RBS fined £5.6 million for sanctions breach
by Gill Montia
Story link: RBS fined £5.6 million for sanctions breach
The Financial Services Authority (FSA) has fined members of the Royal Bank of Scotland Group (RBSG) £5.6 million for not having systems and controls in place to prevent breaches of UK financial sanctions.
UK firms are required to maintain policies and procedures that ensure they do not provide financial services to persons on the HM Treasury [...]
RBS launches customer charter
by Gill Montia
Story link: RBS launches customer charter
Royal Bank of Scotland (RBS) and subsidiary NatWest have launched a customer charter which promises to make banking easier.
The banks’ commitments include extending the opening hours at their busiest branches and serving most branch customers within five minutes.
They also aim to provide a clear product range with simply explained features and charges, and to continue [...]
RBS ring fences £1bn in loans for UK manufacturers
by Gill Montia
Story link: RBS ring fences £1bn in loans for UK manufacturers
Royal Bank of Scotland (RBS) / NatWest has launched a new fund aimed at UK manufacturers.
The lenders are pledging £1 billion in “competitive fixed rate loans” for firms investing for growth, as the sector looks to recover.
The money has been ring-fenced and will be lent under flexible terms, such as the option to defer [...]
Mortgage lenders fairer and better communicators
by Gill Montia
Story link: Mortgage lenders fairer and better communicators
The Council of Mortgage Lenders (CML) has said it is pleased to note that people are more satisfied with their mortgage lender than they were a year ago.
The body was referring to a recent survey from Which? Money, which shows average customer satisfaction rising from 58% this time last year, to 62%.
The CML believes the [...]
RBS cuts unauthorised overdraft charges
by Gill Montia
Story link: RBS cuts unauthorised overdraft charges
The majority state-owned Royal Bank of Scotland and its NatWest subsidiary are cutting unauthorised overdraft charges.
According to a BBC report, from 1st October, customers whose cheques bounce will pay £5 for each offence, as opposed to the current levy of £38.
At the same time, the cost incurred for payments made on an overdrawn account will [...]
Which? exposes banks’ online security blunders
by Gill Montia
Story link: Which? exposes banks’ online security blunders
Which? Computing has been highlighting the gaps in security that put online banking customers at risk.
According to the consumer group, standards vary widely and some High Street names have been found wanting.
For example, when it comes to log-in procedures, Abbey and Halifax have far to go; First Direct, Lloyds TSB, Nationwide, NatWest and RBS qualify [...]
NatWest three due for release
by Gill Montia
Story link: NatWest three due for release
The “NatWest three” who are currently serving prison sentences in the UK, are due for release in October, the Guardian has reported.
In February 2008, the former bankers were convicted of fraud in the US in connection with the collapse of Enron.
The Houston-based energy group filed for bankruptcy protection in December 2001, with the loss of [...]
O2 and NatWest launch pre-paid Visa card
by Gill Montia
Story link: O2 and NatWest launch pre-paid Visa card
O2 has announced the launch of a Visa pre-paid cash-card service.
The mobile phone operator, which is part of the Telefonica group, has joined forces with NatWest to provide the cards, which can be loaded online or at certain retail outlets.
They will be useable at any outlet that already accepts Visa debit cards and for cash [...]
NatWest’s MoneySense service under scrutiny
by Gill Montia
Story link: NatWest’s MoneySense service under scrutiny
Consumer Group, Which?, has carried out an investigation into NatWest’s MoneySense service, which is advertised as offering “impartial guidance on understanding your money and managing your income and expenditure”.
The service was launched in December of last year and by February had attracted the attention of the Association of Mortgage Intermediaries, which claimed some NatWest branches [...]
NatWest MoneySense service under attack
by Gill Montia
Story link: NatWest MoneySense service under attack
The Association of Mortgage Intermediaries (AMI) is demanding that NatWest withdraw a national TV advertisement campaign for the bank’s MoneySense financial advice service.
The AMI represents independent mortgages advisers across the UK and is following up on recent research by The Times newspaper, which claimed that some NatWest branches in London were more interested in selling [...]
