Wednesday 6 January 2016

Wednesday, January 06, 2016 Posted by Hari No comments Labels: , , , ,
Posted by Hari on Wednesday, January 06, 2016 with No comments | Labels: , , , ,

Chris has it all explained by a banker...

SOURCE BBC NEWS: Banking culture inquiry shelved by regulator FCA
The FCA had planned to look at whether pay, promotion or other incentives had contributed to scandals involving banks in the UK and abroad. The Treasury denies involvement in the decision - which some commentators have suggested was politically motivated. Banks around the world have faced huge fines from regulators for their involvement in numerous scandals. In May the news agency Reuters calculated that 20 global banks had paid £152bn in fines and compensation to customers since the 2008 financial crisis. The decision to drop the inquiry comes six months after FCA boss Martin Wheatley - who was originally hired because of his reputation as a tough regulator - was effectively sacked by Mr Osborne following two tumultuous years in the role. Many in the City had found Mr Wheatley's approach too combative and raised concerns about some of the language he used in reference to the banking industry. Percival Stanion, head of multi-asset strategies at Pictet Asset Management, also suggested that it was "no coincidence" that the investigation was being dropped at a time when HSBC was reviewing whether to keep its headquarters in London. HSBC has been a vocal critic of the bank levy, which Mr Osborne reduced in his summer budget following the general election. This will be seen by many as further evidence that regulators and the government have decided to take a softer line with the banks and bring the "banker bashing" era to a close.


As of 2014, the £20bn paid out by the banks for their PPI mis-selling is more than all their taxes paid since 2008

The bailout of our banks continues. Not from the taxpayer, but from your pathetic savings interest rates. See the BofE data

Financial Reporting Council says just 2% of bank and building society audits are up to scratch

The Interest Rate Swaps that screwed 40,000 small and medium sized businesses: how the regulator allowed the banks to be judge and jury for their own dodgy deals

RBS accused of seizing small business assets and selling them at knock-down prices to an RBS subsidiary

The government wants you to think we made a profit on sale of Lloyds Bank shares. Actually we made a thumping loss!

How re-mortgaging covered up the theft of Britain's growing wealth in the boom, and helped cause the bust


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