This bank has already passed on the interest rate cut to some of its mortgage customers August 5, 2016 There had been concern banks would take a while to pass yesterday's cut in interest rates on to customers – but it seems those fears were unfounded, after one major lender said it was cutting the rate of standard variable rate mortgages by 0.25 per cent. NatWest – which is owned by RBS – said [...]
Bank shares and stress tests: the value investor’s verdict December 8, 2016 The Bank of England’s latest stress tests of the UK banking system attracted many column inches of space in the newspapers last week. The aim was to calculate whether these institutions would have enough capital to withstand certain grim scenarios. Moving away from some of the inflammatory headlines, it is worth looking in more [...]
Bank shares and stress tests: the value investor’s verdict December 8, 2016 The Bank of England’s latest stress tests of the UK banking system attracted many column inches of space in the newspapers last week. The aim was to calculate whether these institutions would have enough capital to withstand certain grim scenarios. Moving away from some of the inflammatory headlines, it is worth looking in more detail [...]
Santander UK makes bid for RBS’ Williams & Glyn unit August 2, 2016 Santander UK has put forward a bid to buy what would be RBS' Williams & Glyn unit. RBS was instructed to sell the Williams & Glyn unit, which is more than 300 branches strong, by the end of 2017, as part of its £45bn state bailout deal. However, the bank warned in April that it might [...]
MPs warn that not enough is being done to protect consumers from mis-selling, and that the recently introduced pensions freedoms could spark a whole new scandal May 13, 2016 MPs are warning that the next financial scandal could be on the horizon, as too little is being done to address the cultural aspects that lead to wrongdoings, such as payment protection insurance (PPI) mis-selling, while a landmark pensions change has created new opportunities for such behaviours to flourish. A report released today by the Public Accounts Committee (PAC) [...]
RBS share price down on £2bn loss and Brexit warnings August 5, 2016 The Royal Bank of Scotland (RBS) has reported a whopping £2bn loss for the first six months of the year, as it continues to pay the price for wrongdoing during the financial crisis. The bank also warned investors that, given the result of the EU referendum, it was unlikely to hit its medium-term targets and [...]
FCA to introduce PPI complaints deadline amid claims management company concerns October 2, 2015 The end of PPI complaints is nigh. The FCA is considering implementing a two-year deadline for customers to file PPI complaints, as it attempts to draw a line under the scandal. The watchdog said it had noticed a rise in the number of complaints relating to pre-2005 “and even pre-2000” cases, but evidence [...]
As it says it’s in a “strong position to withstand uncertainty”, is Lloyds right to be so bullish after Brexit? July 28, 2016 Laith Khalaf, senior analyst at Hargreaves Lansdown, says Yes. It’s not a great time to be a bank, but the sector is in much better shape than it was going into the financial crisis. In particular Lloyds has simplified its structure to focus on key strengths in the UK retail and commercial banking market. There may [...]
Lloyds Banking Group’s share price falls as it reports 28 per cent increase in profits before tax as PPI lingers on October 28, 2015 Lloyds Banking Group's share price was down 4.7 per cent at 73.7p in early trading as it revealed a large rise in pre-tax profits, but a higher-than-expected drop in underlying profits, despite a fall in costs. The figures The banking group posted a 28 per cent increase in profits before tax for the third quarter, up [...]
After a difficult first quarter for UK-based banks, is the outlook finally beginning to brighten? May 4, 2016 Laith Khalaf, senior analyst at Hargreaves Lansdown, says Yes. There is no doubt things are tough in the banking industry. But while performance in the first quarter was poor, it was generally ahead of expectations, which serves to underline the level of pessimism surrounding the sector. Progress has been slow since the financial crisis, and there [...]