UK retail banks questioned by MPs on fraud levels

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An influential committee of MPs has asked the UK’s five leading high street banks to report on how they assemble fraud figures, in response to a claim that they understate the numbers by as much as half.
The Treasury select committee was told banks only report fraud if the money lost is irretrievable, neglecting to include large amounts of stolen funds that are recovered.

Andrew Tyrie, chair of the committee, which oversees financial legislation, has asked Barclays, HSBC, Lloyds, Santander and Royal Bank of Scotland for information about […]

Bankers Escape Justice

Even after PPI, forex and the financial crisis, many of the directors who presided over scandal remain in public life.
There was a time when bank bosses took at face value Ogden Nash’s satirical poem Bankers Are Just Like Anybody Else, Except Richer. Not any more. These days most bank executives realise they are different in that their actions can blow up the global economy, bring nations to their knees and impoverish millions.
City watchdogs say they also grasp that global […]

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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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 […]

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 […]

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Osborne Accused of Handing Big Banks ‘Secret Tax Cut’

Chancellor’s pledge to introduce new bands for the bank levy mean some big banks could end up paying hundreds of millions of pounds less in tax.
Britain’s biggest lenders are in line for hundreds of millions in tax cuts under proposed changes to the bank levy after complaining that the burden fell disproportionately on domestic institutions.

Barclays and HSBC could see their levy charges fall by a combined total of more than £300m if the Treasury goes ahead with plans to […]

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    Bankers’ bonus cap architect says EU must sue UK government

Bankers’ bonus cap architect says EU must sue UK government

MEP calls on European commission to take UK to court for allowing banks to ‘blatantly’ sidestep EU rules limiting bonuses
One of the architects of the EU’s cap on bankers’ bonuses has called for the UK government to be sued for allowing banks to sidestep the new rules as two more high street banks were preparing to hand their bosses up to £1m in extra pay to avoid the clampdown.
Philippe Lamberts, the Belgian Green MEP who helped devise the restrictions, […]

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RBS considers how to maintain Multimillion pound Bonuses

The Bank which is 81% owned by taxpayers is keen to keep pace with Barclays and HSBC, which plan to hand out ‘allowances’
Royal Bank of Scotland said it was consulting shareholders about pay, but had made no decisions yet.  The Bank risks fuelling the row over pay as it considers how to follow rivals that have devised ways to avoid the EU bonus cap and maintain their bankers’ multimillion-pound pay cheques.
The 81%-taxpayer-owned bank is keen to keep pace with […]

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By |January 16th, 2014|All Banks, Barclays, HSBC, RBS|0 Comments
  • Dave Simonds cartoon on bankers' bonuses
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    One thing’s certain in 2014: bankers will get bigger payouts

One thing’s certain in 2014: bankers will get bigger payouts

 Regulators are trying to cap financial pay packets, but banks have already found ways  around the new rules.
 Prepare for “an out-of-body experience”. We have Sir Philip Hampton, the chairman of  Royal Bank of Scotland, to thank for describing that memorable reaction to negotiating a  £4m bonus with an employee of the bailed-out bank and the recipient’s fury at the level of the payout, which he considered derisory. A rival of the unnamed banker was getting £6m. “This is absolutely […]

  • Dave Simonds cartoon on bankers' bonuses
  • Dave Simonds cartoon on bankers' bonuses
  • Dave Simonds cartoon on bankers' bonuses
  • Dave Simonds cartoon on bankers' bonuses
  • Dave Simonds cartoon on bankers' bonuses
By |January 5th, 2014|All Banks, HSBC, RBS|0 Comments