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Found 11 results

  1. I guess there is always the telephone book? I have Yellow Pages and a local directory delivered every year. For the full story :- http://www.mirror.co.uk/money/great-118-rip-could-end-10410058
  2. Woah!!! Wonga will not face a criminal investigation after sending out fake legal letters to pressure customers into paying back their debts. City of London Police said that, after a ‘thorough review’ it has concluded ‘there is not sufficient evidence to progress a criminal investigation’.
  3. The Royal Bank of Scotland has agreed to pay $100m (£61m) after US investigations into illegal transactions with Iran, Sudan, Burma and Cuba. The bank has entered into agreements with the US Federal Reserve, the US Treasury Department and the New York State Department of Financial Services. In a statement, the bank said it "acknowledges and deeply regrets these failings". The bank also said it has committed almost $490m (£300m) since 2010 to improve its sanctions controls. Criminal authorities at the US Justice Department and the District Attorney of New York have closed their related investigations and will not bring charges, RBS said. From 2005 to 2009, the bank removed references to sanctioned locations from payment messages to US financial institutions, the Treasury Department said. RBS instructed employees to list the name of the Iranian financial institution rather than its identifying codes on wire transfers, the department said. This prevented the bank's payment system from automatically including references to Iran in the cover messages sent to US clearing banks. Several UK banks have entered into settlements in recent years over continuing financial transactions with Iran despite US laws against them, and for removing information from payments to get them processed. Former City Minister Lord Myners told Sky's Jeff Randall that the breaches made by RBS and other UK banks were an embarrassment. "It's embarrassing, to put it at its mildest, that the UK seems to be at the heart of so many of these failures," he said. "It's not good that these problems arise in the UK, and reading this RBS statement it sounds very wilful and intentional. "What was going on in these banks? How was this allowed to happen?" Lloyds TSB Bank Plc became the first bank to settle in the US, forfeiting $350m (£213m) in 2009. Others to pay penalties include Credit Suisse, Barclays, Standard Chartered, and ABN Amro, now part of RBS. More: http://news.sky.com/story/1180975/rbs-to-pay-100m-in-sanctions-probe
  4. The Serious Fraud Office is considering criminal allegations that Royal Bank of Scotland defrauded companies by forcing them into default so it could make a profit. The Financial Times reports the SFO has interviewed former executives of UK businesses affected by RBS’ Restructuring Group, which is responsible for the bank’s riskier loans. The SFO is looking to find out whether RBS behaved within the law and whether it was guilty of bad business practice. This week RBS appointed law firm Clifford Chance to carry out an inquiry into allegations it systematically defrauded companies. The SFO investigation could result in charges against individuals or a corporate conviction. The probe is separate to that of the Tomlinson report, which has been referred to the FCA and Prudential Regulation Authority by business secretary Vince Cable. More: http://www.mortgagestrategy.co.uk/news-and-analysis/politics/sfo-considers-criminal-rbs-probe/2003636.article
  5. Scottish Power is to pay customers £8.5m after an investigation by industry regulator Ofgem into its doorstep and telephone selling. Ofgem said customers were misled during sales approaches due to Scottish Power's failure to "adequately train and monitor" staff. Consumers on the "warm home discount" will receive about £50 each. Money will also go to those who were misled. The company has apologised for the errors between 2009 and 2012. "Today's announcement is a clear signal to energy suppliers of the consequences of breaching licence obligations," said Ofgem's senior partner in charge of enforcement Sarah Harrison. http://www.bbc.co.uk/news/business-24620304
  6. City regulator to investigate whether insurers 'drag heels' when it comes to paying claims. The new City regulator will investigate whether insurers are "dragging their heels" when it comes to settling valid claims, and relying on the small print of policies to avoid paying customers. Martin Wheatley, the chief executive of the Financial Conduct Authority said this investigation would form part of a wider "thematic" review into the insurance industry. Announcing this investigation he said that the number of complaints against insurance companies was rising "and more [of these complaints] are likely to be upheld in favour of the customer than ever before." He said this investigation would focus primarily on travel and household insurance claims, to see whether the process and claims culture at these firms was "fit for purpose". "It would be very difficult, if not impossible, to defend any company if it was found to be aggravating these experiences by dragging its heels – or trying to wriggle out of its responsibility to pay legitimate claims. Link: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/10061335/Insurance-industry-faces-claims-probe.html
