Royal Bank of Scotland joins UK asset protection scheme
Despite attempting to wriggle off the hook, which is the UK government's asset protection scheme, the Royal Bank of Scotland has been forced to sign up and confirmed that this happened on 26 November. While there's no doubt that the scheme will protect the company's assets in the short to medium term, like Lloyds bank, the company had been attempting to negotiate an exit rather than pay the multibillion pound premium.
In a bizarre quake of fate, if the UK economy does take a further downturn, as some people believe it will in 2010, the scheme will become vital for Royal Bank of Scotland and Lloyds bank may well have made a mistake negotiating its own exit. The agreement which was signed by Royal Bank of Scotland is conditional upon approval by Royal Bank of Scotland shareholders and overall approval by the European commission which is now heavily involved in the UK banking sector and the restructuring of businesses such as Lloyds bank and Royal Bank of Scotland.
Now that the saga surrounding the asset protection scheme looks to be over there are hopes that the Royal Bank of Scotland management can look ahead to the future even though markets are still very difficult. This is a company which was the largest banking operation in the world at one stage, after a massive expansion programme, but has now come back down to earth with a bump and will need to rebuild from a very low base.
Biba urges "sensible precautions" for winter drivers
Motorists heading out over the cold winter period are being advised to ensure they take "sensible precautions" to reduce the risk of an accident.Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers' Association (Biba), said that motorists "need to take care" and "make sure their cars are ready for winter".He explained: "The darkness, the wet roads and the icy...Read More
HSBC to pay £218m compensation to loan customers
05/08/2014 HSBC are to repay £218m of interest charges to some of their UK loan customers who received insufficient paperwork. Under the Consumer Credit Act, lenders are required to use a customers annual statement to provide information about the option of making overpayments on a loan. However, the bank has admitted that they only provided the information when customers first took out...Read More
Tories set to split the Labour Party and business community
It is becoming more and more evident that the Conservative party is placing itself between the Labour Party and the business community. In truth, the Conservatives have had a lot of help from Gordon Brown and Lord Mandelson over the last few days as their attack on the Conservative party's national insurance strategy continues unabated. So will this parting of the ways cost Gordon Brown the next e...Read More
Hastings Insurance Hit With £735,000 Fine
Well known car insurance company Hastings Insurance has been hit with a £735,000 fine after it cancelled a number of motor insurance policies at short notice after finding a pricing error in their system. In total the group cancelled 4,550 motor policies after checks revealed that quotes were on average £539 cheaper than they should have been. However, the group has been strongly criticised fo...Read More