Tag: Barclays

HSBC fined $1.92 billion by US authorities

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 […]

December 11, 2012 More
Banking chief calls for tougher safety measures for banks

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 […]

November 8, 2012 More
PPI costs increase for Lloyds and Barclays

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 […]

November 1, 2012 More
Barclays increases provision for PPI claims to £2 billion

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 […]

October 18, 2012 More
Barclays follows Co-op in banning sales incentives

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 […]

October 10, 2012 More
Barclays expands through ING Direct acquisition

Barclays expands 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 […]

October 9, 2012 More
Ulster Bank announces compensation for IT errors

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 […]

August 31, 2012 More
Barclays appoints new chairman

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, […]

August 9, 2012 More
Barclays and Nationwide launch new mortgage deals

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 […]

July 26, 2012 More
RBS to refund charges caused by computer failure

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 […]

July 10, 2012 More
Barclays, RBS and LLoyds could face criminal investigations

Barclays, RBS and LLoyds could face criminal investigations

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 […]

June 28, 2012 More
Barclays Pingit extended to all banks

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 […]

April 13, 2012 More
Barclays site slow to load during upgrade

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 […]

March 30, 2012 More
Barclay’s contactless cards open to fraud

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 […]

March 27, 2012 More
Regulator receives most complaints about Barclays

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 […]

February 29, 2012 More
Barclays launches mobile banking app

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 […]

February 16, 2012 More
Cost-cutting boosts Barclays profits

Cost-cutting boosts Barclays profits

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 […]

October 31, 2011 More
Fitch downgrades Lloyds and RBS credit ratings

Fitch downgrades Lloyds and RBS credit ratings

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 […]

October 13, 2011 More
Barclays, Lloyds and Santander top FSA complaints list

Barclays, Lloyds and Santander top FSA complaints list

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 […]

September 28, 2011 More