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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RBS Claims No Wrongdoing but High Court Judge gives Green Light to Sue

A Plymouth family have won a landmark case giving them the green light to sue Royal Bank of Scotland for millions over the alleged mis-selling of interest rate swaps that ultimately left them with crippling borrowing costs on a £55m loan.

Michael and Diane Hockin saw the property empire they had built up over 30 years snatched out of their hands when the bank’s Global Restructuring Group (GRG) put it into administration in 2012. Since then their London and Westcountry […]

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By |March 23rd, 2014|All Banks, RBS|0 Comments

RBS Shareholders Action Group keen to have its day in Court

Disgraced former RBS boss Fred Goodwins’ defence will be largely funded by the taxpayer.
Royal Bank of Scotland could hand out shares to settle a £4billion lawsuit by disgruntled investors.  Some 17,000 people and 140 institutions which invested in a £12billion rights issue in 2008 are suing the bank and former directors, saying RBS gave them a rose-tinted picture of its finances.
While RBS has so far denied culpability, sources said senior lawyers on both sides had held back-channel talks about the […]

Least Trusted Bank in the Least Trusted Sector

RBS nears junk bond status after Moody’s downgrade
Chief executive, Ross McEwan, – who has described his employer as “the least trusted bank in the least trusted sector in the marketplace” – outlined his plan to return the bank to profit when he revealed the latest losses at the end of February, which Moody’s said carries ‘significant execution risk’.
Moody’s also warned of further downgrades as it expressed concern about the bank’s plan to revive its fortunes in the wake of a […]

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RBS faces interest rate swap lawsuit – Mr Justice Le Poidevin

Royal Bank of Scotland is to be sued over an alleged mis-sold interest rate swap after a judge ordered administrators to stop blocking an attempt by the owners of a failed business to seek compensation.
The High Court ruling paves the way for others whose businesses have been put into administration to pursue claims where administrators will not.
Banks had paid out £482m in redress to 3,400 customers by the end of February after regulators found “serious failings” in the way the products were […]

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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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    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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    RBS, NatWest & Barclays – No service as mobile apps crash on the same day

RBS, NatWest & Barclays – No service as mobile apps crash on the same day

If you run accident prone Royal Bank of Scotland, the golden rule ought to be never boast.
Some 24 hours after chief executive Ross McEwan extolled the virtue of the bank’s mobile app, arguing that his busiest branch in 2014 is the 7.01am from Reading to Paddington when 167,000 passengers clicked on, the system went down.
RBS with its 2.7million or so mobile app users was not alone. By unhappy coincidence up to 3million Barclays customers also were caught up in […]

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Ross McEwan RBS boss: ‘We are least trusted business’

RBS’s new boss, Ross McEwan, told the BBC the results were “very sobering”   We need to pay bonuses despite making a loss.

‘Smaller, simpler’ Mr McEwan announced that RBS, once one of the world’s largest banking groups, would continue to shrink, by reducing its international and investment operations. The group, which includes NatWest and Ulster Bank, will concentrate instead on the retail market in the UK, and on getting the “basics of everyday banking right”.

Its seven operating divisions will be transformed […]

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    RBS and NatWest unveil £6.6bn loan bonanza for smaller firms

RBS and NatWest unveil £6.6bn loan bonanza for smaller firms

A massive £6.6billion of new lending will be offered to small and medium-sized businesses by Royal Bank of Scotland and NatWest.
The banks will contact 23,000 small and medium-sized business customers in a move that comes ahead of a new inquiry by MPs into bank lending to firms.
Ian Cowie, chief executive of business and commercial banking for NatWest and RBS, said: ‘We are proactively speaking to customers to let them know how much we could lend if they want […]

TSC announces inquiry into SME Lending

The Committee would welcome written submissions on the issues mentioned in this release.

Following its recent evidence sessions with Sir Andrew Large, Laurence Tomlinson and the Financial Conduct Authority, the Treasury Committee has today, 21 feb 2014, announced that it will be conducting a short inquiry into SME lending.

The inquiry will focus on three issues; access to finance for SMEs, the scope for opening up the sector to more competition and the treatment of SMEs by banks. The first evidence […]

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By |February 22nd, 2014|All Banks, RBS|0 Comments
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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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Serious Banking Complaints Bureau (SBCB) to aid alleged victims of RBS

A Norfolk businessman who claims the Royal Bank of Scotland (RBS) caused the collapse of his profitable company has launched a national support group to help other alleged victims of malpractice.
 A spokesman RBS was unavailable for comment.
Andy Keats, 53, of Church Lane, East Tuddenham, near Dereham, has formed the Serious Banking Complaints Bureau (SBCB) with two other RBS complainants.
Since launching the not-for-profit organisation last month more than 50 people have already made contact, alleging that RBS malpractice cost them […]

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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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RBS Potential Credit Rating Downgrade warns Moody’s

Royal Bank of Scotland has been warned that it faced a potential downgrade by the credit rating agency Moody’s which is concerned that last month’s profits warning may have weakened its financial strength.

The 81%-taxpayer owned bank is expected to report losses of £8bn in a fortnight’s time following its admission it would incur an extra £3bn of losses for the US sub-prime mortgage crisis and mis-selling of payment protection insurance and interest rate swaps.

The extra cost forced Moody’s to rethink its assessment […]

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By |February 13th, 2014|Moody's, RBS, Ross McEwan|0 Comments

RBS priority is to ensure that customers are its heart and soul

Since becoming chief executive of RBS in October I have made it a priority to listen: to our staff, to public opinion, and to our customers.
In the rush for growth and profit, we forgot what banking is about – to serve the customer.
Now we must go back to basics.

‘We will reward our customers for loyalty and stop giving the best deals only to those who switch banks or apply online.’

It has been both sobering and illuminating. It has shown me the […]

By |February 11th, 2014|All Banks, FCA, RBS, Ross McEwan|0 Comments

RBS CEO Ross McEwan: “Words Are Easy, Change is Harder”

The Royal Bank of Scotland’s chief executive Ross McEwan has tried to mitigate some of the reputational damage, caused by a flurry of mis-selling, market rigging, and IT scandals, by pledging to put customers first.

In a lengthy self-penned article for The Guardian newspaper, McEwan said that he intends to put an end to the raft of financial scandals that have rocked the bank over the last seven years, as well as compensate and put customers ahead of profits and […]

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By |February 11th, 2014|All Banks, RBS, Ross McEwan|0 Comments

RBS needs to change behaviour at every level

The new boss of Royal Bank of Scotland has said the tax payer owned lender needs to change its behaviour ‘at every level’ to restore trust, and that it faces a hard road to recovery.
‘To move from stability to renewal, we need to first address and then clean up every aspect of how we treat customers,’ Ross McEwan, said in a commentary piece published in The Guardian newspaper today.
‘We need to change our behaviour at every level to reflect […]

By |February 11th, 2014|All Banks, RBS, Ross McEwan|0 Comments

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