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Royal Bank of Scotland set for talks to settle Libor-rigging claims | 11/02/2012
The Royal Bank of Scotland is currently preparing to enter talks with regulators to settle Libor-rigging claims, the boss of the bailed out bank said on Friday, as it admitted the cost of the payment protection insurance (PPI) scandal had now reached £1.7bn.
Stephen Hester, the chief executive of RBS, said he would be "disappointed" if he did not have more news on the scale of the Libor fine by the time the bank reports its full-year results in February.
The Royal Bank of Scotland is just over 80% owned by the taxpayer and is yet to give any indication of the size of any fine or if it will be larger than the £290m penalty paid by Barclays to the Financial Services Authority and regulators in the United States.
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Lloyds Banking Group raises PPI bill by a further £1bn | 11/01/2012
Lloyds Banking Group has now set aside a further £1bn to cover compensation for customers who were mis-sold payment protection insurance (PPI).
It brings the bank's PPI bill to £5.275bn so far and this could still grow.
The further provision means Lloyds has been pushed into a loss of £144m for the third quarter of the year.
After Barclays' recent decision to set aside a further £700m for PPI compensation, the banking industry's bill now stands at just over £11bn.
Lloyds described the further PPI provision as a disappointing "legacy issue"?.
"The volume of complaints received in relation to legacy PPI business during the third quarter declined when compared to the previous quarter," said Lloyds Banking Group's chief executive Antonio Horta-Osorio.
"However, it remained above the level which we anticipated at the time of our half-year results and as a result the group believes it is appropriate to increase its provision for expected PPI costs by £1bn.
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HBOS fined 4.2 Million by FSA | 10/19/2012
The FSA considers it necessary and proportionate to impose a financial
penalty of £4.2 million on HBOS
Full Details on fsa website -
http://www.fsa.gov.uk/static/pubs/final/bank-of-scotland.pdf
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Barclays is adding another £700m to the payment protection insurance | 10/19/2012
Barclays is adding another £700m to the payment protection insurance (PPI) compensation amount it has set aside for claims after the UK bank said it had higher than previously anticipated levels of claim volumes.
The additional amount will bring its compensation total to £2bn, after setting aside £1bn in 2011 and £300m it added in the first quarter of this year.
It said in a statement that it will "continue to monitor actual claims volumes and assumptions underlying the calculation of its PPI provision."
However, Barclays reiterated that its "third quarter adjusted profits, which exclude PPI provision, is expected to be broadly in line with market consensus of £1.7bn"
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Banks 'could run out of PPI refund money' after paying out £3 billion in just six months | 09/28/2012
Banks could run out of money set aside to compensate victims of the PPI ‘loan protection racket’ after paying out £3billion in the first six months of this year.
The number of new complaints about mis-selling of Payment Protection Insurance more than doubled to 2.2million from January to June.
This represented a 129 per cent increase on the previous six months, according to the Financial Services Authority (FSA).
The banks have paid out £6billion in PPI compensation since the beginning of 2010.
Now consumer champions at Which? say the banks have dramatically underestimated the bill for compensating all those conned by the biggest financial scandal in UK banking history.
They warn that the final bill could top the £10billion set aside by the industry to provide refunds and redress to all those who were misled.
PPI insurance policies were sold alongside loans, credit cards and mortgages on the basis that they would provide a safety net in the case of job loss or illness.
However, millions were pushed on to people who would never be able to make a claim, including pensioners, seasonal workers and those with long-standing illnesses.
All the big banks and building societies have set aside cash to cover the PPI bill.
The Lloyds group, which now includes Halifax and is part-owned by the taxpayer, paid out almost £2billion in the first six months of this year, and Which? suggests that it could burn through its PPI reserve as soon as November.
It said Barclays could run out by December, the RBS-NatWest group within six months and HSBC by August next year.
The Financial Services Authority said the total number of finance industry complaints during the first half of 2012 was 3.57million, the majority about PPI
If this happens, the banks will be required to dip further into their coffers, borrow or put up other charges to customers.
Which? is calling for action to ensure there are sufficient funds in place and for efforts to claw back bonuses from executives who presided over the mis-selling scandal.
The British Bankers Association said it could not comment on Which? speculation about whether banks have put aside enough money for the PPI bill.
It said: ‘The banks are committed to resolving complaints fairly, swiftly and effectively and restoring their customer relationships.’
The FSA said the total number of finance industry complaints during the first half of 2012 was 3.57million, the majority about PPI.
The second biggest problem area was credit cards, where the figure rose by 33 per cent to 330,000.
Origanal Article HERE
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RBS - have issued a Malware Warning | 09/26/2012
RBS
26/09/2012
It has come to our attention that another new strain of malware is targeting the users of internet banking in the UK.
