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Found 42 results

  1. http://www.bbc.co.uk/news/world-latin-america-39311336 http://www.reuters.com/article/us-brazil-corruption-food-idUSKBN16R1MH Brazil meat-packing giants 'exported rotten beef' "They accuse more than 30 companies of a number of unhygienic practices. Among them are JBS, the world's largest beef exporter, and BRF, the world's top poultry producer." "They used acid and other chemicals to mask the aspect of the product. In some cases, the products used were carcinogenic," the police said. In other cases, potato, water and even cardboard paper was mixed with chicken meat to increase profits." after 2 year investigation ..
  2. READ MORE HERE: http://www.thetimes.co.uk/article/scandal-of-war-vets-vanished-charity-funds-mjxnd79pw
  3. READ MORE HERE: http://www.telegraph.co.uk/news/2016/08/19/help-to-buy-isa-scandal-500000-first-time-buyers-told-scheme-can/
  4. Not sure if this is the right place for this. Perhaps it coul be moved if not. http://www.telegraph.co.uk/news/2016/08/21/treasury-and-banks-could-face-legal-action-over-help-to-buy-isa/
  5. Hi folks. I was wondering, out of interest, if someone could use the LIBOR scandal as a way of getting a default removed from their credit file? I've seen some responses from banks, when asked to remove a default, that they would not because they believed it was correct to place the default on the customer's credit file because it was "a true and accurate reflection of the customer's financial situation at the time", but surely it wasn't, if the banks had been fiddling LIBOR, as this affects credit card interest rates, loan interest rates, etc? Thanks for reading, ML
  6. VW shares are down 30% so far this week. Volkswagen is facing multiple investigations in the United States, including, reports say, a criminal probe from the Department of Justice. They follow an admission by the world's biggest carmaker that it deceived US regulators in exhaust emissions tests. A DoJ criminal investigation would be serious, as federal authorities can bring charges with severe penalties against a firm and individuals. Late on Tuesday, New York state's top lawyer announced an investigation. . I've said time and time again that there is nothing special about German cars and that it was Germany themselves who made up the saying 'German engineering', so not only are there attempts to con the world that their products are better, we now find they deliberately lie and cheat about their products with fraudulent dirty tricks in order to increase sales. What could be the wider implication of all this for VW motorists in the UK? When the modification software is removed, what If the cars no longer meet MoT emission regulations, they should be refused a pass certificate so will owners be entitled to their money back, or if they do meet the regulations, will the higher emissions put them into a higher road tax bracket and if so, who will pay. VW can't just modify the software on the cars to meet emissions regs as that reduces the engine power output so owners will not be driving the car they were sold. This could turn into a very complicated tangle and VWs announcement of £4.7bn set aside might be equal to a waiters tip when the full implication are known.
  7. http://www.bbc.co.uk/programmes/p02n2k4f
  8. dj1971

    HSBC scandal

    I am completely shocked to log into the forum and find that no-one has posted a thread or is discussing events now having been made so public around the HSBC scandal. This is a huge issue which effects us all. So why is no-one talking about it? DJ
  9. It will be years before the Payment Protection Insurance (PPI) mis-selling scandal is over, according to the chief financial ombudsman, Caroline Wayman. Complaints about the behaviour of banks and credit card companies who mis-sold PPI are still running at 4,000 a week, she said. However at the peak of the scandal in 2012 there were 12,000 complaints a week. Banks alone are now thought to have paid out around £22bn in compensation. In total, the Financial Ombudsman has dealt with 1.25m complaints - and that does not include complaints made directly to banks and credit card companies. Caroline Wayman said the total number of complaints was starting to stabilise Extra staff "Although numbers are slowly declining, it will be years before we can truly say this mis-selling scandal is over," said Ms Wayman. However she said that the total number of complaints sent to the Financial Ombudsman was "starting to stabilise". Nevertheless the Financial Ombudsman service is to recruit a further 200 staff as adjudicators and ombudsmen. It has already doubled in size to 4,000 staff, to handle the surge of PPI complaints. The scandal stretches back to the 1990s. Over that period millions of customers were mis-sold insurance policies to protect themselves against falling ill or losing their jobs. The policies would pay off any outstanding loans, such as credit card bills or mortgages. However many people did not need the policies in the first place, and many were unaware they were paying for them.
