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News Tag: Banking News

November 8, 2012

Banking chief calls for tougher safety measures for banks

by Jan Harris
Banking chief calls for tougher safety measures for banks
Andrew Haldane, the Bank of England's executive director for financial stability, has warned that the planned safety measures for banks need to be strengthened, the Independent reported. Speaking to the Parliamentary Inquiry into Banking Standards Mr Haldane said that the Vickers Report’s recommendation to ring-fence investment banking operations should be implemented fully. He also said that banks which ...




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 ...




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 ...




September 13, 2012

Portable account numbers would encourage people to switch banks

by Jan Harris
Portable account numbers would encourage people to banks
Switching your bank account is commonly believed to be fraught with difficulties, but consumer group Which? has discovered that more people would consider switching if they could keep their bank account number. Seventy-six per cent of the 2,057 people polled by Which? thought switching would be easier if they could keep their account number. Sixty-three per cent of those ...




September 4, 2012

Banks warned to improve IT systems

by Jan Harris
Banks warned to improve IT systems
In the wake of the IT meltdown at the RBS group earlier this summer, the Treasury Select Committee is calling on banks to check their IT systems. The error occurred on 19 June during routine maintenance of the RBS computer system. It caused automated batch processing software to malfunction and although this was quickly fixed, the bank was left with a ...




July 26, 2012

NatWest hit by IT problems again

by Jan Harris
NatWest hit by IT problems again
A further IT problem is affecting customers of NatWest bank, just weeks after an IT failure in June left NatWest and Ulster Bank customers without access to their funds. As before, NatWest customers are finding that they cannot access their accounts and their cards are being rejected in stores and restaurants. On its Twitter feed, @NatWest_Help , the bank said: "Some customers ...




Nationwide debits payments twice after ‘human error’

by Jan Harris
Nationwide debits payments twice after ‘human error’
Customers of Nationwide building society may have been charged twice for Visa debit card transactions, due to a ‘human error’. The accounts of customers who made debit card payments on Tuesday 24 July may have been debited for a second time on Wednesday 25 July. The mistake has led to many of the building society’s 4 million current account holders going ...




July 19, 2012

Co-op bank boosts high street presence

by Jan Harris
Co-op bank boosts high street presence
The Co-op’s long-awaited deal with Lloyds Banking group has taken a major step forward with the sealing of a Heads of Terms agreement, under which the Co-op will pay around £750m for 632 Lloyds branches. Lloyds Banking Group was ordered to sell the branches under the terms of the bail-out it received from the government four years ago. The latest move ...




UK trade minister drawn into HSBC money laundering scandal

by Jan Harris
UK trade minister drawn into HSBC money laundering scandal
UK trade minister, Lord Green, will have to answer some "serious questions" over HSBC’s involvement in money laundering, Chris Leslie, the shadow financial secretary to the Treasury, said. Lord Green was chief executive of HSBC from 2003 and 2006, and was chairman until 2010 when he resigned to become part of the coalition government. A year-long investigation by the ...




July 9, 2012

Labour calls for banks to sell branches

by Jan Harris
Labour calls for banks to sell branches
Labour is calling for major UK retail banks to sell hundreds of branches in order to create seven High Street banks rather than the current ‘big five’. This would increase lending and competition in a market that is currently dominated by Barclays, Lloyds, HSBC, RBS and Santander, the party believes. According to the Mail on Sunday, Labour leader Ed Miliband will make ...




July 14, 2011

JP Morgan profits up 13%

by Kay Mitchell
”JP
The US banking reporting season has got off to a good start today after JP Morgan reported a 13% increase in profits to $5.4 billion (£3.3 billion) – exceeding analysts’ expectations. Furthermore, revenues were 7% higher in the three months to the end of June at $27.4 billion. The good performance comes despite losses from bad mortgage debt. Meanwhile, net profits at its investment bank ...




January 19, 2011

Goldman shares fall on Q4 profits announcement

by Kay Mitchell
Goldman shares fall on Q4 profits announcement
US banking giant Goldman Sachs has today reported a $2.39 billion (£1.49 billion) profit for the fourth quarter, 53% lower compared with a year ago. However, the figures were roughly in line with expectations but shares still fell 3.1% to $169.22 in pre-market trading. The fourth quarter figures come at the end of a difficult year for the bank. Revenue at the ...




January 2, 2011

Compensation for savers increases from £50,000 to £85,000

by Kay Mitchell
”Compensation
The Financial Services Compensation Scheme (FSCS), the body established to compensate victims of banking failures, will now reimburse up to £85,000 per saver if a bank collapses, up from the £50,000 limit previously agreed. It is hoped the new limit, which is paid for by the UK financial services industry, will avert customer panic if a bank is close to ...




August 1, 2010

Banking results season kicks off this week

by Kay Mitchell
”Banking
British banks will unveil their first-half profits this week with the five biggest banks expected to reveal they are back in the black. Banking giant HSBC will kick off the reporting season tomorrow, with Lloyds Banking Group and Standard Chartered announcing their results on Wednesday, Barclays on Thursday and Royal Bank of Scotland (RBS) on Friday. They are expected to report combined ...




July 1, 2010

Santander puts £50 monthly penalty on unauthorised overdrafts

by David Masters
Santander puts £50 monthly penalty on unauthorised overdrafts
Santander has announced plans to charge customers up to £50 per month for using their unauthorised overdraft. The £5 per day charge, capped at a maximum of £50 in any one month, will apply to new current accounts opened from December. Customers who use their authorised overdraft will be charged 50p per day, up to a maximum of £5 per ...




April 29, 2010

Islamic finance course launched in Edinburgh

by David Masters
Islamic finance course launched in Edinburgh
Britain's first postgraduate course in Islamic finance is to be launched today at the Islamic & Ethical Finance Conference in Edinburgh. The MSc in Islamic accounting and finance will be taught at Dundee University, who created the course to meet rising demand from banks for professionals trained in the Islamic principles of banking. "Not many people have that combination of accounting and financial ...




March 8, 2010

Sustainable banks pledge to serve the poor

by David Masters
Sustainable banks pledge to serve the poor
Eleven industry leading sustainable banks have pledged to deliver banking services to the world's poorest people. The banks made the promise at the second summit of the Global Alliance for Banking on Values (GABV) in Dhaka, capital of Bangladesh, earlier this month. "Fighting poverty will remain the first priority for the banking sector in the foreseeable future," said Fazle Hasan, GABV co-founder. This ...




October 22, 2009

Tesco opens UK’s first self-service store

by Kay Mitchell
”Tesco
In a bid to speed up trips to the shops, supermarket giant Tesco has opened the first self-service store in Northampton. The Tesco Express store has five self-service tills but no manned checkouts. There is, however, one member of staff available to authorise transactions for age-restricted items such as alcohol and knives. The news will spread fear throughout the grocery industry and raise ...




September 14, 2009

Sarkozy threatens walk-out if no progress made on bonuses at G20 summit

by Kay Mitchell
”Sarkozy
The Elysée Palace has today announced that French President, Nicolas Sarkozy, may walk out of the G20 summit in Pittsburgh next week unless an agreement is reached with regard to bank bonuses. France has long been arguing that excessive bankers’ bonuses reward the risk-taking that led to the financial crisis. At last week’s meeting of G20 finance ...




September 9, 2009

Is RBS pre-empting the Supreme Court?

by David Masters
”Is
Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland's (RBS) decision to lower overdraft fees. RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week. Charges for bounced cheques were reduced from £38 to £5. The changes come ahead of a ruling by the Supreme Court which will decide whether the ...