Weak banks and fears over Eurozone debt drag on FTSE May 9, 2011 BANKING stocks weighed on Britain’s leading share index yesterday, with the sector hit by their capitulation in a fight over loan insurance mis-selling, and by Eurozone debt concerns after S&P cut Greece’s credit rating. The British Banking Association said members would not appeal a ruling that they compensate customers wrongly sold payment protection insurance (PPI). [...]
Barclays takes £1bn hit on insurance claims May 9, 2011 Barclays is to take a £1bn provision to cover compensation for people who were mis-sold certain insurance policies, the bank said. Barclays and the country’s other banks will also drop a planned appeal against an earlier court ruling which had made them liable to the compensation claims over the mis-selling of payment protection insurance (PPI). [...]
Barclays next to drop case May 8, 2011 BARCLAYS is to follow Lloyds in abandoning an industry-wide appeal against a high court ruling that will cost banks billions. The decision will leave other banks with little choice but to drop the case against the FSA on payment protection insurance (PPI). But City A.M. has learned that despite the likelihood of the banks giving [...]
Danisco board backs higher DuPont offer May 2, 2011 DENMARK’S Danisco has urged shareholders to accept a higher takeover bid from US chemicals group DuPont yesterday as fund managers welcomed the “decent offer” and said it would likely succeed. DuPont, run by chief executive Ellen Kullman, raised its offer for the Danish food ingredients and enzymes producer by five per cent to 700 Danish [...]
Banks fight refunds in £3.2bn payment protection ruling April 20, 2011 RETAIL banks were dealt a blow yesterday after the High Court rejected their judicial review, which protested the FSA’s implementation of what they say is “retrospective” justice. The decision could cost the industry up to £3.2bn in compensation paid out to customers whom the FSA says could have been mis-sold Payment Protection Insurance (PPI), cover [...]
Banks lose payment protection claims challenge April 20, 2011 UK banks face a flood of compensation claims from mis-selling payment protection insurance when approving loans or credit for customers, following a High Court ruling. The High Court dismissed a challenge brought by the British Bankers’ Association against its verdict that new rules banning the sale of payment protection insurance at the point a loan [...]
ABI: Barclays cocos a no go April 19, 2011 SHAREHOLDERS should be wary of waving through a new form of compensation for top Barclays executives, an influential investor advisory grouped warned yesterday. The Association of British Insurers (ABI), whose members own 15 per cent of Barclays stock, has issued an “amber” traffic light warning to members regarding Barclays’ annual report. City A.M. understands that its [...]
City firms push for review of compensation scheme April 11, 2011 LEADING city firms will petition the government for an accelerated review of the way the controversial financial services compensation scheme (FSCS) is funded. The petition, launched by the British Insurance Brokers’ Association (BIBA) yesterday, will ask MPs to urge the Financial Services Authority (FSA) to speed up its review of the scheme. The FSCS levy, [...]
Insurers wage war on Europe April 4, 2011 EUROPE’S insurance industry issued a stark warning to EU lawmakers yesterday that draconian new regulation would have “dire consequences” if implemented in its current form. In an uncharacteristically outspoken protest, Europe’s four major industry bodies signed a joint letter to EU commissioner Michel Barnier objecting to onerous new capital requirements imposed by Brussels. The unprecedented [...]
CITY MOVES | WHO’S SWITCHING JOBS April 4, 2011 Stamford Associates The investment consultant has appointed Sir Mark Weinberg as senior adviser, with the aim of expanding Stamford Associates’ investment strengths and expanding its pool of institutional investors. As the founder of life insurance provider Abbey Life, Weinberg will bring 40 years’ business and investment experience to the firm. He is also the chairman [...]