Competition Commission ban PPI sales alongside credit agreements
by Gill Montia
Story link: Competition Commission ban PPI sales alongside credit agreements
The Competition Commission has announced a ban on the sale of Payment Protection Insurance (PPI) during the sale of a credit product, and for a period of seven days thereafter.
However, consumers initiating contact with their loan providers after 24 hours will be able to buy the cover and lenders can still sell PPI to their [...]
NatWest ahead of the field on unfair bank charges case
by Gill Montia
Story link: NatWest ahead of the field on unfair bank charges case
A new ruling in the High Court test case over unauthorised bank charges could mean that some customers of NatWest can reclaim their charges.
Mr Justice Andrew Smith has ruled that from 2001 to July 2003 the bank used terms and conditions that may have included unfair penalties for unauthorised overdrafts.
However, consumer group Which? is [...]
Banks drop single premium PPI
by Gill Montia
Story link: Banks drop single premium PPI
Leading High Street banks have finally conceded to pressure over the sale of payment protection insurance (PPI) and will cease selling single premium PPI with their unsecured personal loans at the end of this month.
Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest will henceforth offer regular premium PPI instead.
Controversy over PPI sales [...]
NatWest launches Polish mobile money transfer service
by Gill Montia
Story link: NatWest launches Polish mobile money transfer service
NatWest is extending its provision for Polish immigrants in the UK with a new money transfer service.
Last year, the bank launched a Polish bank account specifically to cater for economic immigrants from the Eastern European country.
Research by NatWest established that the main need of Polish speaking communities in Britain was to be able to transfer [...]
RBS makes plans to reimburse overdraft charges
by Gill Montia
Story link: RBS makes plans to reimburse overdraft charges
Royal Bank of Scotland (RBS) and its subsidiary NatWest could become proactive in refunding the unauthorised overdraft charges that are currently the subject of a High Court test case.
According to an internal document leaked to the BBC, the group is drawing up plans for mass repayments, should the seven High Street banks involved in the [...]
RBS freezes overdraft charges for SMEs
by Gill Montia
Story link: RBS freezes overdraft charges for SMEs
Royal Bank of Scotland (RBS) has announced that it will freeze overdraft charges for small and medium sized enterprises (SMEs) for one year, from 1st December.
In addition, no demands for immediate repayment of loans will be made, through the withdrawal of existing facilities, during the period.
The bank’s NatWest subsidiary will extend the same terms, [...]
RBS to cut global workforce by 3,000
by Gill Montia
Story link: RBS to cut global workforce by 3,000
Royal Bank of Scotland (RBS) is poised to cut around 3,000 jobs from its Global Markets investment banking division, in the coming month.
RBS has a presence in over 50 countries and employs around 170,000 people worldwide, approximately 100,000 of whom are located in the UK.
Some redundancies are expected at its City of London headquarters, [...]
Credit and store card rates nudge ever upwards
by Gill Montia
Story link: Credit and store card rates nudge ever upwards
The cost of borrowing on bank and store credit cards is continuing to rise, despite recent cuts in the Bank of England’s base rate.
Latest research from financial analyst, Defaqto, shows the average annual percentage rate for credit cards rising from 17.2% in May to 17.6% today, while over the same period the base rate has [...]
“NatWest Three” to come home
by Gill Montia
Story link: “NatWest Three” to come home
The NatWest three, the former bankers who were convicted of fraud in the US in connection with the collapse of Enron, are to serve the last few months of their 37 month sentences in the UK.
Gary Mulgrew, Giles Darby and David Bermingham who conspired with Enron’s chief financial officer to steal $7.35 million have already [...]
NatWest launches EcoGrowth savings account
by Gill Montia
Story link: NatWest launches EcoGrowth savings account
NatWest has launched an EcoGrowth account for those who have £10,000 or more to invest and want their savings to support green issues.
One option on the new deposit account contains a fixed-rate cash element, and an element linked to the RBS Green Index, which covers a variety of sectors including biotechnology, hydroelectricity, solar and wind [...]
