US producer prices increase by less than expected in July August 14, 2013 Prices received for finished goods made by US producers increased by less than expected in July, according to data from the Bureau of Labor Statistics (release). Year-on-year, the producer price index (PPI) rose by 2.1 per cent, down from a 2.5 per cent rise the month and falling short of expectations of 2.4 per cent [...]
RBS sheds over three per cent on £38bn bad bank announcement and sliding profits November 1, 2013 The Royal Bank of Scotland was one of the FTSE's biggest faller this morning as it announced that it is to create an internal "bad bank" to manage £38bn of its riskiest assets by the end of this year, meaning it'll avoid addressing demands for a full split. (Release) The lender also posted a third [...]
Ex-Lloyds boss defends PPI February 14, 2013 FORMER Lloyds chief Eric Daniels yesterday claimed most PPI policies were not missold, and that banks had even paid out to customers who did not have insurance because of the overwhelming volume of complaints. “I believe customers did know what they were buying. They got good value. In those cases where they were missold products, [...]
Lloyds fined for rewarding staff who mis-sold December 11, 2013 LLOYDS was fined £28m yesterday for encouraging staff to mis-sell insurance on investment products in the years leading up to 2012. Staff were given bonuses and promoted even when the bank’s own studies found evidence of inappropriate selling, the Financial Conduct Authority (FCA) said. And the bill was increased by 10 per cent because the bank had [...]
Chief regulator thinks interest swaps compensation should be complete by April 2014 September 10, 2013 Compensation for interest rate swap mis-selling should be complete by April 2014, according to the chief executive of the Finacial Conduct Authority (FCA). So far only £500,000 has been paid out for just 10 cases. Banks have taken on 2,800 staff to deal with more than 30,000 cases. FCA boss Martin Wheatley said that "nobody [...]
Lloyds fined for failing to make PPI redress payouts on time February 19, 2013 LLOYDS was yesterday fined £4.3m for failing to compensate 140,000 payment protection insurance (PPI) mis-selling victims promptly, adding to the £5bn already set aside to cover the scandal. Thousands of those customers had to wait as long as six months for compensation, when it should have taken 28 days, the Financial Services Authority (FSA) said. [...]
London Report: RBS and Lloyds news leads raft of bank updates October 27, 2013 BANKING and financial results will be in the spotlight this week as the Royal Bank of Scotland, Standard Chartered, Lloyds, Standard Life and Barclays all publish figures. RBS third quarter numbers, to be published on Friday, are the first since Ross McEwan took over from Stephen Hester as chief executive. They are expected to show [...]
Lloyds to claw back bonuses on soaring PPI mis-selling claims February 24, 2013 DIRECTORS at Lloyds are set to cut bonuses from 2010 on the back of ever-rising PPI compensation claims when the remuneration committee meets later this week. The group of senior staff and non-executives is also likely to award chief executive Antonio Horta-Osorio a £1.4m bonus for 2010 on the back of a rising share price [...]
Ombudsman in difficulty as the rate of PPI claims doubles January 29, 2013 OFFICIALS tasked with judging rejected PPI misselling claims received 10,000 new complaints a week in the final quarter of 2012, the Financial Ombudsman Service (FOS) reported yesterday, double the rate seen in the previous three-month period. The continued boom in claims means the FOS expects to receive over 350,000 complaints by the end of the [...]
New RBS chief to focus on service October 1, 2013 Ross McEwan faces five stubborn challenges at RBS 1 Repaying the taxman. RBS was bailed out in 2008 just like Lloyds, but while the other bank is profitable enough that the government is selling its stake, RBS is not. McEwan recognised this in a speech to staff yesterday, telling them “we need to repay the taxpayers [...]