Former Lloyds chief sorry for PPI mis-selling

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Former Lloyds chief sorry for PPI mis-selling

Former Lloyds chief sorry for PPI mis-selling
Helen Weir, who is currently serving as the finance director at John Lewis, yesterday apologised for the mis-selling of payment protection insurance that occurred whilst she was in charge of Lloyds Banking group’s retail division. Speaking before the Parliamentary Commission on Banking Standards, she admitted sales of the insurance had subsidised loss-making unsecured loans, but told the committee she had acted in good faith, and believed PPI was a good product.
The Guardian, p. 20

Mortgage market is stagnating well below pre-crisis peak level
Mortgage lending barely budged in 2012 according to the Council of Mortgage Lenders. Total lending came in at an estimated £143bn for the year as a whole, hardly up on the £141bn recorded in 2011. However the CML forecasts a nine per cent rise in mortgages to £156bn.
City AM London, p. 13

Mortgage lending is improving, says Bank of England
Interest rates on home purchase loans have dropped in recent months, the Bank of England said in its latest quarterly trends in lending report, with fixed mortgage rates for new lending falling 30 basis points in the fourth quarter.
The Daily Telegraph Business, p. 4

Lloyds pledges £6.5bn for first time buyers through this year
Lloyds is increasing its mortgages to first time buyers to its highest level since the banking group had to be bailed out, indicating the bank is on the way to recovery.
City AM London, p. 13

Ex-Barclays staff lose right to anonymity in Libor court case
Up to 106 current and former Barclays staff named in emails relating to Libor fiddling lost their right to anonymity in a legal case yesterday, as a judge ruled in favour of a group of media organisations who wanted them unmasked.
City AM London, p. 3
Also appeared in : The Times, p.37, Financial Times Companies and Markets, p.20, The Daily Telegraph Business, p.1

RBS speeds up investment arm split
Royal Bank of Scotland is speeding up plans to split its investment bank as part of a shake-up which comes ahead of RBS’s settlement with regulators on both sides of the Atlantic over its part in the Libor rate-rigging scandal. RBS is expected to be accused of “misconduct” and of breaching FSA principles such as integrity, care and due diligence. Senior management are likely to be criticised for not picking up traders’ breaches quickly enough. The focus on RBS’s culture has prompted the push for management changes and accelerated the separation of the trading arm from the international division within the investment bank.
The Daily Telegraph Business, p. 1
Also appeared in : The Guardian, p.20, City AM London, p.10

Santander denies NAB branch talks
Santander has denied that it is in talks over buying some 300 branches of Clydesdale and Yorkshire Bank from their current owner National Australia Bank.
The Independent, p. 48-49

Davos call for $14trn ‘greening’ of global economy
An unprecedented $14trn (£8. 8trn) greening of the global economy is the only way to ensure long-term sustainable growth, according to a stark warning delivered to political and business leaders as they descended on the World Economic Forum in Davos yesterday.
The Independent, p. 44

Bankers leave glamorous jobs for compliance roles
Bankers are retraining in compliance in unprecedented numbers either to change career as their traditional jobs are cut, or to make sure they are well prepared to cope with tough new regulations, according to research.
City AM London, p. 2

Spanish banking workers to strike
Workers at three of Spain’s bailed-out banks will stage strikes in coming weeks as they fight mass layoffs, unions said yesterday.
Independent i, p. 42

Goldman chief backs China […]
Goldman Sachs Asset Management chairman Jim O’Neill yesterday said China should be ditched from the “Brics” concept he originally coined because it had grown too important.
City AM London, p. 13

Japan hopes to stimulate itself back to prosperity
Japan hopes to stimulate itself back to prosperity but the Japanese central bank has poor form, writes Craig Drake.
City AM London, p. 20

Fitch says southern European banks in for another hard year
This year will be another one of struggle for southern European banks, Fitch reports, as it put the sector on a negative outlook.
City AM London, p. 13

Bank predicts 8.5% China growth
China Daily Economic growth in China will be about 8. 5 per cent this year, with domestic demand driving the expansion, a Bank of Communications report has predicted.
Independent i, p. 41

The above articles appeared on 22/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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