The malware seeks to manipulate the log-in process. If infected, a screen will appear telling you that you must change your PIN & password before you can log-in.
If you complete this bogus screen, you will be handing your log-in credentials to fraudsters.
Intelligence suggests that the malware is spread as an e-mail attachment which purports to come from either airlines (with the title of Flight Confirmation) or Facebook (with the title of A Photo of You From Facebook). Please take great care when opening unsolicited e-mails and attachments that purport to come from these sources.
To stay safe on-line, please remember these essential security tips
We will never ask for your full PIN and password online or via the telephone,
We will never ask you to change your PIN and password as part of the log-in process,
Ww will never ask for a challenge code from your smartcard and reader in order to log-in or confirm your identity.
If you spot anything suspicious or unusual about your Bankline session, then you should immediately contact the Bankline Helpdesk for support and advice.
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RBS
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26/09/2012
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It has come to our attention that another new strain of malware is targeting the users of internet banking in the UK.
The malware seeks to manipulate the log-in process. If infected, a screen will appear telling you that you must change your PIN & password before you can log-in.
If you complete this bogus screen, you will be handing your log-in credentials to fraudsters.
Intelligence suggests that the malware is spread as an e-mail attachment which purports to come from either airlines (with the title of Flight Confirmation) or Facebook (with the title of A Photo of You From Facebook). Please take great care when opening unsolicited e-mails and attachments that purport to come from these sources.
To stay safe on-line, please remember these essential security tips
We will never ask for your full PIN and password online or via the telephone,
We will never ask you to change your PIN and password as part of the log-in process,
Ww will never ask for a challenge code from your smartcard and reader in order to log-in or confirm your identity.
If you spot anything suspicious or unusual about your Bankline session, then you should immediately contact the Bankline Helpdesk for support and advice.
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James duckers latest blog | 09/21/2012
Read james duckers latest blog -
Interest Rate Hedge Mis-selling - who was to blame?
HERE
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The Isle of Wight Council’s Trading Standards Service is warning Islanders about a scam involving payment protection insurance (PPI) | 08/21/2012
The Isle of Wight Council’s Trading Standards Service is warning Islanders about a scam involving payment protection insurance (PPI).
The service has been contacted by residents who have received international calls from a PPI recovery company, with the caller saying they have made a successful claim for around £2,000.
Asked to pay fee
In order to receive the money, they require a £200 fee which can be paid using UKash vouchers.
This is a scam and any residents receiving similar calls should never give out personal details and hang up the call before contacting Trading Standards.
Elderly targetted
Amanda Gregory, Isle of Wight Council regulatory services manager said: “One recent caller to trading standards reporting this scam was an elderly gentleman who lives in sheltered accommodation.
“They recognised the PPI call as a scam because the week before a trading standards officer had visited his accommodation and given a talk to residents on how to spot scams.
“This demonstrates the importance of proactive work in the community, which has helped someone avoid losing money who may have otherwise been tricked into sending cash to these scammers.”
More information on the council’s Trading Standards service can be found by logging on to www.iwight.com/tradingstandards or by calling (01983) 823370.
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#IRSACLAIM - Read James Duckers Blogg on the RBS Redress Policy | 08/15/2012
#IRSACLAIM - Read James Duckers Blogg on the RBS Redress Policy - http://www.resolute-consulting.co.uk/blog/66-james-duckers-comments-on-rbs-of-a-redress-policy.html
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The Financial Services Authority says banks mis-sold specialist insurance known as interest rate swaps | 06/29/2012
The Financial Services Authority says banks mis-sold specialist insurance known as interest rate swaps tied to thousands of small businesses.
Furthermore the FSA said it had found "serious failings" in the sale of the products, designed to protect firms taking out loans against rising interest rates.
This mis-selling is just another serious malpractice at the UK's banks.
The FSA said it believed the swaps had had a "severe impact on a large number of these businesses".
It did not say how much money would be necessary to compensate the businesses involved.
Around 28,000 interest rate protection products were sold to thousands of small businesses, starting in 2001.
The managing director of the FSA's conduct business unit, Martin Wheatley, said the practice had been costly. "For many small businesses this has been a difficult and distressing experience with many people's livelihoods affected," he said.
He added that the bosses of the banks, including Barclays chief executive Bob Diamond, had given a personal assurance they would sort out the problems caused.
The FSA has been investigating whether mis-selling took place for two months, and as part of that has been talking to some 100 businesses.
When Parliament debated the subject last week, the Aberconwy MP, Guto Bebb, said many business people did not understand the deals but trusted their bank managers, and many were told that without signing up they risked being refused credit.
You can find more information on the following websites - www.rate-swap-claims.co.uk - www.mis-sold-swap-claims.co.uk - www.rate-swap-mortgages.co.uk
There will be more news to come as we have it.
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