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News Tag: Barclays

December 11, 2012

HSBC fined $1.92 billion by US authorities

by Jan Harris
HSBC fined $1.92 billion by US authorities
HSBC has received a record $1.9 billion (£1.2 billion) fine from US federal and state authorities after its poor money laundering controls allowed it to be used as a conduit for drug barons and nations on which sanctions had been imposed, including Iran. Following a multi-agency investigation HSBC was charged with violating sanctions by transferring billions of dollars for sanctioned nations ...




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 ...




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 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 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 ...




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 ...




August 31, 2012

Ulster Bank announces compensation for IT errors

by Jan Harris
Ulster Bank announces compensation for IT errors
Ulster Bank has revealed details of a scheme to compensate customers who were left out-of-pocket following a major IT failure earlier this summer. The problem started on 19 June following a software update by parent company Royal Bank of Scotland which left thousands of customers without access to their accounts. Transactions were disrupted for NatWest and Ulster Bank customer, with the ...




August 9, 2012

Barclays appoints new chairman

by Jan Harris
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, should help Barclays gain the respect and trust of ...




July 26, 2012

Barclays and Nationwide launch new mortgage deals

by Jan Harris
Barclays and Nationwide launch new mortgage deals
Following the announcement of the government’s £80 billion Funding for Lending scheme, Barclays and Nationwide have cut their mortgage rates. The mortgage market has been shrinking for some time, with lenders tightening their lending criteria and demanding high deposits on home loans. Last month the number of mortgages approved for house purchases fell by 11 per cent according to figures ...




July 10, 2012

RBS to refund charges caused by computer failure

by Jan Harris
RBS to refund charges caused by computer failure
The Royal Bank of Scotland (RBS) has promised to refund any bank customers who suffered a loss as a result of the recent computer failure. Customers of other banks can claim if they have been affected, as well as the millions of Natwest, RBS and Ulster bank account holders who were unable to access their funds as a result of ...




June 28, 2012

Barclays, RBS and LLoyds could face criminal investigations

by Jan Harris
Barclays, RBS and LLoyds face criminal investigation
Barclays, which has been fined £290m for misconduct by regulators in the UK and the US, could face criminal investigations, along with Royal Bank of Scotland and Lloyds Banking Group. Barclays received the record fine for allegedly manipulating Libor, the London interbank lending rate, and Euribor, the European interbank lening rate. The bank is believed to have given false information in ...




April 13, 2012

Barclays Pingit extended to all banks

by Jan Harris
Barclays Pingit extended to all banks
Barclays’ recently-launched Pingit app can now be used by customers of all UK banks and building societies. The app, which allows users to send and receive up to £300 between bank accounts, simply by entering the recipent's phone number, has been available since February, but only to Barclays account holders. It reduces the need for people to share their personal bank details and ...




March 30, 2012

Barclays site slow to load during upgrade

by Jan Harris
Barclays site slow to load during upgrade
The BBC today reported that around 10 per cent of Barclays’ customers are experiencing delays when they try to access online banking. The bank has been phasing in improvements to its site since January and the rebuilt site is proving slow to load today, which is one of the busiest days of the month for transactions. Social networking sites have been inundated ...




March 27, 2012

Barclay’s contactless cards open to fraud

by Jan Harris
Barclay’s contactless cards open to fraud
An investigation by Channel 4 has found that Barclays’ contactless credit and debit cards, which are used by up to 13 million customers, are at risk of fraud. In collaboration with mobile phone security company ViaForensics, Channel 4 discovered that smartphones integrated with near field communication (NFC) technology can steal data from the cards with just one swipe. Details such as card ...




February 29, 2012

Regulator receives most complaints about Barclays

by Jan Harris
Regulator receives most complaints about Barclays
The Financial Ombudsman Service (FOS) received more complaints about Barclays than any other single UK bank in the second half of 2011, but Lloyds topped the list of most complained about banking groups. The FOS received a total of 11,524 complaints about Barclays between 1 July and 31 December - 6,975 were about the mis-selling of Payment Protection Insurance (PPI) and ...




February 16, 2012

Barclays launches mobile banking app

by Jan Harris
Barclays launches mobile banking app
Barclays’ free 'Pingit' app allows the bank’s UK current account holders to send money from their phone by simply entering the recipient's mobile phone number. Up to £300 can be sent via the app and funds are sent using 'Faster Payments', which means the payment could be credited to the recipient's account within a few hours. The recipient is sent a text message ...




December 8, 2011

Barclays triples basic account fee

by Jan Harris
Barclays triples basic account fee
Barclays is tripling its potential daily charge for basic bank account customers if they have insufficient funds in their accounts to pay direct debit and standing orders. Consumer groups have warned that the change could increase the financial exclusion already experienced by the poorest people in society, with the risk of high charges discouraging them from opening an account. Basic bank accounts ...




October 31, 2011

Cost-cutting boosts Barclays profits

by Kay Mitchell
”Cost-cutting
In an interim management statement today, banking giant Barclays said profits climbed 5% in the third quarter – boosted by cost-cutting measures. For the three months to the end of September, the bank said pre-tax profits were £1.34 billion, versus £1.27 billion for the same period a year earlier. However, revenues for the three month period were down 3% at £7 billion, as a ...




October 13, 2011

Fitch downgrades Lloyds and RBS credit ratings

by Kay Mitchell
”Fitch
Credit ratings agency Fitch has today downgraded two UK banks and placed one on a negative watch. Fitch downgraded Lloyds and Royal Bank of Scotland’s (RBS) long-term credit rating to an A rating from AA-. It also placed Barclays on a negative watch, meaning a downgrade is possible in the future. In a statement, Fitch said: "The banking system is not only large ...




September 28, 2011

Barclays, Lloyds and Santander top FSA complaints list

by Kay Mitchell
”Barclays,
Figures from the Financial Services Authority (FSA) have revealed that the three most complained about British banks are Barclays, Lloyds and Santander. According to the FSA, Barclays received more than a quarter of a million complaints in the first half of 2011. Lloyds received 181,907 complaints in the six month period, while Santander had 168,888 complaints lodged against it. NatWest, Bank of ...