Barclays:: Qatar allegations – more signs of rotten culture


If only the highly intelligent individuals employed by banks would apply their minds to come up with such creative ‘solutions’ for their personal and small business customers

Further pressure mounted on Barclays when it faced fresh allegations on Friday about its relationship with Qatar at the height of the 2008 financial crisis. The Qataris were the main contributors to a £7.3bn lifeline to Barclays that allowed it to avoid a taxpayer bailout. The Financial Times reported that the Serious Fraud Office and the Financial Services Authority are investigating whether Barclays lent Qatar funds to buy shares in the bank.

Barclays boss waives bonus as bank rocked by new Qatar allegations | Business | The Guardian.

FSA:: Lord Turner’s "paradise" lost


I’ve never met the man but I like the cut of his jib. Perhaps it is the novelty of someone in high (financial) office admitting what his peers feel they cannot…even though, with brief explanation, a child could differentiate good guys from bad!

Lord Adair Turner, the outgoing chairman of the Financial Services Authority and a candidate for Bank of England governor, said last night the FSA had spent its first eight years in a “fool’s paradise” of delusion about financial risk.

via FSA was in fool’s paradise, admits Turner | Herald Scotland.

So the problem is pretty well framed and, dare I say, understood. But WHO IS PREPARED TO LISTEN TO POTENTIAL SOLUTIONS OF THE VARIETY ADVOCATED ANDY HALDANE AT BY BANK OF ENGLAND?

Bank reforms to make it look as if something is being done


Perhaps too close to the truth to be really funny!

“…the report has been given a cautious reception by the British Bankers Association in what experts have described as an insultingly transparent double bluff”

The Daily Mash – Bank reforms to make it look as if something is being done.

Halifax to pay £500m to mortgage customers


Main entrance - 25 The North Colonnade (Canary...

Image via Wikipedia

How much more needs said about Financial Services and lack of trust?

In short “goodwill” is a sick joke and payments being “agreed after a deal with FSA”  smack of the NEED to avoid transparency…am I wrong or was it not the RESPONSIBILITY of FSA to protect the public from just these kind of FS mistakes and similar banking errors.

Would it be too unkind to speculate that this may be to do with the fact that payments should be even greater than the mere £500,000,000 quoted here?

That is another whopper of a mistake.

How many jobs will this account for?

DO we know what the true cost to customers was?

Who “owns” this bank anyway?

 

The Halifax is to make “goodwill” payments to 300,000 mortgage customers that will total up to £500m.

The bank, now part of Lloyds Banking Group, admitted confusing customers about its right to charge them more for their standard variable rate mortgages.

The Halifax raised the margin on some of these mortgages from 2% to 3% above base rate in January 2009.

The payments to the customers have been agreed after a deal with the Financial Services Authority (FSA).

“The group is committed to running its business with the highest levels of integrity and treating its customers fairly, and therefore believes that a proactive co-ordinated programme to identify affected customers and make goodwill payments is the appropriate course of action,” Lloyds said.

via BBC News – Halifax to pay £500m to mortgage customers.

Spot the contradictions: Part ???


P-L-E-A-S-E can someone help me? I feel so confused and tired out by all of this (not for the first time). How long are the British electorate supposed to keep on swallowing this stuff…maybe I am not the only one confusing Financial Services Authority with Food Standards Agency!

Here are some current/recent headlines:

Banking sector’s position on business lending contradicted by new evidence, says IoD

  • 1-1609-iceberg_large200New IoD data shows that nearly 60% of businesses seeking bank finance in 2009/10 were rejected by their bank, and that 20% are financing their businesses to some extent with Credit Cards.

Lloyds and RBS ‘failing to lend’

  • …The legally binding commitment was made by the two banks in exchange for taxpayer support received in 2008.

We aren’t just stakeholders but shareholders in these businesses and, IF the IoD research is to be believed (I have no doubt that it can) there are perfectly good businesses out there, that hold the key to our recovery, being starved of funding.

In the meantime they are happy to tackle, comparatively, low level “white collar” crime.

FSA issues record fine for insider trading

  • It fined Mehmet Sepil, chief executive of Turkish oil firm Genel Energi, £967,005 for dealing in Heritage Oil shares using inside information.