Recent News

The chairman steps down from Co-op Bank as they issue £400 million in shares.

The Co-operative Group’s share of their troubled Co-op banking arm is set to reduce to just 20% after the bank has announced it will be issuing £400 million in shares to fund redress for a wide range of products including mis-sold Payment Protection Insurance(PPI).

The bank also announced that their chairman, Richard Pym, will be stepping down at the end of the year and that ‘The board will undertake a full and rigorous process to find a replacement.’

Posted on Thu 15 May 2014

The profits for Barclays Bank falls to £1.69bn

As earnings from its investment bank slumped by half, Barclays has posted a 5% fall in profits for the first three months of the year.

After the bank warned it would be hit by the performance of the division, adjusted pre-tax profits fell to £1.69 billion.

This drop was driven by a significant decline in income of 41% from its fixed income, credit and commodities business as well as changes to the business.

Posted on Thu 08 May 2014

The FCA has found Barclays to be the most complained about Financial Firm

With 309,494 complaints in the second half of last year, the Financial Conduct Authority (FCA) have revealed that Barclays is the most complained about financial services firm in Britain.

This news has come following the publishing of the first consumer credit report, since the FCA took over the supervision of the industry from the Office of Fair Trading (OFT) on April 1st. Lloyds was second with a staggering 213,311 complaints made over the same period.

Although not as high, Bank of Scotland and Natwest managed to rack up 181,353 and 175,731 complaints respectively.

Posted on Tue 06 May 2014

Lloyds Banking Group pre tax profits are down on last year

For Lloyds Banking Group, there has been a reported 33% drop in statuary pre-tax profits for the first quarter of 2014.The bank said that on an underlying basis – excluding costs and write downs- profits rose 22% to £1.8bn for the first quarter of 2014, with no further mis-selling provisions booked in the quarter.

The bottom line statutory profit figure after all costs were accounted for was £1.36bn which was down 33% on the £2.04 billion booked for the first quarter of 2013.

Posted on Thu 01 May 2014

Banks are set to escape PPI fines

Although banks have paid out the accumulative cost of £20 billion in compensation, it has been revealed that British banks are unlikely to face hefty fines for mis-selling loan products as the financial watchdog is more concerned about how banks treat their customers.

The big banks have paid more than £14 billion to customers who were mis-sold Payment Protection Insurance (PPI) and have set aside a further £6 billion, easily making it the country’s costliest mis-selling scandal.

Posted on Wed 30 Apr 2014