National Savings follows the trend and cuts its interest rates

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National Savings follows the trend and cuts its interest rates

National Savings follows the trend and cuts its interest rates
Nearly 600,000 savers will lose out after National Savings & Investments revealed plans yesterday to slash interest rates on three of its most popular products. NS&I chief Jane Platt said rate cuts by other banks and building societies meant the organisation’s products were heading to the top of the Best Buy tables. To “strike a balance” it had to cut the rates on its products.
The Daily Telegraph Business, p. 3
Also appeared in : Financial Times, p.4, The Times, p.37

Rising bond yields boost pension scheme fortunes
The Pension Protection Fund said the value of liabilities fell by more than £71bn in May, while the aggregate value of assets was little changed.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Early 2013 hit by mortgage dip
The Bank of England has revealed that mortgage lending fell by £1. 5bn between the first quarter of 2012 and 2013, sliding to £35.5bn. The value of new commitments fell 4.3 per cent on the figure from twelve months earlier, with net advances in the first quarter cut by over half.
City AM London, p. 18

Call to resubmit PPI claims after Lloyds scandal
Richard Lloyd, executive director of consumer watchdog Which? has urged Lloyds Banking Group customers who had payment protection insurance (PPI) claims rejected to resubmit them after an investigation found call centre staff were encouraged to delay and deny compensation requests in the hope they would be dropped.
The Guardian, p. 22
Also appeared in : City AM London, p.2, The Guardian, p.25, Metro London, p.49, The Daily Telegraph Business, p.2, The Daily Telegraph Business, p.5, The Times, p.11, The Times, p.1-11

HBOS Crosby stripped of knighthood
James Crosby, the former chief executive of HBOS, has been formally stripped of his knighthood. Mr Crosby was appointed to the board of the Financial Services Authority in 2003. He is calculated to have received bonuses worth £3.1mn between 2001 and 2005, calculated at 2009-10 prices.
The Daily Telegraph, p. 2
Also appeared in : The Guardian, p.22, The Independent, p.25, The Times, p.3

Call for RBS to ape Canadians
RBS should be made more like a Canadian bank, according to documents revealed yesterday. Davide Serra, a hedge fund manager, was photographed taking the documents into a Downing Street meeting yesterday. The papers appeared to say that stateowned RBS is “structurally attractive” and could be made “more Canadian” – which may be shorthand for being less exposed to risk.
City AM London, p. 3
Also appeared in : The Daily Telegraph Business, p.1-5, The Daily Telegraph Business, p.1

Banks urged to ease switch to rivals
Andrew Tyrie’s banking standards commission will urge Britain’s banks to make it easier for customers to switch to a rival institution.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

S&P changes ratings guidance
America’s largest banks are still “too big to fail” and holding company creditors could lose out in the event of a collapse, according to a change in ratings guidance from Standard & Poor’s.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Dimon comes out fighting over JPMorgan ‘London whale’ affair
JPMorgan Chase chief executive Jamie Dimon has hit back at allegations that the bank’s executives misled investors over the “London whale” trading losses. Mr Dimon told a Morgan Stanley investor conference that there was no attempt to mislead investors by him or his then-chief financial officer, Doug Braunstein. He warned off potential litigants and pledged to fight “to the end” any lawsuits filed in the affair.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Half of legal aid budget ‘wasted by the banks in fraud cases’
The chairman of the Criminal Bar Association has claimed that the poorest and most vulnerable people in society are being hit by cuts to the legal-aid system while the Government bankrolls the wealthiest. The taxpayer is forced to foot a bill amounting to hundreds of millions of pounds to deal with bank-fraud cases each year while the Ministry of Justice (MOJ) is pushing through a £220mn cut to the criminal legal-aid bill, said Michael Turner, QC.
The Independent, p. 2

US says banks profit from scams that victimise consumers
Despite spotting suspicious activity, Zions Bank of Salt Lake City served as a gateway between dubious Internet merchants and their marks – and made money for itself in the process, according to newly unsealed court documents reviewed by The New York Times.
International Herald Tribune, p. 16

Hpw the Co-op Bank got into mess it’s in today
Nick Goodway reports on the Co-operative Bank and it’s withdrawal from a £1bn deal to buy 632 branches that Lloyds had been ordered to sell by European regulators.
The Independent, p. 56

Banker in €222mn transfer ‘dozed off’
A sleepy German bank employee nodded off in front of his computer terminal while making what was supposed to be a minor money transfer and inadvertently drained €222mn from an account – without even realising it.
Independent i, p. 20

The above articles appeared on 12/06/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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