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Santander Fined For Financial Advice Failings

The Financial Conduct Authority has fined Santander £12,377,800 after the bank was found to be failing to offer adequate financial advice to its customers. The FCA reported a concern over Santander's approach to considering investors risk appetites.

Bank Of England Staff Member Suspended In Rigging Probe

Following an investigation, a staff member has been suspended by the Bank of England for potentially rigging the foreign currency exchange market. Traders are alleged to have been involved in setting key exchange rates in the £3bn-a-day foreign exchange market.

Yorkshire Building Society To Refund £8.4 Million

The Yorkshire Building Society will refund a total of £8.4 million to nearly 34,000 of its customers after an investigation by the Financial Conduct Authority (FCA) ruled that the building societies procedures were not thorough enough, as thousands of customers were wrongly charged for missing their mortgage repayments.

Lloyds Bank Chief Executive Defends £1.7m Bonus

Lloyds Bank chief executive Antonio Horta-Osorio has defended his �£1.7 million bonus, claiming that it is aligned with taxpayersâ?? interests. The bank has increased its overall staff bonuses for 2013 to �£395 million, up from �£365 million the previous year. Mr Horta-Osario claimed the reason behind this, was due to increased performance, which seen the bank report itâ??s first pre-tax profit since the �£20.5 billion government bail out, which was funded with tax-payers money.

Banks Fading From High Street And Cutting Financial Advisers

Banks are beginning to fade from the high-street as some of the biggest financial institutions are cutting branches and staff. Financial institutions cutting their high-street services include Lloyds banking Group who will be cutting managers, as well as back office and operations staff, whilst Barclays recently confirmed that they will be closing some high-street branches over the next few years.

Lloyds Bank Announces Help To Buy Mortgage Product

Lloyds bank has today announced that it is to become the latest mortgage provider to offer a product that allows prospective home owners to take advantage of the government led Help to Buy initiative. The banking group will therefore be allowing homebuyers the opportunity to apply for a mortgage with a 5% deposit as of Friday 3 January.

RBS Ringfences £38bn Worth Of Bad Assets

The Royal Bank of Scotland has today ended speculation of the bank being split into good banks and bad banks by placing �?�£38bn worth of bad assets into an internal ringfenced bank. A review into the possibility of creating an external bad bank was concluded to have unjustified effort, risk and expense. The review which was conducted by Rothschild Investments said that such a plan would do more harm than good.

Co-op Group Look Set To Lose Control Of Co-op Bank

The Co-op group have confirmed that they are in talks to sell off a majority stake of the banking arm of the mutual organisation, due to the bank facing a shortfall of £1.5 billion. The mutual organisation will still hold a 30% share in the bank, and retain ‘effective’ control, while it still holds the single largest stake.

Banks Make It Easier For Consumers To Switch Accounts

The banking industry has undergone a major IT overhaul at a cost of £750ml to reduce the time it takes for consumers to switch their current account to a new provider. Before the change, customers would have to wait up to 30 days to switch to a new provider and have all of their standing orders and direct debits working correctly

Co-operative Bank Launches Talking ATMs

The Co-operative bank has followed in the footsteps of Barclays, by installing talking cash machines on the streets of the UK. The machines will be aimed at helping blind and partially sighted consumers operate the ATMs, by providing an automated service as well as clearer, high resolution screens.

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