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 […]

Man wins landmark legal battle after going £2.67 overdrawn

Oliver Foster-Burnell, 28, has won a landmark legal battle against Lloyds Bank – which could open the floodgates for a £30 billion payout. After going a few pounds over his £500 overdraft during a gap between employment contracts Lloyds Bank started charging him £20 a day and despite desperate phone calls he was hit with penalties of £743.
The unfair charges in 2008 meant he spiralled into debt after defaulting on other credit cards.  But after getting his finances back on track […]

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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    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, […]

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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    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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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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Gates remain open for scandals

THE UK faces the risk of further banking scandals, unless action is taken to increase competition in the lending market for small and medium-sized businesses, according to a Government adviser.
Lawrence Tomlinson, the Yorkshire entrepreneur and Government adviser who compiled a dossier of complaints against RBS’s turnaround division, made the comments in response to reports that the Government is going to urge the big banks to increase the supply of SME (small-and-medium-sized business) loans.
The report in the Sunday Telegraph said […]

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    Lloyds sues RBS for £420m over ‘misleading’ rights issue

Lloyds sues RBS for £420m over ‘misleading’ rights issue

Cartoon by Steve Camley
In an unprecedented move, taxpayer-backed Lloyds Banking Group is suing Government-owned Royal Bank of Scotland over the Gogarburn-based bank’s “misleading” £12 billion rights issue.
In what is seen as the first American-style class action to hit the English courts, Lloyds, which is suing RBS through nine of its pensions and investment management subsidiaries, has joined more than 40,000 individual and institutional investors already seeking redress from RBS.
Lloyds’ £420million claim takes the total for all investors suing RBS […]

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Lloyds comeback kid Antonio Horta-Osorio halts rot

WHEN he steps on to the platform to face shareholders at the Edinburgh International Conference Centre this week, Antonio Horta-Osorio may be excused a wry smile.
Just over two years ago, and just eight months into the job, the chief executive of Lloyds Banking Group was forced to take leave of absence, suffering from stress and exhaustion.
Analysts and investors alike believed it was impossible for the suave Portuguese to return to the job of tackling one of the biggest turnaround […]

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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    Lloyds Top Management Bonuses potentially worth more than £27m

Lloyds Top Management Bonuses potentially worth more than £27m

Lloyds chief executive António Horta-Osório: the bank has handed its top management team bonuses potentially worth more than £27m. Photograph: Afp/AFP/Getty Images

Bailed-out Lloyds Banking Group has handed its top management team – including chief executive António Horta-Osório – bonuses potentially worth more than £27m.

The announcement by the 33% taxpayer-owned bank covers awards of bonuses for 2013 and 2014 – some of which do not pay out for three years – and follows its disclosures this month that its senior executives shared £12m of bonuses that had […]

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Lloyds to lend an extra £1bn to SMEs

The bank’s promise over the coming year plays its part to revive one of the key elements of the UK economy
Lloyds will pledge to lend an extra £1bn to small and medium-sized businesses over the coming year as it plays its part to revive one of the key elements of the UK economy.

The bank’s promise follows recent Bank of England lending figures which showed a drop of £300m in loans to small businesses in January this year.

The commitment forms […]

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    Are Banks ready to earn customers trust instead of bleeding us dry?

Are Banks ready to earn customers trust instead of bleeding us dry?

This week Lloyds Banking Group’s boss, António Horta-Osório, set out his plans for the future of the troubled company.
Pleasingly, the words “profit” and “shareholder return” weren’t at the forefront of his message. Instead, the former Santander chief talked about helping people. He promised to help “more customers get on the housing ladder” and to “help our customers plan and save for later life”.
He said: “We’ll take a lead in financial inclusion to enable all individuals to access, and benefit […]

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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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    Bosses of Britain’s biggest banks are on course to be awarded millions

Bosses of Britain’s biggest banks are on course to be awarded millions

The bosses of Britain’s biggest banks are on course to be awarded millions of pounds in share payments to circumvent a Brussels-imposed bonus cap – a move that risks inflaming the toxic row over City pay deals.
The new payments would be in addition to bank leaders’ basic pay because the EU is limiting bonuses to 100% of salaries – or 200% if shareholders approve larger payments.
The big-four high street banks are consulting shareholders about bonuses for chief executives that […]

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    Lloyds Banking Group chief António Horta-Osório gets £1.7m bonus

Lloyds Banking Group chief António Horta-Osório gets £1.7m bonus

Lloyds CEO António Horta-Osório is taking a £1.7m bonus for 2013 – his counterparts at RBS and Barclays have waived theirs. 

Lloyds Banking Group has awarded its boss António Horta-Osório a £1.7m bonus after declaring itself “a normal bank” five years after its taxpayer bailout.

With preparations under way for a sell-off of part of the 33% remaining taxpayer stake, Horta-Osório played down the impact of Scottish independence on the bailed out bank which owns Bank of Scotland.

The Portuguese banker – who took the […]

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Lloyds tell firms: earn bank £5k or lose service

Only those with 1 million pound turnover or 50 thousand pound loan will get personal adviser, while others must use call centres.

THOUSANDS of small business customers of Lloyds Bank will no longer have face-to-face access to an adviser because they do not earn the bank enough money.
Scotland on Sunday has learned that unless they have a turnover of more than £1 million or a loan of at least £50,000 they will be referred to a call centre. The bank […]

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By |February 6th, 2014|All Banks, Lloyds, RBS|0 Comments

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 […]

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