Bankers Pay Back?
Lord Turner, Chairman of the Financial Services Authority, has issued a warning to failed banks that they could be forced to repay two years worth of salary.
Lord Turner has followed current US legislation as he has stated he feels that this would be an attractive option to deter banks from taking unnecessary or excessive risks in their business.
Business Secretary, Vince Cable, has criticised the FSA for not releasing the report into the scandal of The Royal Bank of Scotland's failings. Lord Turner has responded by saying that he is not fundamentally opposed to releasing such reports in the future. However, he has also said that the RBS report was a complicated matter to publish due to the compartmentalised and siloed manner in which it is written.
Share this..
Related stories
Will UK savers now be tempted to move their assets overseas for better rates?
As savings rates in the UK continue to fall and despite noises from the political arena nothing seems to be changing, there is a suggestion that more and more UK savers could look to the more risky overseas markets for better returns. The weekend press highlighted a £5000 savings account with an unnamed bank which was due to make the owner around five pounds a year, which is a rate of 0.001%!
People prefer to save rather than borrow, survey shows
Britain's credit culture could be on the wane, the Yorkshire Bank said today.According to the lender, people are becoming more attracted to savings accounts.Figures from Yorkshire Bank show that 75 per cent of people believe that saving up for a high-cost purchase is "more satisfying" than getting it on credit.For "spur of the moment" expenditure, this figure hits 85 per cent.Commenting on the sur...
Read MoreChildren's bank accounts attract record low interest rates
It has been revealed that the differential between a child bank account in the UK and an adult bank account has widened significantly over the term of the ongoing recession. Children's accounts are now paying as little as 0.05% (i.e. five pence on every £100 saved) while the same bank may well be paying £1.60 on each £100 saved for adult accounts.
It would appear that this differ...
Half of Britons 'without financial plans'
About 55 per cent of Britons have no financial plans for the future and a further 32 per cent have no concrete plans for their finances, according to National Savings and Investments' (NS&I) quarterly savings survey for spring 2007.The report states the reason most regularly cited for not saving money is that people expect to be earning more in the future.Dax Harkins, senior savings strategist at...
Read MoreShort-term planning for a long-term future
Many people in the UK have long-term savings plans in place which include pensions, bonds and other such savings tools. The majority of these are long-term investments which will guarantee a relatively stable standard of living in the future and are seen by many as their "nest egg". However, a number of people appear to be avoiding short-term issues and continuing to plan for the longer term when...
Read More