the pace of claims has picked up and millions more has been paid out to successful claimants.
The mis-selling of PPI has become one of the biggest financial scandals the UK has ever known with millions of policies being sold to people who didn’t want them, didn’t need them and, in many cases, didn’t even know they had them.Read More
Barclays PPI claims 16% up in 2017
Claims for mis-sold PPI against Barclays Bank soared by 16% in 2017.
Total claims received have now topped 2.1 million – 300,000 up on the previous year – and the bank has paid out a total of £7.6 billion in compensation for successful PPI claims.Read More
£840 million for HSBC PPI in 2017
HSBC added an extra £840 million to its PPI compensation pot in 2017 in anticipation of a flood of new claims following the announcement of the PPI claims deadline.
Another £450 million for Lloyds PPI
As Britain’s high street banks start to gear up for the publication of their annual figures, analysts have started to speculate that millions of pounds will have to be added to be added to their PPI compensation pots.
February is the month when the big four banks – Lloyds, Barclays, Royal Bank Of Scotland (RBS) and HSBC reveal how their forward planning for dealing with future PPI claims has worked.Read More
Lloyds axes more than 900 jobs
Lloyds Banking Group (LBG) has announced the axing of more than 900 jobs in the latest phase of its shake-up across the business.
Euro banks fined over $46 million
Three top European banks have been fined more than $46 million for ‘spoofing’ the futures market for precious metals and share indexes.
⚠️ With the PPI Deadline less than a year away, now would be the perfect time to check!
In the latest crackdown on banking misbehaviour the Commodity Futures Trading Commission (CTFC) has jointly fined HSBC, UBS and Deutsche Bank $46.6 million (£33.2 million) to settle a series of spoofing charges made against them.Read More