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Banking-News-IBAS-UK-Comment-2019

(use the 'headline link' to read full articles at their source)

 

Please note:

We have now removed IBAS UK Banking News archive and news pages from 2018 to 2013 and 2013 to 1998 - they are now retained for IBAS member's research only.

 

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Bank of Scotland fined £45m for failing to report HBOS fraud - Bank of Scotland has been fined £45.5m for failing to report suspicions of fraud at its Reading branch.

The Financial Conduct Authority (FCA) said there was “insufficient challenge, scrutiny or inquiry across the organisation and from top to bottom”.

The bank identified suspicious behaviour at its Reading-based impaired assets team in early 2007, the FCA said. The fraudsters pushed multiple small firms out of business, and stripped their assets for personal gain.

“BOS’s failures caused delays to the investigations by both the FCA and Thames Valley Police.  There is no evidence anyone properly addressed their mind to this matter or its consequences.

“The result risked substantial prejudice to the interests of justice, delaying scrutiny of the fraud by regulators, the start of criminal proceedings as well as the payment of compensation to customers.” - City A.M. 21st June 2019

 

FCA slammed over ‘whitewash’ RBS GRG report - The Financial Conduct Authority (FCA) today published its report into why it was unable to take enforcement action against senior individuals within the GRG, which has been accused of stripping its customers assets to shore up its own balance sheet at the time of the financial crisis.

Kevin Hollinrake MP, co-chair of the APPG on fair business banking, said: “This report is another complete whitewash and another demonstrable failure of the regulator to perform its role.

“The FCA must publish a full account of its findings including naming those responsible for the shameful mistreatment of thousands of UK SMEs.”

“Phase two of the FCA’s own final requirement notice was supposed to ‘consider the root causes’ and establish whether ‘the causes of such treatment were known about, authorised by and/or sanctioned by management within RBS Group’. They have manifestly failed to do this. - City A.M. 13th June 2019

 

Multi-billion Pound Collective Consumer Claim Against Mastercard - A £14bn lawsuit against Mastercard for imposing charges on UK consumers moved closer to proceeding when the UK Court of Appeal reversed an earlier decision by the Competition Appeals Tribunal. This week the UK Court of Appeal set aside the tribunal’s 2017 ruling to allow the claimants, led by former financial ombudsman Walter Merricks to have the case reheard to allow for a class action. Mr Merricks is seeking £14bn in damages on behalf of 46m UK consumers for losses suffered as a result of alleged illegal credit card fees. 16th April 2019 Mastercard Consumer Claims

IBAS comment: Mastercard has fought this action using every means possible and will continue to do so, as they have already confirmed. Consumers wishing to back Walter Merricks and his claim can do so at the website and join the action and at the same time endorse the collective Consumer claim, against what most regard as inflated card fees over an extended period of time. – Eddy Weatherill IBAS - 16 th April 2019

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TSB pledges to refund fraud victims - TSB has become the first UK bank to pledge to refund customers who fall victim to any type of fraud.

The "fraud refund guarantee" will cover cases where customers are tricked into authorising payments to fraudsters, as well as unauthorised transactions. The move comes as the bank tries to rebuild its image after an IT meltdown last April left 1.9 million customers unable to access their own money.

Banks have been under pressure to help tackle the rise in sophisticated fraud.

Richard Meddings, acting chief executive of TSB, told Radio 5 live's Wake Up To Money that the move was "about giving piece of mind to our customers and doing the right thing". He said: "It's a major societal blight. Innocent customers are being tricked."

He added that the bank was investing in education for customers and staff about fraud, but also had a message for crooks: "If you come for one of my customers, we will hunt you down." BBC Business News 15th April 2019

IBAS comment: The latest TSB ‘pledge’ follows what was a PR and IT disaster which affected a great many SME’s/business banking customers. The FCA has still to publish it’s own findings whilst TSB itself commissioned an independent review from lawyers Slaughter and May to detail what went wrong and what lessons need to be learned. We look forward to reading both.