  10. Full story :- http://www.ft.com/cms/s/0/d9a294e2-fde7-11e3-acf8-00144feab7de.html#axzz362aCuOiZ
  11. Hello there! I'm new to this forum and would really appreciate some advice as I have exhausted Google/CAB! My ex employer is a massive public sector organisation. I am currently in the process of taking them to the Employment Tribunal. I won't go into too much detail about that for now as I think I've got it all in hand. Anywho, I made a SAR to my ex employer back in July for some of my HR record as it was necessary for my ET case. After a seven week delay (thats seven weeks AFTER the 40 day time limit) I finally received some of the information I had requested. I believe my complaint to the ICO gave them a kick up the bum. Fortunately the day before receiving the SAR, the legal department at my ex employer sent me a copy of the information I had requested, so I now had two copies of the same document. When I compared both documents, it was clear that the Data Controller who sent me the SAR had redacted ALOT of information. The information they had redacted was not in relation to a third party, but information that supports my ET claim!!! They have also redacted any reference to an email that I had requested, that was attached to this document (this email supports my ET claim massively). Needless to say, they haven't sent me this email. I immediately phoned the Data Controller and spoke to one of the advisors and the manager who both seemed extremely uncomfortable and eager to end the conversation. I have furthered my complaint with the ICO, who have passed this on to a specialist department. Is someone able to tell me what I can do about this?! Is this not akin to attempting to pervert the course of justice?? I have a case management discussion next week, should this be brought up?? I'm unsure as it wasn't actually the legal department who tried to cover this information up, but still technically the Respondent did... I am livid and will now doubt any documents I am sent by the Respondent in future! I apologise is some of this doesn't make sense, my toddler is currently trying to use me as a climbing frame!!! Any advice very much appreciated!!
  12. ICAP has been fined £55m by US and British regulators after admitting its role in the Libor-rigging scandal that has already seen three major banks pay more than £1bn in financial penalties. Staff at the London-listed broker set up by the former Conservative Party treasurer Michael Spencer were found to have provided false and misleading information as part of an attempt to manipulate borrowing rates. In internal communications, employees described Libor-submitters at some banks as “sheep” and took bribes, including champagne, dinners and even talk of Ferraris, from friendly traders to help them rig yen-denominated rates. The US Commodity Futures Trading Commission (CFTC) fined ICAP $65m (£41m), while Britain's Financial Conduct Authority imposed a £14m penalty. In the broker will pay fines totalling £55m. According to regulators, one ICAP employee was called “Lord LIBOR” and “Mr. LIBOR” due to his ability to help traders manipulate Japanese rates. The CFTC said that a senior UBS Yen trader, called on ICAP’s brokers more than 400 times for help in fixing rates. More: http://www.telegraph.co.uk/finance/libor-scandal/10333655/ICAP-fined-55m-over-Libor-rigging-scandal.html
  13. Some of the written conversations between ICAP brokers and trader regarding the manipulation of Libor, published by the . US Commodity Futures Trading Commission. List here: http://www.consumeractiongroup.co.uk/forum/newthread.php?do=newthread&f=27
  14. Millions of bank customers could be entitled to thousands of pounds each in compensation for allegedly being mis-soldicon fee-charging current accounts. Around a third of customers with a packaged account, which cost up to £300 a year, fails to use benefits such as travel insurance, mobile phone cover and Breakdownicon policies that come as part of the deal. A fifth of current account holders have these packaged or perk accounts. Many were lured into opening them by branch staff who receive large commissions for meeting monthly targets that tie customers to a lucrative monthly banking fee.
