Fraudster-linked action group that took on RBS accused of overcharging investors October 7, 2018 Investors who signed up to an action group in a bid to sue RBS over its 2008 rights issue have been told they were collectively charged £8m through subscription payments, many of which should not have been made. The RBoS Shareholders Action Group company (AGC) brought together RBS shareholders who claimed the bank hid the true state of [...]
Lloyds to put £13bn wealth unit into joint venture with Schroders October 7, 2018 Lloyds, Britain’s biggest high street lender, plans to merge its £13bn wealth-management wing into a a new joint venture with investment giant Schroders, according to a report. Details of the arrangement – which would transform the UK’s wealth-management sector by bringing Schroders’ services closer to a more wider group than its current, affluent cliente – [...]
Head of EBRD faces calls for investigation over director dossier October 7, 2018 The representatives of several member states have called for the president of the European Bank for Reconstruction and Development to face investigation, over claims the international lender broke rules by gathering information on some of its own directors. Several members of the EBRD’s board complained about president Suma Chakrabarti’s conduct to its chief compliance officer [...]
Citi to set up a new UK bank post-Brexit October 6, 2018 Citigroup is to transfer its UK consumer operations into a new UK bank, headquartered in London, in time for the country's exit from the European Union. A note sent out to customers revealed the move yesterday, in which the bank said its UK business, previously managed via Citibank Europe in Ireland, will be moved by March [...]
Danske Bank shares crash to four-year low over Russian money laundering October 5, 2018 Shares in Danske Bank plunged to four-year lows this morning, after reports of an internal memo suggested the bank executed up to €8.5bn (£7.5bn) in mirror trades for Russian customers in 2013. The bank's share price fell as much as 11 per cent this morning to 141.30 Danish crowns, its largest one-day drop in seven years. [...]
Ex-HSBC employee jailed over £67,000 customer accounts scam October 5, 2018 A former HSBC employee has been imprisoned for 18 months after leaking customer account details to criminals who stole £67,000. Liberty Staph, 27, of Broadley Street in Marylebone, who worked in an HSBC contact centre in central London, pleaded guilty to three counts of fraud by abuse of position. Detectives uncovered that three bank customers had [...]
Tandem Bank narrows losses as revenue run rate rises to £15m October 5, 2018 Digital banking challenger Tandem has narrowed its losses over the last year, with a current annual revenue run rate of £15m, according to new figures seen exclusively by Morning Wire Tandem Money, the parent company to the bank, reported total costs of £23.5m during 2017, up from £20.4m in 2016, according to its latest annual [...]
Financial Conduct Authority increases Brexit planning urgency, says chief executive Andrew Bailey October 4, 2018 The Financial Conduct Authority (FCA) has increased the urgency with which it is preparing for the UK to exit the European Union, chief executive Andrew Bailey said today. Former Bank of England deputy Bailey said the city watchdog is working with European regulatory partners to plan for a range of scenarios as the March 2019 deadline [...]
Watchdog slaps Lloyds with legal demands over PPI failures October 4, 2018 The UK’s competition watchdog has handed Lloyds legal directions after the lender failed to meet its obligations around managing accounts with payment protection insurance (PPI), the policy at the centre of a huge mis-selling scandal. The Competition and Markets Authority (CMA) has called on the lender to “put effective systems and procedures in place” after it [...]
Danske Bank faces US probe over €200bn money laundering scandal October 4, 2018 The crisis at Danske Bank deepened today as it confirmed that US authorities are investigating a €200bn money laundering scandal involving suspicious Russian money. Danske Bank has received "requests for information" from the US Department of Justice (DoJ) about the suspected money laundering which took place in its Estonian branch between 2007 and 2015. The [...]