What we know is that Spanish bank Sabadell bought TSB in 2015 and in 2018 they attempted to move customer records from the old Lloyds Banking Group computer platform to the Sabadell Proteo platform and that proved to be a disaster as customers became ‘locked out’ of their accounts and some customers being given access to the confidential records of others – see https://www.bbc.co.uk/news/business-46258889

The IT issues were many it seems and they continued for many weeks despite the bank's positive PR. TSB came under fierce criticism for the IT failings leading to a loss of circa £105m by the bank due to that ‘meltdown’ as the bank was forced to compensate customers and ‘put things right’ - see https://www.bbc.co.uk/news/business-47085474

The good news for TSB is that shortly their new chief executive Debbie Crosbie will take over a bank which has a Common Equity Tier 1 capital ratio - a key measure of financial strength – which stands at 19.5% and is among the strongest of UK banks.

So, maybe the ‘new broom’ and also the ‘will’ is there for this bank to now turn the previous 2018 disasters into opportunity and by doing so also ‘show’ us all that it can become an SME ‘champion’ – we will watch with interest. – Eddy Weatherill - IBAS - 15th April 2019

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Most mornings parents in Vietnam will put face masks on their children before they go to school because the air is too dirty to breathe. Itʼs not hard to see why. Their cities are surrounded with giant coal plants churning out toxic air. And guess whoʼs bankrolling these coal plants? HSBC.

HSBC announced last year that it would stop financing new coal-fired power in all countries around the world - except in
Bangladesh, Indonesia, and Vietnam. British bankers are effectively deciding who gets to breathe clean air.

But with your help we can get HSBCʼs attention and change this.

Next week is HSBCs big annual shareholder meeting. The big bank will want to look good in front of its shareholders making it sensitive to pressure. Sign the petition

See also: Guardian 6th March 2019 article: Investors urge HSBC to stop bankrolling coal-burning projects

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MPs call for inquiry into alleged forgery of signatures. - MPs are pressing the Treasury Select Committee to open an immediate inquiry into the alleged forgery of signatures in bank court documents.

They also want Lloyds chief executive Antonio Horta-Osorio to be questioned over how the bank treats customers who say they have found evidence of systemic fraud.

The all-party group on fair business banking says Lloyds appears to be repeating the same conduct it displayed towards customers who uncovered the HBOS Reading fraud, seeking to silence them.

Lloyds has denied there is evidence of systemic fraud and said it "does not recognise the issue" as set out by the group of MPs.

Kevin Hollinrake MP, chair of the all-party group, made the call for an inquiry after getting what he says was an unsatisfactory response from the bank.

The Civil Procedure Rules govern how law firms must behave in legal proceedings including repossessions.

They state:

Practice Direction 22 Statements of Truth

3.9 The individual who signs a statement of truth must print his full name clearly beneath his signature.

3.10 A legal representative who signs a statement of truth must sign in his own name and not that of his firm or employer

Questions over signatures are not confined to Lloyds. This article cites four signatures which were purportedly all signed by the same person at a different company on the same day and further evidence suggests one person has been signing under more than one name. – BBC Business News 29th March 2019

 

 

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IBAS has 27 years of continuous business banking dispute investigations and negotiations experience with all major UK lenders and we provide professional, confidential guidance and direct assistance to directors and proprietors who initially email us their business banking dispute/s information.

IBAS has acquired specialist business banking knowledge from the many IBAS investigations of UK business banking account disputes since 1992. Our investigations have provided us with experience and depth of knowledge which no other organization 'acting' for business banking customers can match.

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There is no other non - profit UK organization providing independent and specialist individual business banking advice and specific assistance to members.

IBAS business banking dispute knowledge and negotiating experience also provides IBAS members with a proven strategy for business banking claims and can provide defences to business banking debt claims.

 

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IBAS website was launched in 1998 (see BBC publication with link to IBAS in 1999)

at: Your Money Not a moving account  - BBC 22/07/99

 

IBAS has been featured on BBC TV, BBC TV News, ITV News, Meridian TV and Sky TV News since 1992 and also contributed banking editorials and business banking articles for the Sunday Times, Times, Daily Mail, Daily Express, Telegraph and Daily Mirror.

 

Last modified: 21st June 2019