|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    19th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Banking News feed Banking News

All Financial News feed All Financial News




Latest Banking News

The latest news from the banking sector:

November 1, 2012

PPI costs increase for Lloyds and Barclays

by Jan Harris
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the UK retail banks at £5.3bn, recorded a ...




October 30, 2012

Banking commission appoints counsel to cross-examine witnesses

by Jan Harris
Banking commission appoints counsel to cross-examine witnesses
The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This should help us to get to ...




October 26, 2012

Elderly face difficulties in accessing cash

by Jan Harris
Elderly face difficulties in accessing cash
Elderly and disabled people are at risk of fraud because of the difficulties they face in accessing their cash. Research commissioned by The Payments Council found that many have to give financial information such as card details, Pin numbers and passwords to friends and family as they find technology too difficult to use. The decreasing number of bank branches may also make ...




October 22, 2012

Nationwide may bid for RBS branches

by Jan Harris
Nationwide may bid for RBS branches
There is growing speculation that Nationwide building society may be considering a bid for the 316 branches being sold by RBS group under EU rules. RBS was ordered to sell the branches under the terms of the £45 billion bailout it received from the UK government during the financial crisis. It had planned to sell the branches to Santander, but the ...




October 19, 2012

Bank of Scotland fined over inaccurate mortgage records

by Jan Harris
Bank of Scotland fined over inaccurate mortgage records
The Bank of Scotland has received a £2.4 million fine from the Financial Services Authority (FSA), for failing to keep accurate records on the mortgage payments of 250,000 customers of the Halifax between 2004 and 2011. An investigation by the FSA, following a spate of customer complaints, discovered that 160,000 homeowners were incorrectly excluded from a compensation programme. Errors occurred ...




October 18, 2012

Barclays increases provision for PPI claims to £2 billion

by Jan Harris
Barclays increases provision for PPI claims to £2 billion
Barclays has set aside another £700 million to cover claims for mis-sold payment protection insurance (PPI) after claims reached unexpectedly high levels. This is on top of the £1 billion set aside in 2011 and the £300 million provision made in the first three months of 2012. By the end of September, the bank had already paid out £1.2 billion ...




October 17, 2012

RBS initiates talks with Virgin Money over branches

by Jan Harris
RBS initiates talks with Virgin Money over branches
Royal Bank of Scotland (RBS) is seeking a new buyer for 316 branches after a deal with Santander fell through, and is believed to have approached Virgin Money. RBS is required the sell the branches under the EU conditions attached to the £45 billion bailout it received from the government when it came to the brink of collapse during ...




October 12, 2012

RBS computer glitch costs Ulster Bank £18m

by Jan Harris
RBS computer glitch costs Ulster Bank £18m
An IT failure at parent company RBS was a “major disaster” for Ulster Bank, its chief executive Jim Brown told a committee at the Northern Ireland parliament. Following a routine software upgrade on 19 June which went wrong, thousands of Ulster Bank customers were unable to access their accounts. Ulster Bank has paid out £18m to 300,000 customers affected by the ...




October 10, 2012

Barclays follows Co-op in banning sales incentives

by Jan Harris
Barclays follows Co-op in banning sales incentives
Barclays is changing its bonus system for 18,000 branch and call centre staff, following a similar move by the Co-operative bank. Barclays is ending the practice of awarding staff commission for selling financial policies. Like the Co-op, Barclays will now provide bonuses for good customer service rather than for meeting sales targets. Antony Jenkins, who has replaced Bob Diamond as ...




Co-operative Bank bans sales incentives

by Jan Harris
Co-operative Bank bans sales incentives
The Co-operative Bank has banned sales incentives for its branch staff and replaced them with an incentive system which rewards good customer service with bonuses of up to £400 per quarter. Around 3 per cent of branch staff were offered incentives to sell products. The Co-op plans to introduce the new customer service incentive scheme in it call centres next year. It will ...




