City Moves for 27 August 2013 | Who’s switching jobs August 26, 2013 Lloyds Bank The bank’s commercial banking arm has announced the appointment of Jacqueline Keogh as director of global trade. Keogh has over 25 years’ experience in the banking industry. She was most recently at Standard Chartered, where she was managing director, and regional head of banks for Europe in its transaction banking division. B Capital [...]
Card firms on hook for £1.3bn mis-selling bill August 22, 2013 THIRTEEN of Britain’s biggest lenders yesterday unveiled plans to repay consumers £1.3bn for mis-selling credit card protection products. Seven million customers bought the products which came from CCP and were sold through high street lenders and retailers. They either provided loss protection already covered by the bank, or were misleadingly advertised. If customers bought card [...]
Regulator agrees redress of up to £1.3bn for mis-sold insurance products August 22, 2013 Regulator the Financial Conduct Authority (FCA) has reached an agreement with several firms to provide redress to consumers mis-sold Card Protection Plan's (CPP) Card Protection and Identity Protection policies. This follows the mis-selling of 23 million policies to seven million customers. Those customers will now receive a letter from CPP explaining the process with a [...]
Speed is not of the essence in the disposal of RBS branches August 20, 2013 THE ROYAL Bank of Scotland (RBS) was yesterday called upon to get a move on in the disposal of 316 branches it has been required to make as a condition of its 2008 bailout by the UK taxpayer. Urging it to make a speedy decision are two of the three short-listed bidders who are vying [...]
RBS bidders at war over bank branches sale August 20, 2013 THE WAR of words between investors vying to buy 316 RBS branches intensified yesterday as the groups tried to discredit their opponents. W&G Investments’ Andrew Higginson claimed his is the only viable bid, while John Maltby, from the consortium including Corsair, argues he is in a better position to move ahead. Former Tesco Bank boss [...]
City investors finalise plans for RBS branch bid August 19, 2013 ONE OF the bidders vying for a shot at winning a portfolio of RBS branches is expected to submit a formal offer for the network this morning, after listing on the London stock market to fund the deal. W&G Investments, headed up by former Tesco finance chief Andy Higginson and backed by institutions including Schroders [...]
Strawberry fine for Tesco August 19, 2013 TESCO was fined £300,000 yesterday for misleading customers over a “half price” promotion for strawberries in the summer of 2011. The case, brought by Birmingham City Council, relates to the price of a 400g punnet of strawberries at stores in 2011. They were marked at half price longer than the original price – breaching the [...]
Tesco fined in strawberry mis-selling scandal August 19, 2013 Tesco has been fined £300,000 by Birmingham Crown Court after admitting it mis-sold strawberries to the British public in a half-price deal. The supermarket admitted four counts of engaging in an unfair commercial practise over strawberry prices in 2011. The case concerns the Tesco store on Coventry Road, Sheldon, and was widened to Tesco stores [...]
WPP subsidiary acquires majority stake in online rival August 19, 2013 Corporate communications agency Addison, a wholly-owned subsidiary of British advertising giant WPP, announced this morning it has acquired a majority stake in Emaxol, the holding company of online rival IR Group (release). IR Group (“The Group”) employs 65 people and specialises in designing, building, hosting and developing corporate websites and digital consulting services. Clients include [...]
Profits plummet one third for top UK businesses August 18, 2013 DESPITE a rise in revenues, some of the UK’s top companies saw profits plunge in the year to March, slumping by a total of 33.8 per cent in comparison to 2012. In the 12 months up to the end of the first quarter, 62 of the country’s biggest firms earned £16.6bn in profit after tax, [...]