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 […]

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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 […]

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    RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

RBS Scraps Controversial GRG Unit Criticised in Tomlinson Report

The Royal Bank of Scotland is scrapping the Global Restructuring Group (GRG), the controversial unit accused of engineering businesses into default while profiting from their struggles, says sources.
Sources told IBTimes UK that GRG “no longer exists” and was disbanded with immediate effect, while two of the group’s biggest bosses Derek Sach and Aubrey Adams will leave the bank.
However, another top GRG executive, Laura Barlow, will remain at the bank and take on a new role elsewhere.
RBS declined to comment.
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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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    Update on independent review of RBS’s treatment of business customers in financial difficulty

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 […]

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    RBS in turmoil as finance director Nathan Bostock quits for Santander

RBS in turmoil as finance director Nathan Bostock quits for Santander

 City hopes of an early a sell-off of the taxpayer’s stake in Royal Bank of Scotland were  dealt a massive blow today as its finance director, Nathan Bostock, was poached by  rival Santander UK.

 That is a clear signal that Santander UK is planning its own London stock market  flotation which could come as early as 2015. Chancellor George Osborne had hoped to  start selling RBS shares later that year.
Bostock, who had been in the job at RBS for just […]

By |January 4th, 2014|RBS, Santander|0 Comments