October 9, 2012

Barclays expands through ING Direct acquisition

by Jan Harris
Barclays expands retail operations through ING Direct acquisition
Barclays is acquiring the UK operations of Dutch banking and insurance group ING Direct. Barclays will take on ING UK’s £10.9bn of deposits and its £5.6bn mortgage book, as well as 750 employees and 1.5 million customers. ING, which has its UK headquarters in Reading, is divesting its UK assets to help raise funds to repay the bailout loan it received ...




October 8, 2012

Frodo Financial launches overdraft service

by Jan Harris
Frodo Financial launches overdraft service
Frodo Financial, a new financial technology company, has launched an online overdraft system which provides an alternative to a bank overdraft. The new Frodo Flexi account provides a rolling cash-credit facility of between £1,000 and £10,000 that runs alongside a customer’s current account with their existing bank. It offers a 16.9% APR variable interest rate which starts accruing on the day money ...




Security concerns over NatWest mobile banking app

by Jan Harris
Security concerns over NatWest mobile banking app
NatWest bank has suspended its Get Cash app which allows customers to withdraw money from a cash machine without a debit card, according to a report by the BBC. Customers request the cash on their mobile and a 6 digit pin is generated which they then enter at the cash money to withdraw funds. However, Radio 4's Money Box programme reported ...




October 5, 2012

HSBC to close UK Islamic banking operations

by Jan Harris
HSBC to close UK Islamic banking operations
HSBC Holdings is planning to stop offering Islamic financial services in the UK as part of a global restructuring strategy which will see non-core businesses shut down. Along with the UK, it is closing its Islamic banking operations in United Arab Emirates, Bahrain, Bangladesh, Singapore and Mauritius. HSBC will offer Islamic banking only in Malaysia, Saudi Arabia and Indonesia after the streamlining, ...




October 4, 2012

PayPal resolves technical glitch

by Jan Harris
PayPal resolves technical glitch
PayPal, the internet-based money transfer service, has resolved the technical issues that delayed transactions for UK customers. The problem started on 29 September when a new system was introduced to speed up transactions. Unfortunately it had the opposite effect, with large numbers of transactions being sent for security checks, causing substantial delays in funds being transferred from customers accounts. Now this problem has ...




September 28, 2012

PayPal hit by technical glitch

by Jan Harris
PayPal hit by technical glitch
PayPal, the payments business which allows payments and money transfers to be made through the Internet, has been experiencing technical difficulties for the past week. The glitch, which is affecting UK customers, has led to large numbers of transactions being sent for security checks, causing payments to be delayed. The problem is believed to have been triggered by the launch of a new, ...




September 27, 2012

Lloyds and Barclays most complained-about banks

by Jan Harris
Lloyds and Barclays most complained-about banks
The Financial Services Authority has revealed the results of its six-monthly review of complaints, showing that LLoyds and Barclays are the two most complained-about banks. Complaint numbers have rocketed as a result of the Payment Protection Insurance (PPI) mis-selling scandal and have now reached the rate of one PPI complaint every 7 seconds. Between January and June the number of ...




September 26, 2012

M&S Bank launches current accounts

by Jan Harris
M&S Bank launches current accounts
M&S Bank which opened its first branch in July, launched its first current accounts today. The accounts are available from the bank’s 13 in-store branches. The retailer hopes to attract customers by capitalising on its reputation as a trusted brand. A marketing campaign, launched to promote the new accounts, uses the strapline 'new fashioned banking' and states that the current accounts offer the ‘same ...




September 25, 2012

Brits urged to choose more secure PIN numbers

by Jan Harris
Brits urged to choose more secure PIN numbers
A new report from analytics firm Data Genetics suggests that criminals can guess PIN numbers 10 per cent of the time purely because people are choosing PIN numbers that are easy to remember. Data Genetics found that one in nine people use “1234” as their PIN number when withdrawing cash at ATMs or making payments at retail outlets. 1234 is ...




September 19, 2012

Which? calls for Big Change to bank culture

by Jan Harris
Which? calls for Big Change to bank culture
Consumer watchdog Which? has launched a new campaign calling for banks to put customers first. The ‘Big Change’ campaign will put pressure on the banking sector to focus less on profits and more on the services they offer. Its launch precedes a meeting of the Parliamentary Commission on Banking Standards in December, which will consider proposals for legislative action on ...