FCA fines Lloyds Banking Group £64m after mistreating mortgage customers in difficulty June 11, 2020 Lloyds Banking Group must pay a £64m fine for failing to treat over a quarter of a million mortgage customers in arrears fairly. Lloyds Bank, the Bank of Scotland and the latter’s subsidiary The Mortgage Business all failed to take struggling customers’ financial circumstances into account when arranging repayments. The banks’ systems and procedures meant [...]
Goldman Sachs to ‘reopen UK base on 15 June’ after lockdown eases June 11, 2020 Goldman Sachs is thought to be planning to reopen its mammoth London headquarters again on 15 June. The investment banking giant reportedly sent an email to staff, telling them that the £1bn space was being prepared for “a safe and effective transition back to office when the time is right.” In the email, seen by [...]
Bank of England set to reload bond-buying programme with £100bn June 10, 2020 The Bank of England is expected to announce a further £100bn for its bond-buying programme when it meets next week in order to limit the damage to the UK economy by the coronavirus crisis. The central bank has already spent the majority of the record £200bn expansion to its asset purchase programme which it made [...]
British Business Bank appoints new interim chief executive June 10, 2020 The British Business Bank has announced the appointment of Catherine Lewis La Torre as its interim chief executive. Lewis La Torre will take over from current boss Keith Morgan on 1 September, the lender said. She is currently chief executive of the bank’s two commercial subsidiaries, British Patient Capital and British Business Investments, which she [...]
Mike Pompeo slams HSBC for ‘corporate kowtow’ to China June 10, 2020 US secretary of state Mike Pompeo has criticised HSBC for backing China’s moves to limit Hong Kong’s autonomy, accusing the British bank of a “corporate kowtow” to Beijing. Pompeo said the US stood ready to help Britain with alternatives after Beijing reportedly threatened to punish HSBC and break commitments to build nuclear power plants in [...]
Goldman Sachs digital brand Marcus pauses applications for savings account June 9, 2020 Goldman Sachs is reportedly pausing new applications for its digital bank’s online savings account, from Wednesday, after a surge in deposits pushed it close to regulatory limits during the pandemic. Executives at the bank are taking steps to manage the growth of the British arm of Marcus, according to Reuters. Marcus has attracted around £21bn [...]
BoE’s Cunliffe anticipates ‘great deal of pain’ for financial sector June 9, 2020 The initial shock of the pandemic to the financial system may have passed but another abrupt repricing of risk is possible, according to the Bank of England’s (BoE) deputy governor. “The first phase – the initial shock and adjustment to a far more challenging economic outlook in the near term – has passed,” Sir Jon [...]
Coronavirus business loan borrowing nears £35bn but CBILS approval rate languishes June 9, 2020 British businesses have borrowed almost £35bn under the government’s three emergency coronavirus credit programmes, but the approval rate for coronavirus business interruption loans (CBILS) remains just over 50 per cent. The bounce back loan scheme, which supports small businesses with 100 per cent state-backed loans, continued to see the strongest demand, according to new figures [...]
Barclays squares up for latest legal battle as £1.5bn Staveley suit hits High Court June 8, 2020 Financier Amanda Staveley’s private equity firm today told the High Court it had received a “substantially worse” deal than Qatar when its syndicate invested billions of pounds in Barclays during the financial crisis in 2008, as it launched a civil case against the bank. PCP Capital Partners is claiming damages of up to £1.5bn for [...]
Amigo Loans cancels dividend over £35m complaints hit as sale falls through June 8, 2020 Amigo Loans has said talks with a buyer have fallen through “given the current market environment”, as it warned of a £35m hit from a backlog of customer complaints. The loan provider revealed last week that the Financial Conduct Authority (FCA) is investigating it over its creditworthiness assessment process and oversight. Amigo reached a voluntary [...]