From law changes to Lloyds: How the PPI scandal has developed over time October 26, 2016 Lloyds Banking Group today revealed it had put an additional £1bn aside to cover payment protection insurance (PPI) claims it predicted would come its way over the next few years. Here's how we got to today's announcement: 2005: There had been various murmurs from the media that all was not right in the world of PPI selling [...]
New PRA boss says it’s full steam ahead for City red tape despite Brexit October 26, 2016 The new chief executive of the Prudential Regulation Authority (PRA) will say this evening that it will push ahead with enforcing the next tranche of City red tape despite the recent Brexit vote. In a speech at the City Banquet at Mansion House, Sam Woods is expected to say it is "full steam ahead" as far as implementing [...]
Lloyds Banking Group shares recover as profits slide and it puts £1bn aside for PPI claims October 26, 2016 Lloyds shares recovered from a drop this morning, after the bank revealed profits tumbled during its third quarter – and it set more money aside to cover payment protection insurance (PPI) claims. The figures Statutory pre-tax profits dropped to £811m for the three months to September, down 15 per cent from £958m the year before. Net interest income also [...]
Investors have launched a petition asking the government to sell Lloyds shares to the public October 26, 2016 It seems retail investors were counting on getting their hands on a slice of Lloyds Bank – after a company representing potential shareholders launched a petition asking the government to give the public a chance when it sells off its final stake. Earlier this month the government unveiled the details of its final sale of [...]
City watchdog boss reveals it won’t lighten up on banks after Brexit, as it publishes new consultation to better protect at-risk consumers in ever-changing financial market October 26, 2016 The boss of the City watchdog revealed today he would not back the slackening of banking red tape post-Brexit, as the regulator launched a new consultation to hone its work going forward. When asked if he would support a relaxation of regulation following Brexit to make the UK more competitive, Andrew Bailey, Financial Conduct Authority (FCA) [...]
Mortgage approvals fell 15 per cent in September October 26, 2016 The number of mortgages approved by high street lenders fell 15 per cent in the year to September, figures published today showed. The British Bankers' Association said the number of mortgages given approval hit 71,738 in September – up from 69,499 in August. But the figure was down on the 74,252 six-month average, and three per cent lower in [...]
UK market shows signs of lagging behind for Santander October 26, 2016 Santander has reported something of a mixed bag of results this morning, with growth flattening out on a number of measurements and its UK market showing signs of struggling under the weight of new taxes. The figures Overall profits at Banco Santander were €1.7bn (£1.5bn) for the third quarter of 2016, up one per cent on the same [...]
Leaked audio: Theresa May feared banks would leave the UK after Brexit October 26, 2016 Theresa May warned bankers before the referendum that she feared businesses would leave the UK if it voted to leave the European Union. A recording of a speech the then-home secretary gave to Goldman Sachs in May has been published by the Guardian, revealing she had numerous concerns about the impact that leaving the EU would [...]
Metro Bank eyes profits, as statutory losses shrink for third quarter October 26, 2016 Metro Bank is now a stone's throw from turning a quarterly accounting profit, but the boss of the challenger is more pleased about the bank's customer growth. The figures The up-and-coming lender announced statutory losses of £0.4m for the three months to September, a significant improvement on losses of £5.9m in the quarter before and £10.7m [...]
Challenger bank CYBG confirms Williams & Glyn takeover talks October 26, 2016 Challenger bank CYBG today confirmed that it has engaged in talks with Royal Bank of Scotland over the possibility of buying Williams & Glyn. RBS was instructed to sell the business as part of its £45bn state bailout deal, and was set a deadline of the end of 2017 – a date the bank warned it [...]