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Found 15 results

  1. https://www.theguardian.com/business/2017/jun/20/sfo-charges-barclays-bank-executives-ceo-2008-qatar-fundraising I reckon they will get off with a slap on the wrist and a fine.. this after the SFO will have spent £thousands if not £millions of tax payers money trying to make a case against them.
  2. Banks will have to submit employees to "annual health check" under new staff approval rules in Banking Reform Bill amendments. Banks will be required to give regulators an annual health check on all their senior staff to confirm they are suitable to keep their “authorised” status in the UK. The new rule came in an amendment to the Government’s Banking Reform Bill and will force every bank to conduct senior staff reviews “at least once a year” and to tell the authorities if there are “any grounds” to withdraw their license to operate. The annual check-ups are one of a series of amendments tabled by the Government to ensure the Bill gets through Parliament after several peers threatened last month to disrupt its passage in the House of Lords. In a series of amendments tabled at the weekend, the Government confirmed it would review proprietary trading by banks and set up an independent panel to conduct a study. The Government also offered the extraordinary concession of handing the final say on the composition of the independent review panel to the chairman of the Treasury Select Committee, a role currently filled by Andrew Tyrie MP, who led much of the opposition to the Bill. More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10506896/Bankers-face-annual-health-check-under-reforms.html
  3. http://www.dailystar.co.uk/news/latest-news/330278/Banksters-in-18bn-compensation-for-PPI-[problem] dx
  4. Banker-bashing may be all the rage if you believe what people say but actions speak louder than words. New research suggests nearly half of all current account holders are happy to let banks have the use of their money interest-free. Hot air has done nothing to hurt bankers’ bonuses. Widespread consumer apathy allows these high street institutions to continue to suit themselves when dealing with most people’s salaries and savings. Almost nine in 10 current accounts – more precisely 87pc – pay no interest on credit balances which typically total £130bn before pay day, according to CACI Current and Savings Account Market Database. As a result, 46pc of people who have credit balances in their current accounts at the end of the month are effectively subsidising the high street banks to the tune of many millions of pounds a year. Hetal Parmar of Santander, which commissioned the research, said: “Millions of people have money in their current account each month that could be earning interest. At a time where every penny counts, it’s important to ensure your cash is working for you.” The bank is keen to promote its 123 Current Account which pays 1pc when the balance exceeds £1,000; 2pc when it is more than £2,000 and 3pc above £3,000. That’s better than most but far from being the best you can do on the high street. For example, Nationwide Building Society pays 4.89pc on its FlexDirect current account and Bank of Scotland and Lloyds TSB pay 1.09pc on deposits as low as £1 on their Classic Vantage accounts. More than four years after the slow-motion bank robbery began, with the Bank of England freezing interest rates far below the rate of inflation, anyone with a credit balance needs to be vigilant to preserve the real value or purchasing power of their money. Just to stand still, with the Consumer Prices Index (CPI) stuck at 2.8pc as announced this week, a basic rate taxpayer needs an account paying at least 3.5pc, while a higher rate taxpayer needs an account paying at least 4.6pc. Sylvia Waycot of independent statisticians Moneyfacts.co.uk told me: “The impact of inflation on savings means that £10,000 invested five years ago, would have the spending power of just £8,870 today. “Savers could be forgiven for thinking they are the forgotten casualties from volatile inflation. This might be because the word ‘savers’ conjures up wealth when the reality is more to do with making ends meet. “Many people, particularly pensioners, rely on savings interest to fund day-to-day living expenses and today’s announcement will not ease the burden of a dwindling spending power from what are meagre savings returns.” Unfortunately, whatever the Government may say to the contrary, it prefers to punish the prudent and subsidise spendthrifts by allowing inflation to erode the real value of savings and debts. As the biggest debtor in the country, the Government is also the biggest beneficiary of the stealthy transfer of wealth effected by this slow-motion bank robbery. But, as pointed out in this space from time to time, savers outnumber borrowers by six to one. So the Government would do well to take account of pressure groups such Save Our Savers before the silent majority next gets a chance to make its views felt at the ballot box. In the meantime, we can all vote with our money by switching accounts. Link: http://blogs.telegraph.co.uk/finance/ianmcowie/100024092/how-millions-of-current-accountholders-subsidise-bankers-bonuses/
