Bank pays £10m to those who forgot their cash


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Bank pays £10m to those who forgot their cash

Homebuyers given boost with mortgages easier to secure
The Building Society Association’s Property Tracker Survey reports that it is now easier to obtain a mortgage that at any time since June 2008.
The Daily Telegraph Business, p. 3

First-timers to be kept locked out of 2013 mortgage market
Mortgage lenders will focus their attention on the safer, low loan-to-value (LTV) end of the credit market during 2013, research showed yesterday.
City AM London, p. 15

The Norwegian government on Monday asked regulators to require banks to hold significantly more capital against mortgage lending, a change that could increase borrowing costs for households.
International Herald Tribune, p. 20

Santander in cost-saving tie-ups
Santander is to fully absorb its Spanish subsidiaries Banesto and Banif. The move will see 700 high street branches close and aims to save nearly half a billion euros a year.
The Daily Telegraph Business, p. 4
Also appeared in : City AM London, p.5, International Herald Tribune, p.20, The Independent, p.48, The Times, p.45, The Times, p.40, Independent i, p.42

Banks’ challengers weigh in over Haldane warnings
Bosses of start-ups aiming to challenge the banking industry yesterday sided with senior Bank of England director Andrew Haldane, following his comments that innovative new finance firms are a challenge to major banks’ dominance. Andrews said the blow to banks’ reputations following incidents like the Payment Protection Insurance scandal created a gap in the market.
City AM London, p. 2

Peer-to-peer lenders to double this year as City gives backing
The number of consumers turning away from banks and using peer-to-peer lending is set to double this year, according to Giles Andrews, CEO of Zopa.
The Independent, p. 6
Also appeared in : Independent i, p.43

Bank pays £10m to those who forgot their cash
Royal Bank of Scotland and its NatWest offshoot is paying out £10 million in refunds to customers whose money it pocketed when they forgot to take their cash after withdrawals from ATMs.
The Times, p. 3

Draghi defends banking union
New European Central Bank powers to oversee Eurozone banks will help restore confidence in the sector and revive interbank lending, boss Mario Draghi said yesterday.
City AM London, p. 15
Also appeared in : Financial Times, p.6

Poor have suffered bigger hit to incomes than rich, says Bank
A new Bank of England survey states that the poor have seen their incomes squeezed more than the rich over the past year and households are reining in spending as they grapple with uncomfortably large debt burdens.The survey, conducted for the Bank by NMG Consulting, said average monthly pre-tax incomes fell by £43 in 2012, to £2,627.
The Independent, p. 45

Inflation rocks, but it could spur a bond market crash
Both the Federal Reserve and Bank of England are seemingly in favour of risking inflation to encourage growth. Only the ECB is currently holding out on this measure to create monetary expansion.
The Daily Telegraph Business, p. 2

UBS to pay £1bn fine as 36 staff linked to alleged Libor rigging
36 bankers and managers at Swiss bank UBS were involved in the alleged rigging of Libor. UBS is set to reveal that it will pay a $1.5bn fine to regulators in the UK, US and Switzerland.
The Daily Telegraph Business, p. 3
Also appeared in : The Guardian, p.23, The Times, p.41

£40m redress starts for Arch Cru investors
Thousands of investors who were missold high-risk investment funds look set to share up to £40m in compensation – far less than half the £110m originally proposed.
The Guardian, p. 26

The week in numbers
US regulators have fined Barclays bank £291m for manipulating American energy markets.
The Times, p. 28

Morgan Stanley fined
Morgan Stanley has been fined $5m by the Massachusetts financial regulator for allowing its investment bankers to exert “improper influence” over research analysts during the bank’s role as lead underwriter on the Facebook initial public offering.
The Times, p. 44

Heightened security
Companies that operate critical infrastructure in banking, energy and other key industries may have to report attacks by computer hackers under plans being drawn up in Brussels.
The Times, p. 44

The above articles appeared on 18/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.