Tag: UK banks

Complaints about banks soar

Complaints about banks soar

The total number of customer complaints about UK banks has soared, but many of the complaints relate to payment protection insurance (PPI) mis-selling. When PPI-related complaints are stripped out, many banks received fewer complaints in the first half of this year. Part state-owned banks Lloyds and RBS received 146 per cent and 128 per cent [...]

August 31, 2012 | 0 Comments More
Brits would trust retailers to provide current accounts

Brits would trust retailers to provide current accounts

Consumers’ trust in UK banks has fallen to the extent that millions would trust high-street retailers with their current accounts, according to a poll by comparison site Uswitch.com. Public confidence in banks has been eroded by recent scandals, including Libor rate-fixing and the mis-selling of financial products, as well as by IT failures. In its [...]

August 29, 2012 | 0 Comments More
Standard Chartered in money-laundering scandal

Standard Chartered in money-laundering scandal

Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and [...]

August 7, 2012 | 0 Comments More
PPI scandal to cost banks £10 billion

PPI scandal to cost banks £10 billion

The UK’s ‘big five’ banks have now paid out £8.8 billion in compensation to customers mis-sold payment protection insurance (PPI) and the eventual bill is expected to exceed £10 billion. Administration and staff costs will send the bill even higher. Banks are suffering an administrative headache in trying to sort out genuine claims from the [...]

July 31, 2012 | 0 Comments More
Moody’s downgrades 12 UK banks

Moody’s downgrades 12 UK banks

Credit ratings agency Moody’s has today downgraded 12 UK financial institutions. The news sent banking shares down in morning trading today with Royal Bank of Scotland (RBS) and Lloyds down by around 3.5%. Moody’s cut its rating on state-owned banks RBS by two notches from Aa3 to A2 and Lloyds TSB by one notch from [...]

October 7, 2011 More
UK banks on track to meet Project Merlin targets

UK banks on track to meet Project Merlin targets

Provisional figures released today have revealed that the UK’s five biggest banks are on track to meet their lending targets under the Project Merlin deal. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all committed to lend £190 billion to all businesses this year. Of this figure, around £76 [...]

August 5, 2011 | 0 Comments More
14 UK banks could see credit rating cut

14 UK banks could see credit rating cut

Moody’s Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody’s Senior Credit Officer, said: “It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the [...]

May 24, 2011 | 0 Comments More
Bank bosses summoned to Downing Street to ensure rate cut passed on

Bank bosses summoned to Downing Street to ensure rate cut passed on

Following yesterday’s interest rate cut from 4.5% to 3%, there were concerns that lenders would not pass on the rate cut to customers. However, earlier today the chief executives of Britain’s top banks were summoned to Downing Street to meet with Chancellor Alistair Darling, where he demanded that they pass on the rate cut to [...]

November 7, 2008 | 0 Comments More