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Pin to quick picksLloyds Share News (LLOY)

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Share Price: 55.80
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FSA declares British Banks in yet another scandal

Fri, 29th Jun 2012 07:19

British banks look to be at the centre of another yet another scandal as the Financial Services Authority (FSA) revealed it has found 'serious failings' in the way lenders sold complicated interest rate protection products to businesses.Some businesses claims they have been bankrupted by the liabilities they took on when entering the so called "swap" arrangements. The BBC has named the banks involved as Barclays, HSBC, Lloyds and RBS.Lloyds has already issued a comment, saying it had "[...] assisted the FSA fully in relation to its review and has agreed to work with an independent third party to carry out a thorough assessment of sales of these products to certain customers."The statement adds: "[...] the financial impact of this remediation and the associated costs are not expected to be material to the group."Shareholders will be very worried though. On Wednesday Barclays shares dropped 15% after the FSA fined it £290m for manipulating the LIBOR interest rate.The new scandal will bring to mind the billions banks have had to pay out following the mis-selling of payment protection insurance that emerged last year.Businesses were sold the swaps as a way of protecting them from large swings in interest rates. Apparently, some were even told that without the swaps their credit rating would suffer. Instead, since interest rates have come down in the wake of the 2008 financial crisis, the businesses have been left with cripplingly high financing costs.BS
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4 Jul 2023 07:53

LONDON BRIEFING: Sainsbury's sales up; Eurowag buys more of JITpay

(Alliance News) - Stocks in London are to open a touch lower on Tuesday, with little in the way of catalysts for global markets, given a lack of major data and a holiday in the US.

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4 Jul 2023 07:24

FCA summons bank chiefs over low savings rate concerns

(Sharecast News) - The Financial Conduct Authority (FCA) has called on the chief executives of major banks to address concerns over the low savings rates being offered to customers, it emerged on Tuesday.

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3 Jul 2023 17:15

UK banks asked by lawmakers if they're 'exploiting' savers with low rates

LONDON, July 3 (Reuters) - British banks faced fresh criticism on Monday for the savings rates they offer to cash-strapped customers, in the latest intervention by parliament's influential Treasury Select Committee.

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3 Jul 2023 11:06

IN BRIEF: Capita extends revolving credit facility to end of 2026

Capita PLC - London-based process outsourcing and professional services company - Extends the maturity of its revolving credit facility by just over two years to December 31, 2026 from August 31, 2024. The available facility is for GBP284 million, reducing to GBP250 million by January 1, 2025. The facility was arranged by seven lenders. These comprised two new banking partners, Standard Chartered PLC and the London branch of Bank of China Ltd, plus five existing lenders, including Barclays Bank PLC and Lloyds Banking Group PLC. The original terms of the RCF are "substantially unchanged." Barclays acted as the coordinator for the arrangement.

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3 Jul 2023 09:37

LONDON BROKER RATINGS: Stifel cuts Croda International to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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3 Jul 2023 09:26

UK banks criticised by lawmakers for 'measly' savings rates

LONDON, July 3 (Reuters) - British banks faced fresh criticism on Monday for the savings rates they offer to cash-strapped customers, in the latest intervention by parliament's influential Treasury Select Committee.

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30 Jun 2023 13:09

British mortgage lenders now have options in place to ease interest rate pain -FCA

LONDON, June 30 (Reuters) - Banks and building societies in Britain now have options in place to offer to mortgage customers to ease the pain of rising interest rates, the Financial Conduct Authority (FCA) said on Friday.

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30 Jun 2023 12:39

British mortgage lenders can offer options to help ease interest rate pain -FCA

LONDON, June 30 (Reuters) - Banks and building societies in Britain can offer mortgage customers options to ease the pain of rising interest rates, the Financial Conduct Authority (FCA) said on Friday.

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30 Jun 2023 09:39

TOP NEWS: Barratt Developments sells over 600 homes to Lloyds Banking

(Alliance News) - Barratt Developments PLC on Friday said it will sell 604 homes to Citra Living Properties Ltd for GBP168.4 million in cash.

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30 Jun 2023 09:22

LONDON MARKET OPEN: Stocks rise amid strong US economic outlook

(Alliance News) - European markets opened higher on Friday, shaking off weak economic data from China and instead taking heart from stronger economic growth from the US.

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30 Jun 2023 08:22

UK's Barratt looks to boost revenue with $212.6 mln homes sale deal with Citra

June 30 (Reuters) - Barratt Developments on Friday said it had agreed to sell 604 homes to Lloyds' private rental subsidiary Citra Living for 168.4 million pounds ($212.57 million) in cash, as Britain's largest housebuilder looks to diversify revenue.

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30 Jun 2023 07:56

LONDON BRIEFING: Markets ponder strong US economy, slow China recovery

(Alliance News) - Stocks in London were called higher on Friday, as investors weighed conflicting economic data from the world's two largest economies.

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29 Jun 2023 12:35

Intel vs Nvidia: mind the gap

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29 Jun 2023 11:28

What a PP, Vox-led Spain could mean for equities?

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29 Jun 2023 10:29

UK banks: reasons to buy on weakness

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