Banks buckle under strain of PPI claims August 29, 2019 Some of Britain’s biggest banks came under fire today after suffering a series of IT failures in the run-up to a long-awaited payment protection insurance (PPI) deadline. A number of major high-street lenders were rushing to fix website glitches and jammed phone lines this evening following an 11th-hour stampede of consumers making complaints for mis-sold [...]
DEBATE: Is Bill Dudley right to argue that central bankers should fight back against politicians like Trump? August 29, 2019 Is Bill Dudley right to argue that central bankers should fight back against politicians like Trump? Vicky Pryce, former joint head of the Government Economic Service, a board-member of CEB,R and co-author of It’s the Economy, Stupid, says YES. At first reading, former Federal Reserve policymaker Bill Dudley seems to be making a political statement. [...]
Facebook libra: Could regulators crush Mark Zuckerberg’s dream cryptocurrency? August 27, 2019 Mark Zuckerberg’s decision this summer to launch a digital currency – Facebook libra – sparked the interest and concern of regulators around the world. Watchdogs have warned that without tight regulations libra could be used for money laundering and financing terrorism. They have also raised concerns over the potential risks it poses to data protection [...]
Deutsche Boerse offices raided in German tax probe August 27, 2019 Deutsche Boerse, the operator for Frankfurt’s stock exchange, has been searched as part of an investigation into a German tax fraud scandal. Public prosecutors have combed through the premises of Deutsche Boerse’s subsidiary Clearstream over a share-trading fraud case in which the German government was allegedly tricked into paying billions of euros in tax rebates. [...]
Natwest and RBS websites crash: Customers struggle to access online banking after outage August 27, 2019 Natwest and RBS banks have still not recovered from major technical issues that have knocked over their websites today. The websites crashed at around 9am and have still not recovered, prompting a deluge of customer complaints on Twitter as people struggled to access their bank accounts. Read more: Natwest apologises after another banking outage The [...]
Deutsche Bank fined $16m over US corruption charges August 23, 2019 Deutsche Bank settled for more than $16m with US authorities yesterday amid charges it had hired the relatives of foreign officials to win business. The Securities and Exchange Commission (SEC) said that it had fined the bank for hiring poorly qualified people just to get close to their decision-making relatives. Under the settlement’s terms Deutsche [...]
RBS and Santander rapped over PPI reminders August 23, 2019 Santander and the Ryal Bank of Scotland apologised to customers today as the UK’s competition watchdog scolded them for not properly reminding PPI customers they were able to cancel their plan. The Competition and Markets Authority (CMA) said it will force the two banks to appoint independent auditors to scour through their payment protection insurance [...]
HSBC urges peace amid Hong Kong clashes August 22, 2019 HSBC and Standard Chartered have weighed into the turmoil in Hong Kong today after calling for a peaceful resolution following several months of mass demonstrations. Both banking giants have taken out newspaper adverts in Hong Kong to urge an end to the violent clashes between police and protesters, which were sparked earlier this summer by [...]
Burford executive accused of exchanging documents for sex tape in lawsuit August 22, 2019 A senior executive at Burford Capital has been accused of unlawfully trading “sensitive” documentas for a sex tape in a $91m (£75m) lawsuit in the High Court. The lawsuit marks the latest battle for the troubled litigation funder, which was subject to a short attack by US firm Muddy Waters earlier this month. Daniel Hall, [...]
Deutsche Bank clamps down on hiring amid €7.4bn restructuring August 21, 2019 Deutsche Bank is tightening its procedures for new hires as it undergoes a major restructuring and headcount reductions. According to an internal memo seen by news agency Reuters, any new hires would need specific approval from the bank’s chief executive Christian Sewing, his deputy Karl von Rohr and finance boss James von Moltke. Read more: [...]