I note that the Bank of England has come up with a proposal to deal with errant bankers, that is a little more robust than the nonsense about making bankers swear an oath.
The Bank of England proposes that UK bankers guilty of misconduct could have their bonuses clawed back
up to seven years from the time these were awarded, and could face hefty
jail sentences in some cases.
The BBA won't like this at all!
Showing posts with label British Bankers' Association. Show all posts
Showing posts with label British Bankers' Association. Show all posts
Wednesday, July 30, 2014
Monday, October 25, 2010
Push for Growth
As David Cameron at the CBI promises that the government will push for growth and implement a national infrastructure plan (whatever that really means), these promises need to be set against the backdrop of a subdued mortgage/loan market.
The British Bankers' Association (BBA) reports that the downward trend in mortgage approvals continued in September, along with a low demand for personal loans.
The BBA attribute this to personal economic uncertainties.
Fair comment, however, they should also look to their own members' tightening of credit lines (and extortionate interest rates when compared to the Bank of England rate) as another reason for the fall in lending.
Whatever "push for growth" the government may promise/aspire to, the strength of the British economy is based on debt/property; until these areas are stimulated, eg via greater bank lending, significant growth will not occur during the course of this parliament.
The British Bankers' Association (BBA) reports that the downward trend in mortgage approvals continued in September, along with a low demand for personal loans.
The BBA attribute this to personal economic uncertainties.
Fair comment, however, they should also look to their own members' tightening of credit lines (and extortionate interest rates when compared to the Bank of England rate) as another reason for the fall in lending.
Whatever "push for growth" the government may promise/aspire to, the strength of the British economy is based on debt/property; until these areas are stimulated, eg via greater bank lending, significant growth will not occur during the course of this parliament.
Monday, August 09, 2010
Credit Task Froce
It has been announced that the CEOs of the UK's leading banks will lead a new taskforce, to help boost the flow of credit to small firms.
The ever "popular" British Bankers' Association's has set up a new group to assess credit demand from firms, and put forward recommendations to boost funding in the banking sector and aid recovery.
The media omnipresent BBA chief executive, Angela Knight, claims that the taskforce (to be chaired by BBA and HSBC chairman Stephen Green) would look to address "pinch points" in the system as recovery and the demand for working capital gradually takes hold.
The taskforce will report its initial findings to Chancellor George Osborne, in early October.
It strikes me that this is likely to be as effective as putting foxes in charge of the hen house, and is nothing more than a "sop" (in the manner of Edward VIII's "something must be done") to try to convey the image that the banks are "concerned".
The ever "popular" British Bankers' Association's has set up a new group to assess credit demand from firms, and put forward recommendations to boost funding in the banking sector and aid recovery.
The media omnipresent BBA chief executive, Angela Knight, claims that the taskforce (to be chaired by BBA and HSBC chairman Stephen Green) would look to address "pinch points" in the system as recovery and the demand for working capital gradually takes hold.
The taskforce will report its initial findings to Chancellor George Osborne, in early October.
It strikes me that this is likely to be as effective as putting foxes in charge of the hen house, and is nothing more than a "sop" (in the manner of Edward VIII's "something must be done") to try to convey the image that the banks are "concerned".
Tuesday, June 24, 2008
Housing Slump
The British Bankers' Association (BBA) have issued figures today that show that mortgage lending in May has slumped to the lowest level since 1997, as the total value of loans fell by £1.5BN compared to April.
Mortgage approvals fell from 34,752 in April to 27,968 last month.
The remortgaging business, where people have to refinance, is remaining firm.
The effect of the housing market of the mortgage drought is not entirely surprising, sellers now outnumber buyers by 15 to 1.
So, what happened to the government's much vaunted housing shortage?
People are now having to come to terms with living within their means, and that affects their living arrangements (eg stay at home with mum and dad, or live in less salubrious areas).
Mortgage approvals fell from 34,752 in April to 27,968 last month.
The remortgaging business, where people have to refinance, is remaining firm.
The effect of the housing market of the mortgage drought is not entirely surprising, sellers now outnumber buyers by 15 to 1.
So, what happened to the government's much vaunted housing shortage?
People are now having to come to terms with living within their means, and that affects their living arrangements (eg stay at home with mum and dad, or live in less salubrious areas).
Thursday, November 01, 2007
Bankers Discuss Northern Rock
The UK's leading banks will meet the Treasury, the Bank of England and the Financial Services Authority today to discuss whether a full inquiry is needed into the Northern Rock debacle.
The talks will be held at a meeting, hosted by the British Bankers Association, about the credit crunch.
The meeting will also focus on whether structural legislative changes are required in order to prevent this debacle happening again. In other words the tripartite system of regulation has failed, and changes need to be made.
The talks will be held at a meeting, hosted by the British Bankers Association, about the credit crunch.
The meeting will also focus on whether structural legislative changes are required in order to prevent this debacle happening again. In other words the tripartite system of regulation has failed, and changes need to be made.
Wednesday, October 17, 2007
The Great Credit Card Con
Not content with their already lousy reputation, Banks and credit card companies in Britain are determined to dig a further grave for themselves and the British financial services industry.
Campaigners allege that banks are deliberately deceiving customers who try to reclaim default charges on their credit card bills. Banks have been telling courts to halt their cases, because of a separate decision affecting efforts to reclaim overdraft charges.
In April 2006, the Office of Fair Trading (OFT) said it would not challenge the legality of credit card default fees, so long as they were set at a level no higher than £12. Therefore many people are entitled to reclaim fees in excess of this amount.
Martin Lewis, of Moneysavingexpert.com, said
"Many banks are outrageously trying to apply the hold on bank charges reclaiming, to credit cards reclaiming, even though the Office of Fair Trading already sorted this out back in April 2006."
