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Tag Archive: banks

  • OFT proposes reforms to insolvency practitioner regulation

    The Office of Fair Trading (OFT) has recommended far-reaching reforms to the regulation of insolvency practitioners. In a recent study, the watchdog found that secured creditors such as the banks that appoint insolvency practitioners, have a strong incentive to control … Read more »

  • FSA to be broken up

    The Financial Services Authority (FSA) is to pay the price of its failings over Northern Rock and the credit crisis by being broken up. Addressing bankers at a Mansion House speech last night, Chancellor of the Exchequer George Osborne confirmed … Read more »

  • US Senators vote in favour of sweeping regulatory reform

    US Senators have passed a bill that contains the most sweeping reforms to America’s system of financial regulation, since the 1930s. With a comfortable majority of 59 votes to 39, the new legislation tackles the failings that have been blamed … Read more »

  • Banking complaints soar to over two million

    The Financial Services Authority (FSA) has published complaints data for the second half of 2009, showing a sharp rise in consumer complaints to banks and building societies. Incidents of customer dissatisfaction showed a 100% increase on the previous six month … Read more »

  • FSA takes tough action on complaints handling

    The Financial Services Authority (FSA) says it is taking tough action after finding weaknesses in the way five banks have been handling customer complaints. The unnamed offenders are apparently implementing major changes to their complaints handling procedures and two of … Read more »

  • IMF sets out new bank tax regime

    The International Monetary Fund (IMF) is proposing that banks are taxed at two levels to provide for a bailout fund that can cover any future failures. Under the proposals, banks worldwide would be liable for a Financial Activities Tax that … Read more »

  • CML hints at 2011 mortgage lending restrictions

    In announcing a 24% rise in gross mortgage lending in March, the Council of Mortgage Lenders (CML) has also raised concerns about the longer-term prospects for UK mortgage finance. CML economist, Paul Samter, is predicting that an improving economic backdrop … Read more »

  • Banks on course for rising profitability as jobs go

    The Confederation of British Industry (CBI) has reported that activity in the UK financial service sector has been broadly stable over the past three months, and somewhat better than expected. However, in the banking sector, employment fell heavily in the … Read more »

  • FSA redesigns bank stress tests

    In its 2010 Financial Risk Outlook report, the Financial Services Authority (FSA) has told UK banks they must retain core tier one capital ratios of at least 4%. While acknowledging that the UK economy is expected to continue to recover, … Read more »

  • FOS reports 18% rise in consumer complaints

    The Financial Ombudsman Service (FOS) has released its six-monthly data on consumer complaints against the UK’s banks, insurance companies and investment firms. Between 1st July and 31st December 2009, the watchdog received 82,136 new complaints – an increase of 18% … Read more »

  • Directors challenge banks on business lending

    The Institute of Directors (IoD) claims that nearly 60% of businesses seeking bank finance in 2009/10 were rejected by their banks and that 20% are financing their enterprises to some extent with credit cards. Research by the body is being … Read more »

  • CBI report gloomy on banking sector growth

    While activity in the UK financial services sector increased slightly over the past three months, the Confederation of British Industry (CBI) warns that growth was below expectation, and firms expect volumes of business to fall in the coming quarter. In … Read more »

  • Rebuilding trust central to banking debate

    Consumer group Which? has been researching attitudes to the UK financial sector to discover that over three-quarters of those questioned want “rebuilding trust” to head the New Year’s resolution lists of Britain’s bankers. Meanwhile, 56% of respondents who had themselves … Read more »

  • Banks to be exposed on £1m plus pay deals

    The Walker Review is recommending that banks should be forced to make public the number of their employees paid over £1 million per year, although no individuals will be named. The review, commissioned by the Government to improve the corporate … Read more »

  • BoE considers virtues of surcharges

    The Bank of England has published a Discussion Paper on Macroprudential Policy, which it says “contributes to emerging ideas on how macroprudential instruments might be designed and deployed to help to restrain the build-up of risks within the financial system”. … Read more »

  • FSA extends remit to customer contact

    From 1st November, the Financial Services Authority (FSA) becomes responsible for regulating banks’ and building societies’ day-to-day contact with their customers. The new remit covers everything from direct debits, payments, instant access and savings accounts through to unauthorised transactions and … Read more »

  • CBI reveals mixed outlook for banks and building societies

    The Confederation of British Industry (CBI) has detected the first signs of growth in the UK financial services sector in two years. In a survey conducted with PricewaterhouseCoopers, 32% of firms said that volumes had risen in the three months … Read more »

  • PM tells banks to negotiate on unauthorised overdraft charges

    The Prime Minister has sided with consumers over the High Court case regarding banks’ charges for unauthorised overdrafts. The test case brought by the Office of Fair Trading to establish the legality of the charges is currently bogged down in … Read more »

  • EU commissioner issues wake-up call for retail banks

    A report from the EU consumer commissioner has accused retail banks of letting down their customers. Among a number of misdemeanours, banks have been called to account for producing information for consumers that is incomprehensible and having fee structures that … Read more »