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 […]
Lloyds and Barclays top bank complaints
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 […]
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, […]
Banking sector slow to increase competition after new rules
A relaxation in the rules governing the creation of new banks is yet to lead to a dramatic increase in the number of new high street players being authorised by the City regulator.
Figures published by the Bank of England show little change in the annual approval rate for new banks since the introduction of rules last year, which mean that new banks need less capital to get started than they did in the past.
Five banks were authorised in the […]
Bank of England cuts 100 jobs in biggest cull for a decade
Union expresses shock as review initiated by Bank governor Mark Carney focuses cuts on IT and HR staff
Pedestrians and workers outside the Bank of England. The Bank says it ‘envisages between 80 and 100 redundancies’. Photograph: Bloomberg/Getty
The Bank of England has announced its biggest jobs cull for more than a decade, with 100 positions to go as part of an efficiency drive.
The “value for money review”, which was launched shortly after Mark Carney arrived as governor last year, puts as many […]
Update on independent review of RBS’s treatment of business customers in financial difficulty
The Financial Conduct Authority (FCA) has appointed Promontory Financial Group and Mazars to conduct an independent skilled persons report under section 166 of the Financial Services and Markets Act (FSMA) 2000.
The report will examine Royal Bank of Scotland’s (RBS) treatment of business customers in financial difficulty and consider allegations of poor practice set out in the report by Dr Lawrence Tomlinson and referenced in Sir Andrew Large’s report.
The first stage of the review will consider RBS’ treatment of a […]
More competition in banking depends upon a more feasible plan
Ed Miliband has picked a reasonable fight with big bank bosses, but his suggested structure leaves much to be desired. His desired structure – two new challenger banks created via divestments of branches by the current big banks – looks unworkable. Too crude. Too costly. Too time consuming. Ed Miliband should prepare for more attacks along these lines. Executives at big banks simply hate the idea that they should be made to unload parts of their organisations.
Some of the objections carry […]
Lloyds and TSB customers vent anger as IT glitch hits ATMs and debit cards
Account holders complain of being unable to withdraw cash or pay for food and petrol in latest meltdown for high-street banks,
Customers vented their anger on Sunday night after Lloyds and TSB became the latest high-street banks to experience a technological meltdown which led to many people being unable to withdraw money or use their cards.
Furious customers complained of having to leave shopping behind at supermarket counters and being unable to pay restaurant bills.
Lloyds said the problem was affecting debit […]
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