Barclays, NatWest and HSBC increasingly targeted by litigation funders in wave of class-action lawsuits January 9, 2023 The UK’s top banks are increasingly being targeted with class-action lawsuits as litigation funders back claims against some of Britain’s largest lenders in their pursuit of high returns. Banks listed on the FTSE 100 index are currently facing at least 109 class-action lawsuits in multiple countries around the world, according to analysis by law firm [...]
Relief for mortgage prisoners: Six banks to begin lending on flats with unsafe cladding December 20, 2022 A handful of the country’s biggest banks will consider mortgage applications for some flats with dangerous cladding from January, in a sigh of relief for people trapped in unsellable properties. Lenders withdrew mortgage provisions for unsafe flats following the Grenfell Tower disaster, when 72 people were killed in a fire at a high-rise block in [...]
Barclays slapped with £8.4m fine over card payment failings December 1, 2022 Barclays has been slapped with an £8.4m fine from the payments regulator today after failing to comply with rules governing the cost of card transactions with retailers.
Barclays chief ‘Venkat’ to undergo cancer treatment in New York November 28, 2022 The head of Barclays has been diagnosed with Non-Hodgkin Lymphoma, but doctors have said his “condition is curable,” he announced today. In a statement just after the market open yesterday, C.S. Venkatakrishnan, known as “Venkat” said the illness “has been detected early” and that his “prognosis is excellent”. He will continue to run the bank. [...]
Barclays faces court over £40m breast implant scandal November 9, 2022 Barclays today faced claims it helped a private healthcare company avoid paying compensation to women given faulty breast implants by a private healthcare firm. The bank is accused of working with Midlands law firm The Wilkes Partnership to restructure Hospital Medical Group (HMG), in order to help it avoid paying compensation to women given faulty [...]
Barclays told to pay £1m to more than 1,000 mortgage customers over PPI breaches November 9, 2022 The UK’s competitions watchdog has ordered Barclays to pay up to £1m in compensation to at least 1,000 of its mortgage customers, over its failure to comply with rules around Payment Protection Insurance (PPI) policies. The UK’s Competition and Markets Authority (CMA) said Barclays should pay compensation to as many 1,306 of its mortgage customers, [...]
Difficult decision to come from Sunak and Hunt on bank surcharge October 30, 2022 The government has not ruled out reversing a tax cut on the UK’s biggest banks as it scrambles to overfill a huge hole in the public finances. Asked today by Morning Wire if chancellor Jeremy Hunt and prime minister Rishi Sunak would commit to cutting the bank surcharge, an effective windfall tax, the Treasury said [...]
FTSE 100 weighed down by banks and pound strengthens on Sunak’s second day in No 10 October 26, 2022 London’s FTSE 100 was dragged down today by investors ditching shares in the UK’s largest banks despite a strong set of results, but managed to squeeze gains thanks to a late rally. The capital’s premier index jumped 0.61 per cent to over the 7,000 mark points, while the domestically-focused mid-cap FTSE 250 index, which is [...]
UK banks return to amassing default reserves amid inflation and mortgage crunch October 26, 2022 Barclays said profits had jumped six per cent in the third quarter of the year as it became the latest lender to see performance buoyed by rising interest rates.
Global financial sector is facing an ‘ethical crisis,’ new book warns October 25, 2022 The financial sector is facing an “ethical crisis” that is undermining the sustainability of the global economy, according to a new book by business ethics professor Dr Atul Shah. The current approach to teaching business ethics, in both academic and professional contexts, is narrowly-focused and detached from real-life, Shah’s new book, Inclusive and Sustainable Finance,says. [...]