  15. Damian Reece, The Telegraph's Head of Business, says the scale of fines awarded to banks will have an impact on their ability to lend money to consumers. UBS has swallowed a £940m fine after a global probe revealed its staff orchestrated the manipulation of benchmark interest rates. The extent of the wrongdoing was highlighted in a series of emails released by the Financial Services Authority (FSA), which showed how traders and brokers conspired to rig the rate and referred to each other in congratulatory terms. In this video, Telegraph Head of Business Damian Reece explains the impact that FSA fines will have on consumers. Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/9755502/Libor-scandal-FSA-fines-will-make-it-harder-for-banks-to-lend-to-consumers.html
  16. The Serious Fraud Office has confirmed three arrests over the fixing of the London InterBank Offered Rate (LIBOR). Three men, aged 33, 41 and 47 have been arrested and taken to a police station in London for interview in connection with the investigation into how LIBOR rates were manipulated. All three arrested are British nationals and were arrested at one residential premises in Surrey and two homes in Essex. The news comes just days after the Financial Services Authority (FSA) opened its consultation on how best to set LIBOR in future. It is also considering which organisations should be involved in the process. Bosses at the City watchdog are considering increasing the number of organisations that make submissions for LIBOR from the current 18 to 20 – not all of which will necessarily be banks in the future. In June, Barclays was slapped with a £290 million fine after it admitted it had a role in the fixing of rates at artificial levels. The acknowledgement later led to the resignation of Bob Diamond as chief executive and several other Barclays executives. LIBOR is a base rate for other financial organisations to set interest rates around the world. It is created by measuring from what banks expect to pay to borrow from each other of different time periods. These responses are averaged to create the figure. Link: http://www.credittoday.co.uk/article/14662/online-news/three-arrested-in-libor-scandal
  17. Hi there, I thought I'd let you know about my own consumer campaign against the evil Vodafone. I had my business phone stolen on the 1st of November... it's now the 30th and I've probably spent about 5 hours in total on hold to various elements of Vodafone that have fobbed me off, ignored me and even down-right lied to me about who is responsible for replacing the handset. As far as I'm concerned, I took out the account and the insurance with Vodafone so it's their responsibility to sort it out, am I wrong? If they've chosen to independently outsource their operations, without my consent then that's not my problem right? I just want a phone. Anyway, fortunately I run a small online marketing blog and am active on twitter, which has given me a soapbox for my discontent. As this is the first time I've posted on this forum I can't link unfortunately but if you type 'Vodafone UK Business Account Scandal' into Google it's number one - the site is Have a read for the full story of their incompetence and deceit. The worst thing is that even after taking a day off work yesterday to do all of this, I still have not even had a call from Vodafone to apologies or explain what's going on! It's incredible. Has anyone here had a similar issue? And got it resolved??
  18. Rich Ricci, one of Barclays' top bankers, told MPs that the bank has fired five out of 13 people "disciplined" over the Libor scandal - but that many had already moved on. The bank is attempting to rebuild its reputation after being fined a record £290m in June for manipulating the London interbank offered rate (Libor), used used to fix the cost of borrowing on mortgages, loans and derivatives worth more than $450 trillion (£281 trillion) globally. After launching its own investigation, Barclays “terminated” five of 13 people disciplined, Rich Ricci, head of Barclays’ investment banking arm, told a parliamentary committee hearing. However, he said that many others who would have been involved had already moved on to “other institutions”. “A lot of the individuals that would have been in that disciplinary process had left,” he said, adding that Barclays had informed these people’s new firms of its findings via the authorities. Pressed by MPs over the bank’s failings, Mr Ricci admitted that in the past it and the wider City had given too much emphasis to employees’ financial performance over other factors. More: http://www.telegraph.co.uk/finance/libor-scandal/9709314/Barclays-has-disciplined-13-fired-five-over-Libor-scandal.html
  19. Hi not sure if this is the right forum or not. I am interested in signing upto the catalouge firm called betterware. manage without a car as a distributor.Just wondering how one could . as they tend to askyou to deliver the goods as well as the catalouges.