  5. Royal Bank of Scotland attempts to revive "relationship manager driven model" with project to take staff back to basics – and put them to work in customers' companies. 'Where does cheese come from?” asks the guide showing children around Barleylands, a farm in Essex. “Asda,” comes the reply from one of the youngsters. By the end of the trip, the visiting primary school class is under no illusion about the origins of dairy products. Chris Philpot, one of the directors of the farm in Billericay, says he’s trying to achieve a similar transformation with his bank’s understanding of his operation. He’s been joined for the day by Ian Cowie, chief executive of business and commercial banking at Royal Bank of Scotland. “I see this as like showing the children around the farm,” jokes Philpot. “They leave with a better understanding of what we do here.” Mr Cowie, who is in charge of 10,000 small business staff at RBS, is put to work cooking with the children in the morning – part of the farm’s not-for-profit education activities – and spraying crops in the afternoon. More:http://www.telegraph.co.uk/finance/yourbusiness/9682895/RBS-sends-small-business-bankers-back-to-school.html
  6. http://www.dailymail.co.uk/money/news/article-2231774/Reward-failure-Britains-disgraced-bankers-set-share-104-MILLION-pension-pot.html
  7. See here for details. Seems they orchestrated the collapse of the economies for their own benefit.
  8. For six months of 2011 I paid the same amount on the same day of the month and didn't use my credit card. The interest charge reduced by roughly the same amount each month except for one rogue month when the interest charge increased by about 40%. And then it returned to normal. I telephoned to complain, was told that the error was due to changing to a new system and was refunded a fiver. The same happened this year but when I phoned I got a really stroppy customer service representative who insisted that the difference was due to the number of days in the month (February was not involved, by the way). So I wrote a formal complaint asking for specific details of the interest charges. Three weeks later I got an acknowledgment, though not a response, and three weeks after that I got an apology for failing to respond and a goodwill payment of £25. The phrase "our final response" was included along with details of how to contact the ombudsman. So that's it - the matter is closed. I can't contact the ombudsman asking for compensation because I've already been compensated more than reasonably, especially for the second occasion. But I do wonder if it's a regular occurrence across the industry. Interest charged on the credit card daily balance is almost impossible to check. Has this happened to anyone else? It's Coop Visa in my case, by the way. Best wishes, Neil
  9. The law should be tightened to tackle misbehaviour in banking, says the head of the Financial Services Authority. Adair Turner told the BBC's Andrew Marr programme there should be a presumption a director of a failed bank should not work in the industry again. Lord Turner said the FSA's fine was its strongest available sanction. Business Secretary Vince Cable is also considering criminal sanctions for bank directors. Mr Cable said those in charge of failed banks should face prosecution, a view echoed by Lord Turner. The business secretary said the government would launch a consultation on criminal sanctions for the directors of failed banks later this week. Lord Turner said: ""The situation on the law is that we have looked very carefully at what types of cases we are able to bring, and in this particular case of Libor, because it is not a qualifying instrument under the Act, it is not covered by the criminal law. "We have therefore brought the maximum cases we can bring under our own powers." He added: "We should consider a change in the law about the liability of directors...if you are the director of a bank that's failed, it's not a matter of bad practice but simply causing problems for the whole economy, whether there should be a presumption that you should not be allowed back into the industry again." More; http://www.bbc.co.uk/news/business-18663470