  7. Hong Kong is to investigate possible Libor rigging by UBS, a day after the Swiss bank agreed to pay £940m to regulators for trying to manipulate the key rate on an "epic scale" and two former traders at the bank were charged with conspiracy. The Hong Kong Monetary Authority, the city's de facto central bank, said it has received information from overseas regulators about "possible misconduct" by UBS involving submissions for the city's interbank rate, known as Hibor, and other reference rates in Asia. UBS was fined by Swiss, British and US regulators on Wednesday after an investigation revealed evidence of massive misconduct in the setting of the London interbank offered rate (Libor), a global reference that affects trillions of dollars of loans and mortgages. The penalty is the second-largest banking fine ever. The Hong Kong Monetary Authority said it had "commenced an investigation to assess whether the potential misconduct had any material impact on Hibor, which is considered a key benchmark interest rate for economies in the region. It will work with overseas regulators to gather information and "consider further actions that need to be taken" pending the findings of the investigation. More: http://www.telegraph.co.uk/finance/libor-scandal/9757354/Hong-Kong-joins-UBS-Libor-rigging-probe-as-US-charges-two-ex-traders-at-bank-with-conspiracy-to-manipulate-rate.html
  8. HSBC is expected to pay more than $1.5bn (£933m) in fines to US authorities within weeks to settle money-laundering investigations into its business. HSBC is expected to pay more than $1.5bn (£933m) in fines to US authorities within weeks to settle money-laundering investigations into its business. The bank could be fined the sum as early as next week as part of a settlement with federal prosecutors, according to reports yesterday. HSBC has put aside $1.5bn to meet the cost of the fines, but admitted at its latest results presentation that the eventual penalty could be “significantly higher” and that it could face criminal charges. Yesterday’s reports put the likely size of the fine at $1.8bn. HSBC declined to comment. The fines relate to an investigation of HSBC’s US and Mexican operations that found the bank had allegedly ignored warnings that billions of dollars of funds being moved between the two subsidiaries were linked to drug trafficking. A Senate committee described the bank as “pervasively polluted for a long time”. It highlighted what it said were lax controls and inadequate compliance by staff as the bank was accused of handling transactions involving terrorists, drug lords and rogue regimes. Link: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9728409/HSBC-set-to-pay-more-than-1.5bn-to-settle-money-laundering-probe.html
  9. 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 billions of pounds of loans each day. “RBS is one of the banks tied up in Libor. We’ll have our day in that particular spotlight,” Mr Hester said in July. The bank, in which the taxpayer still owns an 82pc stake, has confirmed the dismissal of several employees in connection to the Libor manipulation claims. RBS is also battling a claim for wrongful dismissal from a former trader in Singapore who alleges that RBS's own libor submissions were manipulated. The £290m settlement that Barclays reached over similar allegations in June ultimately triggered the departure of the bank's senior management. More: http://www.telegraph.co.uk/finance/libor-scandal/9529756/RBS-could-be-fined-300m-to-settle-Libor-probe.html
  10. Standard Chartered has said it is not involved in the Libor-rigging investigations. Standard Chartered has disclosed that it is not being investigated over the Libor-rigging scandal that has hit the banking industry as it reported its 10th consecutive record set of financial results. Peter Sands, its chief executive, said the bank was not in the frame over rigging of either Libor or Euribor, unlike several other British banks, and that no staff had been suspended. The lender, which focuses on emerging markets, reported a 9pc rise in pre-tax profits for the first six months of the year to nearly $4bn (£2.6bn), driven by a double-digit increase in earnings from its wholesale banking arm. Pre-tax profits from the wholesale bank increased 16pc to $2.99bn, offsetting an 11pc fall in profits from consumer banking, which made $899m in the first half. “These results represent a very positive start to the year. Our record of consistent delivery is testament to the resilience of the bank’s business model, and underscores the sheer diversity of the income engines we have,” said Mr Sands. More: http://www.telegraph.co.uk/finance/9445134/Standard-Chartered-avoids-Libor-probe.html
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