  20. Payday lenders regularly ‘lose’ cheques sent by customers to settle debts, forcing borrowers to pay even higher interest bills, Financial Mail has learnt. The tactic used by a number of payday loan firms aims to maximise profits by effectively locking in hard-pressed borrowers for extended periods. The ploy will heighten concerns over the sector, which entices desperate customers into taking loans with interest rates as high as 4,000 per cent. Paul Lynam, chief executive of Secure Trust Bank, whose Everyday Loans subsidiary frequently deals with customers seeking to consolidate loans to settle payday borrowings, said: ‘We will normally forward direct to the payday lender a cheque in settlement. ‘One thing that we find very surprising is the ability of some of these payday loan companies to regularly lose this settlement cheque, which has the effect of delaying settlement of the debt and incurring more very high interest rates for the trapped borrower.’ His company is frequently forced to send settlement cheques by recorded delivery before the payday loan firm will cancel the outstanding debt. Read more: http://www.thisismoney.co.uk/money/cardsloans/article-2231006/Scandal-lost-payday-loan-cheques.html#ixzz2Bx04vCMc
  21. Banks are facing another mis-selling scandal that could cost the industry £200m in compensation payments. The UK’s high street banks are in talks with the Financial Services Authority after one of the industry’s main suppliers of credit card insurance was fined a record £10.5m and told to pay what could be £14.5m in redress to its customers. The compensation relates to 300,000 customers sold insurance by Credit Card Protection. However a much larger number of credit card holders, around 4.1m were sold the CPP product by their banks. If each of the banks’ customers were to get the same level of redress, around £48, the industry could be facing a £200m bill. CPP’s business partners include Royal Bank of Scotland, Standard Chartered, Yorkshire Bank, Barclays and HSBC. It is not certain that all the banks will be involved in compensation talks with the FSA. CCP agreed the fine and compensation agreement following an 18-month investigation by the Financial Services Authority. The fine relates to “widespread mis-selling of CPP's two main [credit card insurance] products” between January 2005 and March 2011. More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9682373/Banks-face-new-200m-mis-selling-scandal-after-CPP-fine.html
  22. I just picked this up whilst browsing around....I'm told there are no copy-write issues from where I got this from. Thematic mis-selling is a feature of the UK financial services landscape. Past scandals include the misselling of personal pension plans, which is estimated to have cost the industry c£12b in compensation; the systematic mis-selling of payment protection insurance, which is now reported as likely to give rise to c£5b of payouts in redress. The sale of interest rate swaps and hedging products in 2007 and 2008 by a number of major high street banks look set to be the next such scandal. Estimates as to the number of swaps sold vary but may well run into hundreds of thousands. The Bristol Mercantile Court is to hear this year one of the fi rst cases that will analyse the issues surrounding the sale of these products. In this article, I highlight some of the main areas of concern arising from rate swap sales. The principal targets for the sale of swaps and hedging instruments have proved to be small and medium sized enterprises with reasonably substantial commercial borrowing. At a funding review banks took the opportunity to suggest that if the cost of borrowing were to rise then the borrower may have difficulty in servicing their repayment obligation. To ‘protect’ the borrower against that risk a swap contract was recommended under which interest rates could be fixed at an affordable level. So far, so good. Unfortunately, that is pretty much all that was explained. Offered an apparently fixed rate described as ‘protection’ many SMEs signed up. A swap is a form of financial derivative – specifically a ‘contract for differences’ within Article 85 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001: accordingly, any advice and arranging of the product is regulated and must comply with the Conduct of Business Rules. As interest rates began to fall from 5.75% in July 2007 to 0.5% from March 2009 borrowers began to realize the hidden costs and features of the product they had acquired – and that the swap contract had rarely been sold in a manner compliant with the Conduct of Business Rules. The latter Rules require that in recommending such a product the bank takes reasonable steps to ensure that the decision to trade is suitable for its client (COBS 9.2.1 R (1)) and that it has obtained such information as is necessary to have a reasonable basis for believing that the recommended transaction meets the client’s objectives (COBS 9.2.2 R); further, the bank must explain the risks of the specific type of investment being recommended including the risks particular to that type of investment and in sufficient detail to allow the client to make an informed decision (COBS 14.3.2 R). Risks routinely not explained in selling these often long dated instruments (many were written for 10, 15 or 20 years) include the following: If base rates fall the product would cease to be ‘in the money’ and leave the hedger with a financial obligation to the bank for the term of the hedge; Any repayment of the commercial borrowing leaves the financial obligation in place under the hedge for its term; Exiting the hedges prematurely may involve a substantial cost which could be unaffordable; The bank may be able to terminate the hedges and claim the breakage costs because of an event of default in any event under a ‘cross default’ clause; The fixed rate applies only to f x base rate and leaves the bank free to increase its margin charges; There may be ‘over-hedging’ on the basis that (i) the value of the hedge exceeds the commercial borrowing and (ii) if the hedge does not amortise so the degree of ‘over-hedging’ would simply increase with time; The contingent liability for the breakage costs may impact on Loan to Value ratios in respect of borrowings and/or make the loan ‘non-transportable’; and Often no proper comparison was undertaken with a fixed rate mortgage. So far the banks have tried to hide behind ‘disclaimers of liability’ and an insistence that the swap was acquired as part of an ‘execution only’ piece of business. These issues will be considered by the Bristol Mercantile Court this year. The judgment should throw welcome light on this area of claim. Hey ho, more trouble for the banks eh?
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