  10. The Governor of the Bank of England, Sir Mervyn King, has accused senior bankers of letting down their colleagues and giving customers “shoddy” treatment. King said that the the banking scandals unearthed this week reinforce the need for the recommendations of the Independent Commission on Banking, led by Sir John Vickers to be implemented, in particular the splitting up of retail operations from investment banking. Sir Mervyn said: "I would hope that Parliament would legislate on that as soon as they feel able to do so – all of the Vickers proposals. That is what we need to do to change the structure of the industry. "We can see what has gone wrong. The idea that the culture of investment banking is the same as the culture of basic banking, I think it is very clear now that those two cultures are completely different, and they need to be separated." Introducing the central bank’s Financial Stability report, Sir Mervyn called for immediate and wide-ranging action to reform both the culture and the structure of the UK banking industry. The governor said: "From excessive levels of compensation, to shoddy treatment of customers, to a deceitful manipulation of one of the most important interest rates and now news of yet another mis-selling scandal we can see we need a real change in the culture of the industry." He said the culture and structure in the banking industry and "excessive levels of compensation" had led to "shoddy treatment of customers". Sir Mervyn accused top bankers of letting down their staff. He said: "There must be many people who work in the banking industry today who know that they are honest, hard-working and feel that they have been let down by some of their colleagues and indeed their leaders." Sir Mervyn made his comments as the Financial Services Authority (FSA) published details of another banking scandal, the mis-selling to small and medium-sized businesses of complex interest rate swaps. This follows the news this week that Barclays and other global banks manipulated the Libor or interbank swap rates that govern the interest rate applied to trillions of financial transactions including loan and mortgage rates that everyday banking customers use. More: http://www.myfinances.co.uk/savings/2012/06/30/king-urges-government-to-separate-retail-and-casino-banks
  11. Anthony Browne has been appointed as the next chief executive of the British Bankers' Association (BBA) to succeed Angela Knight who is stepping down to join Energy UK. Mr Browne will take up his appointment on 1 September 2012. More: http://www.bba.org.uk/media/article/appointment-of-anthony-browne-as-chief-executive-of-the-british-bankers-ass/press-releases/
  12. Small businesses have been ‘systematically exploited’ by bankers in a loan mis-selling scandal of enormous proportions, MPs said yesterday. One dubbed it the ‘new PPI’ – a reference to the £9billion payment protection insurance scandal that has cost banks billions in compensation. In an explosive Commons’ debate, MPs from all parties said their constituents were among up to 300,000 small firms who took out loans which are now crippling, or even killing, their businesses. Read more: http://www.dailymail.co.uk/news/article-2162976/Bad-business-Scandal-crippled-small-firms-exploited-bankers-mis-selling-loan-deals.html#ixzz1yWJzcV3F
  13. remember when the banking crises first hit and that first year regarding bankers pay and bonuses...'we have to give them this money otherwise they will go elsewhere' looking at the world a few years down the line and I am beginning to wonder about 'where could they go?' greece? spain? italy? maybe germany..but they have probably got enough of their own anyway..i am looking at the 'unbiased' reporting from the bbc about spain this morning and the figures are staggering 100billion euros for companies that have gambled other peoples money and lost it due to greed..but of course they are 'too big to fail' how many other company's in trouble would any government bail out? i suspect it would be a resounding zero..their hypocrisy knows no bounds...perhaps we should let them all fail.?..our government nor the previous administration have absolutely no idea how to extricate the country from this predicament except to throw more money at the financial sector..... a sticking plaster in the short term only....we have a chancellor whose only qualifications are in bloody history...he obviously didnt read it thoroughly otherwise he would have learnt from it....his grasp of economics is about as bad as mine, he assumes that cuts to the public purse are the answer to this problem, and then looks on helplessly blaming the eu for the lack of growth in this country...they have managed to annoy just about every sector of public service, police, armed services, teachers, doctors, you name it they've done it....and unless the country turns around by the end of this ridiculous parliament then they and the libdems are heading for political suicide...
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