Lloyds and Barclays top bank complaints

New figures show two banks attracted over 56,000 new complaints in first half of this year.
Lloyds Banking Group is the banking group the Financial Ombudsman Service received most complaints about, according to its latest figures, while Barclays generated the highest percentage of complaints per customer.
Between January and June this year, over 30,000 people complained to the Ombudsman about the Lloyds group, which includes Lloyds Bank and Bank of Scotland. And nearly 27,000 people complained about Barclays.
The Ombudsman is where […]

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This years biggest Banking Bonuses

Foreign exchange traders are traditionally among those receiving the biggest bonuses, but an industry-wide rigging scandal and slumps in market activity will mean this year being especially lean.
According to data from Emolument, the salary benchmarking site, bonuses at banks’ foreign exchange divisions are expected fall by 43pc this year.
A number of large banks are under investigation for foreign exchange rigging, in a scandal that it is believed could potentially outstrip Libor in terms of fines.
Additionally, historically dismal levels of […]

By |September 22nd, 2014|All Banks, Bank Bonuses, FCA|0 Comments

RBS faces legal action over GRG unit

The Royal Bank of Scotland could face legal action from hundreds of small business owners over its controversial Global Restructuring Group (GRG) division.
According to The Times, 800 companies have approached the RBS GRG Business Action Group to be considered for a group legal action.
The action group has appointed law firm Clyde & Co to review allegations that RBS GRG, which was meant to help firms facing collapse, actually forced viable companies out of business.
The Times said some companies claimed […]

SRA silent over ‘fake’ bank law firm probe

The Solicitors Regulation Authority has received complaints about individual in-house solicitors accused of involvement in sending letters purporting to be from independent law firms, as more banks admitted adopting the practice.
The regulator declined to say whether it will investigate, despite warning in July that in-house solicitors misleading customers in this way would breach the Code of Conduct.
Questions have been raised about the role of in-house legal teams in creating the letters since the Gazette revealed in June that Lloyds […]

By |September 22nd, 2014|All Banks, HSBC, RBS, Ross McEwan|0 Comments
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    RBS CEO Ross McEwan – Deception is Common Industry Practice

RBS CEO Ross McEwan – Deception is Common Industry Practice

Britain’s biggest banks have admitted sending thousands of letters from fake debt collection agencies in a deliberate attempt to intimidate customers into paying up.
In a series of letters to the Commons Treasury committee, several of the biggest names in banking admit they have sent misleading letters to tens of thousands of customers who are struggling to repay their debts.  They now face the prospect of a full-scale inquiry by MPs, who have condemned the ‘menacing’ practice.  Andrew Tyrie, Tory […]

Banks still committing the same old crimes

Mark Garnier, the Conservative MP for Wyre Forest in Worcestershire, has condemned banks for committing “the same crimes” following the financial crisis, and called for greater empowerment and accountability for frontline staff.
Discussing the £14.5m fine imposed on Royal Bank of Scotland and Natwest for “serious failings” in their advised mortgage business by the FCA, Treasury select committee member Mr Garnier said: “They are obviously moving on with this, but it’s truly shocking that banks are still committing the same […]

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Bankers’ bonuses – 100 times higher than public sector

Bankers’ bonuses were more than a hundred times higher than public sector workers over the past year and grew at double the rate of those of the average UK worker, official figures have showed.
The average bonus for bankers and insurance workers was £13,300 between May last year to April, while that of public sector workers such as nurses and teachers was the lowest at around £100 on average.  The figures are likely to prompt further calls for stricter rules […]

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    Lawrence Tomlinson – Lloyds & RBS Should Boost Lending Or Be Broken Up

Lawrence Tomlinson – Lloyds & RBS Should Boost Lending Or Be Broken Up

The government should use its stake in Lloyds Banking Group and the Royal Bank of Scotland to force them to lend more to firms, coalition adviser and multimillionaire businessman Lawrence Tomlinson has urged.
Speaking to the Huffington Post UK, care home mogul Tomlinson, who was drafted into the Department for Business as an “entrepreneur-in-residence”, said the two banks were “numb” to identifying what makes a business worth supporting.
“I think the two banks are too large to understand the difference between good and bad businesses, […]

BOE prospect of interest rate rise in 2014

The prospect of a pre-Christmas increase in interest rates rose after two members of the Bank of England’s key policy-making body broke ranks and voted for higher borrowing charges.
City dealers said it was possible that rates could be lifted from their emergency level of 0.5% by the end of the year, as three years of unanimous 9-0 decisions at Threadneedle Street ended with Martin Weale and Ian McCafferty calling for the cost of borrowing to be raised by 0.25 percentage points.
Although the […]

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By |August 28th, 2014|All Banks, BoE|0 Comments

Papering over the cracks

he decision by RBS to dissolve its Global Restructuring Group, an arm of the bank that stands accused of destroying viable UK businesses for profit, will do little to repair the damage caused to the bank’s beleaguered reputation. By Ian Fraser

As a damage limitation exercise, it ranks alongside Rupert Murdoch’s shock closure of disgraced tabloid the News of the World in 2011. 

