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Found 5 results

  1. "The company, which offers short-term loans to households and businesses, said revenues rose by 67% in the period to £309.3m and it lent £1.2bn - 68% more than in 2011 - in total to more than one million people. The number of borrowers defaulting on their loans rose in 2012, to 7.4% from 6.4% the year before. The payday industry is currently facing a Competition Commission inquiry amid concerns over how it operates." :- http://uk.news.yahoo.com/wonga-confirms-weekly-profit-more-1m-092822996--finance.html#OpU2r4O
  2. Regulator brands mortgage broker a "disgrace" to the financial services industry and hands out record fine. A Birmingham-based mortgage broker has been fined £1m and been banned from working in financial services after mis-selling controversial "sale and rent back" leases to vulnerable customers. The Financial Conduct Authority said Gurpreet Singh Chadda, who traded under the names Red2Black Homes and B&L Homes, had misled vulnerable customers who were already in severe financial difficulties about the nature of his sale and rent back arrangements. Under these deals – which have now been virtually outlawed – families who are struggling with their mortgage sell their home at a knock-down price in exchange for a long-term rental agreement. But widespread problems emerged as many of the rental agreements could be subject to change, leaving families unable to afford sky-high rents and forced to move, but without the full market value of their property to clear other outstanding debts. The FCA said Mr Chadda had told customers the price offered was based on an independent valuation of their property, when in fact this was not the case. In three of the seven cases investigated sellers received less than half the market value of their home, and in two of these cases the seller received only 38pc of its true value. More: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10129883/Disgraceful-mortgage-broker-receives-record-1m-fine.html
  3. Lloyds Banking Group paid 25 of its bankers £1m or more in 2012 as its total bonus payouts hit £365m, according to the BBC. This month Barclays revealed it has 458 employees receiving more than £1m, while HSBC has 204 and Royal Bank of Scotland has 94 staff.Lloyds, which is 39 per cent owned by taxpayers, paid 20 of its bankers between £1m and £2m, while five earned between £2m and £3m. Most bonuses were paid in shares with a £2,000 cap on the maximum cash payment. Lloyds chief executive Antonio Horta-Osorio took home £1.5m in shares as his annual bonus which he will only sell if the Government sells one-third of its stake above 61p. He also received a basic salary of £1.1m and long-term incentive of £1.5m, bringing his total remuneration to £3.7m. Earlier this month, the bank reported losses of £570m and set aside an extra £3.5bn to deal with payment protection insurance misselling claims, bringing its total PPI pot to £6.8bn. Link: http://www.mortgagestrategy.co.uk/latest-news/lloyds-banking-group-pays-25-staff-more-than-1m/1068463.article
  4. http://www.dailymail.co.uk/money/news/article-2231774/Reward-failure-Britains-disgraced-bankers-set-share-104-MILLION-pension-pot.html
  5. http://www.dailymail.co.uk/news/article-2207197/Taxman-target-1m-home-owners-new-anti-affluence-crackdown-government-widens-net-tax-dodgers.html
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