Sam Brodbeck

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Barclays coughs up another £77m over rate rigging

Barclays has reached a £77m settlement with 44 US states over its role in fixing Libor and Euribor interest rates. New York’s Attorney General Eric Schneiderman announced the deal, saying government bodies were “defrauded of millions” when they entered swap contracts with the bank, Sky reports. Barclays was fined £290m in 2012 by US and […]

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Philip Hammond rules out emergency Budget

New Chancellor Philip Hammond has ruled out the emergency budget George Osborne promised before the EU referendum. Osborne said a budget would be necessary if the UK voted to leave the EU. But speaking to Sky News Hammond ruled out a budget which Osborne said would include £30bn of spending cuts. He also refused to confirm he […]

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Osborne blocked HSBC prosecution in money laundering probe

The Chancellor George Osborne and the FSA intervened in US investigations that could have seen HSBC prosecuted for money laundering. A US Congressional investigation published yesterday, claims the regulator “hampered the US government’s investigations” and “influenced” the decision not to prosecute Britain’s biggest bank, Sky News reports. The report adds: “George Osborne, Chancellor of the […]

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Tory MPs to block Osborne’s post-Brexit emergency Budget

Conservative MPs say they will block an emergency Budget planned by the Chancellor in the event of a Brexit vote. This morning George Osborne told the BBC a snap Budget would “have to increase taxes and cut spending” to fill a £30bn hole in the public finances. He said he would need to raise the […]

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FCA fines lender £2.4m over PPI complaints failure

The FCA has fined CT Capital £2.4m for serious failings in its treatment of payment protection insurance complaints. CT Capital was the parent company of a group of lenders and loan brokers and sold around 31,000 PPI policies between 2005 and 2008. It received £63m in commission as a result. However, the regulator says the […]

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Banks hold ‘daily conversations’ over Brexit chaos plans

The Bank of England is having daily talks with banks in a bid to protect the financial system in the event the UK votes to leave the EU. Deputy governor Andrew Bailey, soon to be FCA chief executive, told a regulation conference all lenders were preparing contingency plans, according to The Times. Bailey said: “All […]

Co-op Bank

Co-op chief asks for 60% pay cut

Co-operative Group chief executive Richard Pennycook has asked board members to drastically cut his pay package as it is “the right thing to do”. Pennycook took over the Co-op at its lowest ebb in 2014, branding £2.5bn losses a “disaster”. According to Sky News he has asked for his basic salary to be cut by […]

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Unbiased urges FCA to act on Which? false qualifications findings

Unbiased is calling on the FCA to intervene after a Which? investigation found more than half of firms listed on its website had inaccurate qualification information. Which? looked at IFAs in 10 postcodes in February this year and compared those who claimed to have professional qualifications on Unbiased with official lists from the bodies themselves. […]

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Osborne unveils lifetime Isa for house purchase or retirement

The Government is to introduce a lifetime Isa to allow consumers to choose whether to fund their first property purchase or their retirement from next year. From April 2017, people under 40 will be able to contribute up to £4,000 a year into the new lifetime Isa.  The Government will top up savings by £1 […]

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Legal & General’s profits rise 14%

Legal & General’s operating profit rose 14 per cent in 2015 led by a steep increase in profits from the retirement business. According to the insurer’s full year results, published today, the retirement division saw profits rise 49 per cent year-on-year, from £428m to £639m in 2015. Overall group profit rose 14 per cent, to […]

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RBS axes 550 jobs; culls face-to-face advice

RBS is to drastically slash its face-to-face advice services, leading to around 550 job cuts. The bank confirmed to Mortgage Strategy‘s sister title Money Marketing that 221 specialist advice roles will be axed, leaving face-to-face investment advice only available to customers with £250,000 or more of assets. In addition, 195 face-to-face protection advisers are due […]