The Royal Bank of Scotland has told staff that its Global Restructuring Group (GRG), which stands accused of […]

Investors urged to join action against Lloyds

A SHAREHOLDER group that has filed a legal claim for compensation from Lloyds over its controversial rescue of HBOS in 2008 is pressing big institutional investors to throw their weight behind the action.
Lloyds Action Now (LAN), which represents 7,500 small shareholders, said an expected granting of a group litigation order (GLO) by the High Court this week will pave the way for more than 800,000 more to join, as well as leading institutional shareholders.
No specific amount of compensation has […]

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RBS to give £3.5m in shares to top executives

The Royal Bank of Scotland (RBS) has revealed plans to give 10 top executives £3.5 million worth of shares, in a move to avoid strict EU rules on bonuses within the banking industry.
RBS, which remains 81% owned by the taxpayer after being bailed out during the financial crisis, reported losses of £8.2 billion for 2013. The bank linked the losses to restructuring costs and misconduct fines. The government blocked plans for RBS to pay bonuses twice the size of […]

RBS puts Coutts overseas arm up for sale

Royal Bank of Scotland (RBS) has hung a “for sale” sign on the overseas arm of Coutts, its private banking business for millionaires.

Staff at the taxpayer-owned bank were told on Monday that, following a review of its “High Net Worth” businesses, RBS is considering selling or restructuring Coutts International.

In a message to employees, Alison Rose, the head of RBS’s commercial and private bank, reassured staff that the UK arm of Coutts, which accounts for most of the division’s business […]

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By |August 14th, 2014|coutts, RBS|0 Comments
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    Sach out – RBS begins to dismantle controversial restructuring division

Sach out – RBS begins to dismantle controversial restructuring division

Sach and Aubrey Adams, who runs the property unit within the global restructuring group (GRG), are leaving at the end of next March. Laura Barlow, who currently heads up the restructuring team for the UK and US within GRG, has been appointed as head of RBS’s restructuring division with immediate effect.
GRG, which deals with companies facing collapse, has faced a barrage of criticism, notably from Lawrence Tomlinson, an adviser to the business secretary, Vince Cable. He concluded in a […]

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    RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

The Royal Bank of Scotland is scrapping the Global Restructuring Group (GRG), the controversial unit accused of engineering businesses into default while profiting from their struggles, says sources.
Sources told IBTimes UK that GRG “no longer exists” and was disbanded with immediate effect, while two of the group’s biggest bosses Derek Sach and Aubrey Adams will leave the bank.
However, another top GRG executive, Laura Barlow, will remain at the bank and take on a new role elsewhere.
RBS declined to comment.
Last […]

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    Sir Philip Hampton may quit RBS in potential move to GlaxoSmithKline

Sir Philip Hampton may quit RBS in potential move to GlaxoSmithKline

Sir Philip Hampton, chairman of Royal Bank of Scotland, is thought to be preparing his exit from the bailed-out bank amid mounting expectations he will move to the same role at GlaxoSmithKline.
The switch by Hampton to the top role at Britain’s biggest pharmaceutical company is expected to be confirmed next month.
He would replace Sir Christopher Gent, the current chairman, who has indicated he intends to stand down at the end of 2015 after almost 10 years in the role […]

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    Lloyds investors file for losses they claim were incurred in HBOS rescue

Lloyds investors file for losses they claim were incurred in HBOS rescue

A group of investors yesterday filed a claim for compensation from Lloyds Banking Group for losses they claim they incurred during the rescue of HBOS in 2008.
The Lloyds Action Now activist group has spent years assembling the case, which argues that the true health of HBOS was deliberately concealed from investors when Lloyds was taking over the troubled bank. The enlarged bank later had to be bailed out with £20bn of taxpayer money.
No specific amount of compensation has been outlined in the claim, […]

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George Osborne to reveal shake-up of SME loans

http://www.ft.com/cms/s/0/14a1ec8c-1cc4-11e4-88c3-00144feabdc0.html#ixzz39uXmlGpI

By Sam Fleming
Banks that reject loan applications from small and medium-sized companies will be forced to refer them online to other sources of funding.  George Osborne, the chancellor, will on Wednesday confirm plans to legislate to improve SME access to finance as part of a series of measures that aim to encourage choice and competition in financial services.

The move comes as Britain struggles to boost competition in the banking sector: the four biggest banks control 85 per cent business […]

Tomlinson welcomes RBS Belated U-Turn to Treasury Committee

The former Government advisor who published a scathing report on the way RBS managed its relationships with some small businesses has welcomed the bank’s admission that its corporate turnaround division was used as “profit centre”.
Yorkshire entrepreneur Lawrence Tomlinson made headlines last year when he claimed that RBS had engineered businesses into default to move them into its Global Restructuring Group (GRG). Yesterday he said he was “pleased the truth has come to light”.
The GRG unit is meant to help […]

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RBS bankers in controversial GRG unit given £17m bonus

Taxpayer backed bank Royal Bank of Scotland has handed bonuses worth £17m to bankers in its restructuring division, despite an ongoing investigation by the City’s watchdog into its treatment of small businesses.

RBS’ global restructuring group (GRG) has been the focus of allegations by Lawrence Tomlinson, a Government adviser, that it forced viable small businesses to the brink so the bank could then buy up the properties and make a profit.

Another report by the former Deputy Governor of the Bank […]

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