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Just when you thought the banking industry was at least starting to have its wild speculation to make personal profit at everyone else' expense curbed ... 'FRAID NOT ... Finance minister George Osborne signaled in a speech in June that he wanted a "new settlement" with the financial sector, taken to mean a softening of approach and an end to so-called "banker bashing". A few weeks later, he ousted FCA chief executive Martin Wheatley, who had warned he would "shoot first" and ask questions later as he faced fresh scandals in the sector such as the attempted rigging of Libor benchmark interest rates and currency benchmarks and the mis-selling of loan insurance. http://www.reuters.com/article/britain-banks-idUSL8N12F0O820151015 and you thought new laws were being introduced to address the simple fact that no bankers are being prosecuted for bankrupting the world?? Britain Doesn’t Need New Laws To Tackle Corporate Corruption, Government Decides The business minister has scrapped proposals for new corporate crime laws – because no one is being prosecuted under existing ones. http://www.buzzfeed.com/jamesball/britain-doesnt-need-new-laws-to-tackle-corporate-corruption#.dyAyvB8jk
A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry. BlackRock director Jonathan Paul Burrows was caught by inspectors at Cannon Street station last year and admitted to avoiding the £21.50 fare from Stonegate in East Sussex. In total, Mr Burrows is believed to have dodged £42,550 in fares. The City watchdog said he "demonstrated a lack of honesty and integrity". "Mr Burrows has admitted that, on a number of occasions, he deliberately and knowingly failed to purchase a valid ticket to cover his entire journey," the Financial Conduct Authority (FCA) said. "As Mr Burrows held a senior position within the financial services industry and was an approved person, he should have been a role model for others and his conduct has fallen short of the standard expected for someone in his position," the organisation added. Mr Burrows boarded trains at Stonegate in East Sussex, where there are no ticket barriers Mr Burrows avoided paying the full fare by boarding the London-bound train at Stonegate - a rural station with no barriers - without purchasing a ticket. On arriving in London, he went through the barriers at Cannon Street Station using an Oyster travel card, incurring a maximum fare of £7.20. 'I was foolish' Mr Burrows, who is now banned for life from working in any regulated financial industries, has since paid back the £42,550, plus £450 in legal costs. Reacting to the FCA's decision, he said: "I have always recognised that what I did was foolish. I have apologised to all concerned and reiterate that apology publicly." However he added that "the size of the settlement [with Southeastern] could be said to have led to a distorted perception of the scale of my wrongdoing". "While I respect the FCA's decision today, I also regret it, coming as it did after a 20-year career in the City that was without blemish. "I recognise that the FCA has on its plate more profound wrongdoing than mine in the financial services sector, and I am sorry that my case has taken up its time at this critical juncture for the future of the City and its reputation."
Opppppssssss Bank employee was supposed to transfer £53 but fell asleep while typing in amount A tired German bank worker fell asleep on his keyboard, turning a minor money transfer into a 222 million euro (£189 million) transaction, a court heard on Monday. The man was supposed to transfer just €62.40 (£53) from a retiree’s bank account, but “fell asleep for an instant, while pushing on the number 2 key on the keyboard” racking up the order to a staggering €222,222,222.22, the Hessen labour court heard. The mistake was corrected shortly after the bank discovered the dozy error. The case was taken to court after the man’s 48-year-old colleague was fired, for not noticing the mistake, and verifying the order. The court ruled that the claimant should be reinstated in his job. Link: http://money.uk.msn.com/trending-blog/dozy-banker-sleeps-on-keyboard-transfers-%c2%a3190m .
Hi - i don't know if anyone can help on this. I was sent a Banker's Draft from Halifax by my grandparents. I have Ultimate Reward account with Halifax. When i went to pay it in, i was told it would take FIVE DAYS to clear. I'm going on holiday tomorrow so this is a masisve pain in bum. Is ithis normal? I can't believe that i'm supposed to accept that it takes 5 days to cash a BD which is effectibely a cheque from the same bank!!! Does anyone have any experience of this?