Barclays fined £7m plus £60m compensation bill for misselling

Thousands of people investing their retirement savings were given poor advice by Barclays, which must now pay them sixty millions pounds in compensation.
The bank has been fined £7.7m by the Financial Services Authority (FSA) and will pay up to £60m compensation to customers of two investment funds.

One in seven of the 12,000 investors complained about [...]

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Mortgage holders have debt written off afiter mortgage lender’s mistakes

Both the Clydesdale and the Yorkshire mortgage lender have agreed to cancel the arrears for some customers after they made mistakes in calculating monthly payments.
Some customers of the Yorkshire and Clydesdale banks who were charged too little on their mortgages, have fended off demands to pay arrears.

The customers took their complaints to the Financial Ombudsman [...]

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Royal Bank of Scotland sinks £1.4bn into the red

Royal Bank of Scotland has plunged back into the red with a £1.4bn pre tax loss during the three months to September.
RBS blamed the loss on changes to the “fair value” of its own debt, but said it was making “tangible progress”.

The bank, 84% owned by the tax payer, had appeared to be on the [...]

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Homeowners were reluctant to take out new mortgages in September

The downward trend in the number of mortgage approvals for house purchases continued in September, the British Bankers’ Association (BBA) said.
This suggests that activity in the housing market is likely to remain subdued in the coming months.

There was also little appetite for new personal loans among consumers.

The number of mortgages approved for house purchases fell [...]

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Nationalised Lloyds bank yet to sign tax conduct code

Lloyds Banking Group – which is 41% owned by UK tax payers has yet to sign the government’s code of conduct on taxation.Chancellor George Osborne has said only four of the 15 largest banks have so far put their name to the deal.

And Lloyds admitted it was one of those yet to commit – though [...]

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