Taxpayer bailouts for banks ‘too big to fail’ to end by 2022

November 8th, 2016 (No Comments)

The UK’s banks should no longer be “too big to fail”, under revised rules announced by the Bank of England. The regulations will force banks to hold enough money from their investors to absorb losses without help from the taxpayer. If any bank does face collapse, the funds will be spent to finance an orderly wind-down. The Bank’s […]

RBS facing £400m bill to compensate small business customers

November 8th, 2016 (No Comments)

Bank apologises for poor treatment during financial crisis and will automatically refund fees. Royal Bank of Scotland has apologised to 12,000 small business customers after admitting it faced a £400m bill to compensate them for poor treatment during the banking crisis. After at least three years of complaining of bad service from the bailed-out bank, small […]

Williams & Glyn sell off sparks watchdog’s attention

November 7th, 2016 (No Comments)

Royal Bank of Scotland’s (RBS) potential sale of Williams & Glyn to challenger Clydesdale & Yorkshire Bank (CYBG) has sparked the attention of the banking watchdog. RBS was told to divest of Williams & Glyn, and its network of more than 300 branches, by 2017 as part of its £45bn state bailout deal. CYBG revealed […]

Barclays card glitch: Customers charged twice in bank’s latest debit card error

November 6th, 2016 (No Comments)

A customer said that Barlcays had inadvertently taken a £4,000 payment twice! Barclays customers face being charged twice as the high street lender tries to fix a debit card payment glitch. However, by Monday afternoon the bank said the problem had been fixed, and all customers had been refunded. Some customers vented their anger on Twitter […]

Competition watchdog criticised by MPs over bank reform

November 6th, 2016 (No Comments)

Treasury select committee chair accuses Competition and Markets Authority of ‘dropping the catch’ The competition watchdog has been accused of complacency and missing an opportunity to overhaul high street banking, including capping overdraft charges, despite a two-year long investigation. The accusations were levelled at Alasdair Smith, who led the investigation by the Competition and Markets Authority […]

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