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Lloyds Banking Group is to repay nearly £300m to about 600,000 customers over failings in the way it applied mortgage arrears policies, in the latest scandal to hit the UK’s biggest high street lender. Sky News has learnt that Lloyds will unveil a customer contact and remediation programme on Thursday alongside half-year results that will also be blighted by a bigger-than-expected provision for mis-selling payment protection insurance (PPI). Sources said that the redress scheme would cost Lloyds just under £300m, with more than £50m also set aside to cover administrative costs.
Royal Bank of Scotland could be fined up to £300m later this year to settle allegations traders sought to manipulate the libor interest rate, according to reports. The British bank is said to be in talks with the Financial Services Authority in the UK and the Department of Justice and the Commodity Futures Trading Commission in the US, The Financial Times reported. Stephen Hester, the chief executive of RBS, warned in the summer that the state-owned bank was one of several global lenders being investigated over the alleged manipulation of an interest rate used as the benchmark for billio
ukaviator posted a topic in Bank Charges and the Finance Industry in the media..Royal Bank of Scotland (RBS) will on Friday outline a financial hit of about £300m from its role in the industry's spate of mis-selling scandals and the IT meltdown which left millions of customers unable to access their money. I have learned that RBS will say in its half-year results that it is increasing its provision for compensating customers who bought payment protection insurance (PPI) from the bank by about £130m. That increase will take the total impact of the scandal to date for the state-backed lender to close to £1.2bn. Unlike some rivals, however, RBS will not make a significa