The British Bankers' Association deny this:
"This only applies to current accounts and should have no effect on credit card claims.
The Financial Services Authority is monitoring how this is working."
A somewhat lame excuse, as it attempts to pass responsibility to the FSA.
Is it any wonder people have lost faith in the financial services industry, and loath banks and credit card companies?
Campaigners allege that banks are deliberately deceiving customers who try to reclaim default charges on their credit card bills. Banks have been telling courts to halt their cases, because of a separate decision affecting efforts to reclaim overdraft charges.
In April 2006, the Office of Fair Trading (OFT) said it would not challenge the legality of credit card default fees, so long as they were set at a level no higher than £12. Therefore many people are entitled to reclaim fees in excess of this amount.
Martin Lewis, of Moneysavingexpert.com, said
"Many banks are outrageously trying to apply the hold on bank charges reclaiming, to credit cards reclaiming, even though the Office of Fair Trading already sorted this out back in April 2006."
The British Bankers' Association deny this:
"This only applies to current accounts and should have no effect on credit card claims.
The Financial Services Authority is monitoring how this is working."
A somewhat lame excuse, as it attempts to pass responsibility to the FSA.
Is it any wonder people have lost faith in the financial services industry, and loath banks and credit card companies?
Friday, March 16, 2007
Banks' Behaviour Unacceptable
The Information Commissioner has publicly accused banks, that have left customer details in the street, of an 'unacceptable' breach of the Data Protection Act.
It seems that the ever popular banks, who provide their customers with such "value for money", have been leaving customer account details in waste bins, skips and bin bags outside 11 branches across the country.
Needless to say this exposes the hapless customer to identity theft and fraud.
Deputy Information Commissioner David Smith said:
"It is unacceptable for banks and other organisations to carelessly discard their customers.
It is vital that banks and other organisations take security seriously. If they do not, they not only risk further action from the Information Commissioner but also risk losing the trust of their customers.
Individuals must feel confident that banks and other organisations are safeguarding their personal information."
The 11 financial institutions that have been named and shamed are:
-Halifax-Bank of Scotland
-Barclays
-Alliance & Leicester
-Royal Bank of Scotland
-NatWest
-Nationwide Building Society
-Co-operative Bank
-HFC Bank
-Clydesdale Bank
-Scarborough Building Society
-United National Bank
Also on the list were the Post Office and the Immigration Advisory Service.
The information publicly discarded by the banks included; names, addresses and bank account numbers.
Nigel Evans MP, chairman of the All Party Parliamentary Group on Identity Fraud, demanded heavy fines for the organisations involved.
Quote:
"It is absolutely unforgivable that these financial institutions have acted so irresponsibly.
They seem to have ignored warnings about the need to keep customer details secure. Quite frankly, I am amazed that this is still going on. It is well known that criminals actively target bins in search of this sort of detail. This behaviour shows a cavalier disregard towards the protection of customers."
The Information Commissioner's Office has asked the banks and other organisations to sign a formal undertaking to abide by the Data Protection Act in future. If they fail to do so, they would face action leading to prosecution and fines.
The British Bankers' Association said:
"Banks take their responsibilities for protecting customers' personal information very seriously and each bank has secure arrangements for disposing of confidential customer information.
The banks concerned have fully investigated the circumstances and taken appropriate steps to ensure that any weak links in their security practices have been addressed."
The statement by the Bankers' Association is of course contradictory, what is the point of having secure arrangements if they are not followed?
Pretty pathetic really, it hardly leads one to conclude that the high fees that banks charge for their "services" are justified.
It seems that the ever popular banks, who provide their customers with such "value for money", have been leaving customer account details in waste bins, skips and bin bags outside 11 branches across the country.
Needless to say this exposes the hapless customer to identity theft and fraud.
Deputy Information Commissioner David Smith said:
"It is unacceptable for banks and other organisations to carelessly discard their customers.
It is vital that banks and other organisations take security seriously. If they do not, they not only risk further action from the Information Commissioner but also risk losing the trust of their customers.
Individuals must feel confident that banks and other organisations are safeguarding their personal information."
The 11 financial institutions that have been named and shamed are:
-Halifax-Bank of Scotland
-Barclays
-Alliance & Leicester
-Royal Bank of Scotland
-NatWest
-Nationwide Building Society
-Co-operative Bank
-HFC Bank
-Clydesdale Bank
-Scarborough Building Society
-United National Bank
Also on the list were the Post Office and the Immigration Advisory Service.
The information publicly discarded by the banks included; names, addresses and bank account numbers.
Nigel Evans MP, chairman of the All Party Parliamentary Group on Identity Fraud, demanded heavy fines for the organisations involved.
Quote:
"It is absolutely unforgivable that these financial institutions have acted so irresponsibly.
They seem to have ignored warnings about the need to keep customer details secure. Quite frankly, I am amazed that this is still going on. It is well known that criminals actively target bins in search of this sort of detail. This behaviour shows a cavalier disregard towards the protection of customers."
The Information Commissioner's Office has asked the banks and other organisations to sign a formal undertaking to abide by the Data Protection Act in future. If they fail to do so, they would face action leading to prosecution and fines.
The British Bankers' Association said:
"Banks take their responsibilities for protecting customers' personal information very seriously and each bank has secure arrangements for disposing of confidential customer information.
The banks concerned have fully investigated the circumstances and taken appropriate steps to ensure that any weak links in their security practices have been addressed."
The statement by the Bankers' Association is of course contradictory, what is the point of having secure arrangements if they are not followed?
Pretty pathetic really, it hardly leads one to conclude that the high fees that banks charge for their "services" are justified.
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