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Wednesday 26th of January 2011

News Tag: compensation

January 18, 2011

FSA fines Barclays £7.7m

by Kay Murchie
”FSA
Banking giant Barclays has received a fine of £7.7 million - imposed by the Financial Services Authority (FSA) over poor investment advice. The City Watchdog has also ordered the bank to compensate up to £60 million to customers of two investment funds. The bank has apologised for the failures and said it will "put things right." The fine comes just a week after the Royal Bank ...



July 6, 2010

Former B&B shareholders will not receive compensation

by Kay Murchie
”Former
An independent valuer has said former shareholders of crisis-torn Bradford & Bingley (B&B;) will not receive any compensation after it was split and sold. At the height of the financial crisis, B&B;’s loan book was nationalised, while Spanish banking giant Santander took ownership of its savings business and branch network. B&B;'s shares closed at 20p in the final day of trading before ...



June 7, 2010

Lloyds shareholders could sue over HBOS takeover

by Kay Murchie
”Lloyds
The Treasury and Lloyds senior executives could be sued over the controversial takeover of HBOS, which took place at the height of the financial crisis. An investor group called Lloyds Action Now, which was established a year ago, claimed investors were lured into voting for the takeover, while not being provided with all the relevant information - particularly in respect to ...



April 20, 2010

BA seeks compensation for volcanic ash losses

by Gill Montia
BA seeks compensation for volcanic ash losses
British Airways is demanding Government compensation for loss of revenues resulting from the volcanic ash cloud. The closure of European air space is costing the airline between £15 million and £20 million a day, and disagreement between airlines and authorities over the extent of the flight restrictions continue. On Sunday, BA ran a test flight which is claims demonstrated that the current ...



April 12, 2010

Mistreated Kensington borrowers in line for compensation

by Gill Montia
”Mistreated
The Financial Services Authority (FSA) has fined Kensington Mortgage Company Limited £1.225 million over the way in which it treated some of borrowers facing financial difficulties. The regulator identified a number of serious failings by the sub-prime lender between January 2007 and October 2008, and the firm will have to pay up to £1.066 million to compensate its mistreated customers. ...



April 9, 2010

FSA report raises concerns over pension switching advice

by Kay Murchie
FSA report raises concerns over pension switching advice
The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement action against six firms. Many ...



February 24, 2010

Park Row told to repay millions by FSA

by Kay Murchie
’Park
Leeds-based independent financial advice company, Park Row Associates, has failed to give suitable advice, according to the Financial Services Authority (FSA) and has therefore been ordered to pay compensation to customers. The City Watchdog has established that customers of Park Row Associates were at risk of receiving unsuitable advice about all of its financial products. Customers who bought products through ...



January 20, 2010

Eurostar sales rise despite Christmas travel disruption

by Kay Murchie
Eurostar sales rise despite Christmas travel disruption
Eurostar, the Cross-Channel rail service, has reported a rise in ticket sales and passenger numbers for the 2009 year. The train service that links the UK to France and Belgium said sales totalled £675.5 million - a rise of 1.7% compared with 2008. The service carried 1.2% more passengers in the year, with total traffic growing to more than 9 million ...



January 5, 2010

Iceland president vetoes repayment to UK

by Kay Murchie
”Iceland
Icelandic President, Olafur Ragnar Grimsson, has vetoed the repayment of a £2.3 billion loan to the UK Government. The debt relates to the collapse of Landsbanki which collapsed at the height of the banking crisis in autumn 2008 and 300,000 British savers saw their accounts frozen with the bank’s online Icesave brand. The Treasury stepped in with a 100% guarantee for individual savers ...



February 13, 2009

Northern Rock shareholders lose court battle for compensation

by Kay Murchie
”Northern
Former shareholders of Northern Rock have failed in their legal challenge to the Government's plan to compensate them. Rock’s biggest former investor SRM Global brought the case against the Government, with RAB Capital and 150,000 private investors. The case entered the High Court in January and shareholders were contesting the way in which the bank’s finances were assessed and ...



January 25, 2009

SAMS mortgage holders up stakes in compensation battle

by Gill Montia
SAMS mortgage holders up stakes in compensation battle
A group of 222 homeowners trapped in shared appreciation mortgages (SAMS) have begun a new stage in their fight for compensation by sending out a letter before legal action to Barclays and HBOS (now part of Lloyds Banking Group). SAMS are a form of equity release sold by Barclays and HBOS during the late 1990s, when around 15,000 people ...



January 13, 2009

Northern Rock shareholders seeking compensation

by Kay Murchie
”Northern
Northern Rock shareholders are to enter the High Court this week demanding compensation to contest the way in which the stricken bank was nationalised in February 2007. The firm's biggest former investor SRM Global has brought the case, with RAB Capital and 150,000 private investors. However, it is not the nationalisation itself that shareholders are contesting, but the way in which the bank's ...



October 7, 2008

Icesave savers may have to claim compensation

by Kay Murchie
”Icesave
British savers of internet bank Icesave, an arm of Landsbanki, have been warned that they may struggle to claim their money. Earlier today, the Icelandic Financial Supervisory Authority announced that the country's Government had seized control of Landsbanki, which owns Icesave. At the moment, Icesave is not allowing customers to withdraw money out of their accounts or to put in deposits ...



August 13, 2008

87% of Brits mis-sold endowment policies

by Kay Murchie
87% of Brits mis-sold endowment policies
Research from Fairinvestment.co.uk has established that 87% of British homeowners believe they were sold an endowment policy under false pretences. During the 1980s and 1990s, endowment policies were a popular choice for homeowners and it is believed that over 10 million mortgage endowment policies were sold in the UK during the period. Endowments were primarily taken out as a savings vehicle ...