RBS v Carlyle – Where Now?

By Cat MacLean, Partner & Head of Dispute Resolution
INTRODUCTION
This is clearly a great victory for Mr Carlyle after a long and punishing 7 years. However, when the celebrations are over, the key question that remains to be answered is whether the UK Supreme Court’s decision will have wider implications.
To date, victories by SMEs and individuals against banks have been few and far between. It has, of course, been an uphill battle for property developers and SMEs since the recession first hit, […]

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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 […]

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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 […]

Sir Richard Lambert launches UK banking standards council

By Sharlene Goff, FT Retail Banking Correspondent
A new organisation charged with raising standards in the banking industry will rely on public naming and shaming of lenders that fall short as it attempts to clean up the sector after a series of misconduct scandals.
The UK’s seven largest lenders have agreed to report each year to the new Banking Standards Review Council.  The body will set standards for “culture, competence and customer outcomes” and publish an annual report detailing where banks […]

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Vince Cable – Bankers’ Pay Still Extraordinarily Large

Vince Cable has issued a stark warning to Britain’s leading boardrooms that they need to crack down on bonuses to restore public trust and avert the threat of fresh legislation to limit executive pay.

The business secretary fired off a warning to the 100 biggest UK-listed companies about the damage big pay deals can have on their image, before Barclays’ annual meeting on Thursday, where protests about the bank’s £2.4bn bonus pot are expected to be registered by disgruntled shareholders.

Cable told […]

FCA Reports Surge in Useful Tips From Whistleblowers

The figure provides a boost for the regulator, which last year came under fire from a report by the Parliamentary Commission on Banking Standards that criticized the FCA’s handling of whistleblowing. The report said the commission had received evidence from whistleblowers that “demonstrated a lack of confidence in the regulator’s willingness and ability to support them and to act upon their concerns.”
The report made a number of recommendations, including that the FCA provide feedback to whistleblowers—a policy that the […]

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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 […]

SME Lending Inquiry by Treasury Select Committee

Deadline for submissions is Friday 28 March 2014, written evidence invited by members of the public.

Written submissions to the inquiry should be submitted online:

Send a written submission to the inquiry

If you are considering sending a written submission please read the following guidelines:

Guidance on written submissions

Following its recent evidence sessions with Sir Andrew Large, Laurence Tomlinson and the Financial Conduct Authority, the Treasury Committee has announced that it will be conducting a short inquiry into SME lending.

The inquiry will focus on three issues; […]

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Banking standards body must be run by non-bankers, says review chief

The former director general of the Confederation of British Industry (CBI) has said that the authority on banking standards should not consist of bankers.
As part of his Banking Standards Review, Sir Richard Lambert said the group should not act as a platform for bankers to lobby government and help shape policy.
Instead, he is recommending that members be recruited from outside the banking industry in order to secure its credibility and independence.
The review was launched at the request of the […]

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    Regulator’s first job – Full-scale Bank Inquiry into fall in SME Funding

Regulator’s first job – Full-scale Bank Inquiry into fall in SME Funding

The £170bn small business lending market is to be the first major investigation of the new competition regulator, the Competition and Markets Authority.

The Office of Fair Trading began a study of the sector last year which is understood to have concluded that a full-scale inquiry is required by the CMA, which is taking over as from the Competition Commision and the OFT next month. The announcement could come as soon as today or early next week.

It comes against a […]

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