Banking Practices And Conduct
Coutts handed £8.75m fine by FSA over money laundering controlsCoutts, the exclusive private bank has received its second FSA fine in just four months. It was fined £8.75m by the FSA over its anti-money laundering controls. |
Treasury to quiz banks over interest rate swap mis-sellingThe Treasury is investigating a new potential mis-selling scandal in which banks sold complex derivative products to firms on the back of loans sold to protect against higher interest rates. |
Santander raises overdraft charges on current accountsA new fee-free overdraft buffer has been introduced by Santander but only after the bank doubled charges on daily arranged overdraft fees on most current accounts. |
Osborne set to agree to ICB proposals and split up UK banksGeorge Osborne will announce in parliament tomorrow that the government will accept in full the proposals of Sir John Vickers Independent Commission on Banking report. |
King warns banks to protect themselves from euro threatSir Mervyn King presented the Financial Policy Committee (FPC) interim review and warned that the economy faces an "extraordinarily serious and threatening" situation. |
Savers want banks to be more transparentA study by Triodos Bank has found the majority of savers are not convinced banks provide enough information on where they invest customer deposits. |
FSA bank complaint figures highlight the need for switchingComplaints data from the FSA shows that customers need to vote with their feet and switch accounts, say consumer groups. |
Gruebel resigns as UBS chief over $2.3bln rogue trader lossThe CEO of UBS, Oswald Gruebel, has resigned over the rogue trader losses of $2.3 bln incurred by Kweku Adoboli. He will be replaced by interim CEO Sergio Ermotti. |
UBS rogue trader Adoboli remanded in custody until Oct 20thUBS rogue trader Kweku Adoboli appeared in court today and has been remanded in custody until October 20th when he will return to face a committal hearing. |
European banks vulnerable to new financial crisis, says IMFThe International Monetary Fund has said in its Global Financial Stability Report that banks need to "bolster their capital levels" to avoid a new banking crisis. |
Miliband calls for unprofessional bankers to be "struck off"Labour leader, Ed Miliband has backed a policy idea whereby bankers deemed to be incompetent should be "struck off" and banned from working in the industry. |
The Independent Commission on Banking: What will the ICB report say?The Independent Commission on Banking (ICB) publish their report on banking reform on Monday at 7am and it is expected to recommend that banking operations in the UK separate their retail and investment arms. |
Cable accuses business leaders of being "disingenuous" over banking reformsThe Business Secretary, Vince Cable, has accused business leaders of being "disingenuous" over trying to derail the proposed reforms to UK banks that could be introduced through the Independent Commission on Banking. |
Lloyds and RBS basic bank account holders' ATM access restrictedThe Royal Bank of Scotland (RBS) is planning to stop close to ten per cent of its account holders from using cash machines that are owned by rival banks. |
ICB Chairman Vickers to push ahead with banking reformsThe Chairman of the Independent Commission on Banking, Sir John Vickers, is set to ignore pleas from the banking industry and push ahead with plans to separate the retail and investment arms of UK banks. |
Vince Cable says UK banks have failed their customersBusiness Secretary Vince Cable has criticised UK banks and their 'casino' banking culture at a Which? Banking reform debate in London today. |
Eight European banks fail EBA stress tests with 16 more in dangerThe European Banking Authority (EBA) has announced that eight of the 90 banks assessed failed the tests with a further 16 in the danger zone. |
EBA bank stress tests "cannot offer useful conclusions"The results of European banks stress tests conducted by the European Banking Authority (EBA) are due today but many analysts see them as irrelevant as they don't assess the banks' ability to respond to a sovereign debt crisis. |
Bypassing the banks to get higher interest ratesPeer-to-peer lending allows borrowers and lenders to meet and bypass banks to potentially earn more interest on deposits and pay less interest on borrowings. A new player has arrived called Thincats.com to join established companies such as Zopa. |
George Osborne's Mansion House speech backs banking reformsThe Chancellor, George Osborne will say in his annual Mansion House speech that UK banks must ring-fence retail operations from their riskier investment arms to protect customers. |
Panorama report exposes UK banks mis-sellingA Panorama report to be broadcast tonight will lift the lid on the lack of accurate advice and the incorrect classification of customers risk profile by many of the UK's leading banks. |
Project Merlin "capacity" targets likely to be met by UK banksThe big British banks are on course to meet agreed "capacity" targets set out in the Project Merlin agreement on overall corporate lending and lending to small and medium-sized businesses (SME's). |
Banks and financial services: How to find the best and deal with the worstThe banking sector has been on the wrong end of some severe criticism concerning levels of customer service but companies that already have high levels of customer satisfaction in other areas of their business are reaping the rewards. |
Former MPC members raise concerns over bank governanceFormer members of the Bank of England's Monetary policy Committee (MPC) believe that the Bank should not be in charge of banking regulation and monetary policy. |
Lloyds suffers 1st qtr loss after £3bn PPI provisionLloyds Banking Group has announced a first quarter loss in 2011 after making a £3.2 billion provision against potential payouts to customers claiming compensation over the miss-selling of payment protection insurance (PPI). |
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