Former Lloyds trader sues for unfair dismissal after Libor probe September 23, 2015 A former Lloyds trader, who was among eight people dismissed after the bank's fine for alleged involvement in libor rigging, has sued the bank for unfair dismissal. John Argent's hearing will start on October 5, according to a schedule for a London employment tribunal released today. Lloyds paid £218m in fines to regulators on both [...]
Banks come to fore as sector to report results – London Report October 25, 2015 BANKING results season is upon us, with three of the big four reporting this week. And on the economic front, third-quarter GDP figures are expected to show that the economy is slowing down due to weaker construction and manufacturing output. Corporates Royal Dutch Shell and BG Group also report in with updates, as does sector [...]
Treasury’s U-turn plugs brain drain fears: City bosses welcome “reverse burden of proof” retreat October 16, 2015 City bosses have welcomed the Treasury’s U-turn on controversial plans for a so-called “reverse burden of proof” for senior bankers, saying that the reversal will help the Square Mile retain and attract top talent. A leading City head-hunter told City A.M. that the Treasury’s initial proposals, which would have required bankers to prove they were unaware [...]
Lloyds bosses to forfeit bonuses over £117m insurance claims fine June 5, 2015 LLOYDS has been fined £117m over its handling of Payment Protection Insurance claims – the largest ever handed out by the FCA in relation to PPI. “Whilst our intentions were right, we made mistakes in our handling of some PPI complaints,” admitted Lloyds chief Antonio Horta-Osorio. The taxpayer-owned bank was found to have failed in [...]
Regulatory fines rocket to £2.45bn as watchdogs use new powers to ramp up punishment November 30, 2015 Regulators are flexing their muscles and ramping up punishments for financial misconduct, with fines handed out to companies guilty of wrongdoing rising 271 per cent over the past two years to hit £2.45bn. The size of the average penalty has also increased by 291 per cent, from £10.8m to £42.3m, according to new data from [...]
Inflation data set to fuel debate over Bank rate increase – London Report August 16, 2015 SEVERAL data releases over the coming week will add more fuel to debates about interest rates hikes in the UK, with inflation figures being published. Tomorrow sees UK producer, retail and consumer prices index (PPI, RPI and CPI) inflation. Britain’s CPI inflation fell back to zero per cent annual and monthly growth in June, while [...]
Volkswagen emissions scandal and recall will rock public trust in business – The City View September 22, 2015 For much of the past few years the debate around trust in business has focussed on financial services. The case for the prosecution is well known and the roll-call of shame (Libor rigging, forex scandals, PPI mis-selling) should never fail to serve as a reminder of the damage caused when individuals and institutions consider [...]
Yorkshire and Clydesdale pay £420m for PPI October 9, 2014 THE NATIONAL Australia Bank yesterday set aside £420m to pay for payment protection insurance (PPI) compensation claims. The owner of the Clydesdale and Yorkshire Bank also made a provision of £250m to cover interest rate-swap mis-selling. It also took a A$297m (£162m) impairment charge on computer systems, and a A$46m tax charge after changing its research [...]
Clydesdale Bank just got slapped with a £20.7m fine – the biggest one of its kind in the FCA’s history April 14, 2015 Clydesdale Bank has been slapped with the largest PPI-related fine in the FCA's history – nearly £20.7m – for “serious failings” in the way it handled complaints. The bank implemented “inappropriate policies” and provided false information to the Financial Ombudsman Service (FOS) between May 2011 and July 2013, the FCA said. Because of the [...]
PPI complaints fade away but current account woes increase September 25, 2014 THE PAYMENT protection insurance (PPI) mis-selling scandal showed signs of drawing to a close yesterday as the City watchdog revealed complaints volumes were falling sharply. But other problems in banks are starting to emerged, with complaints about current accounts starting to creep upwards. There were 2.4m new complaints opened in the first half of 2014, the Financial [...]