PPI scandal gives financial ombudsman record caseload


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PPI scandal gives financial ombudsman record caseload

PPI scandal gives financial ombudsman record caseload
The financial ombudsman yesterday claimed that the first half of 2013 saw a record high number of complaints in relation to mis-sold payment protection insurance, with over a third of these related to Lloyds Banking Group alone.
The Guardian, p. 26

Banks increase lending
The Bank of England recorded a £1. 6 billion increase in net loans disgorged to the real economy through the Funding for Lending Scheme in the three months to June, after two negative quarters.
The Times, p. 35
Also appeared in : The Times, p.38, The Times, p.39, The Guardian, p.23, The Independent, p.53, Evening Standard London, p.37, The Sun, p.40, The Guardian, p.27

Co-op Bank faces £3.6bn loans gap
It has emerged that Co-op Bank is facing a £3.6bn gap between the value it places on its loan portfolio and what the loans would be worth if it had to offload the book.
The Daily Telegraph Business, p. 1

Goldman Sachs plays to the gallery with tax bill
European profits at Goldman Sachs fell by 60 per cent in the first six months of this year, but its British tax bill Jumped to nearly $89 million.
The Times, p. 36

Goldman Sachs: Leaving EU will mean City exodus
Senior figures at Goldman Sachs have warned that if Britain leaves the European Union, the US investment bank would have to pull out a number of its staff from London. They also warned that European banks will relocate from London if Britain turns its back on the EU.
Evening Standard London, p. 2

Nationwide and Lloyds head up jump in lending
Report on how lending has increased in the second quarter for the first time since the Bank of England launched its cheap funding scheme a year ago, official figures showed yesterday.
City AM London, p. 9

Goldman Sachs to stay in London if UK quits Europe
Last night Michael Sherwood, Goldman Sachs’s most senior executive in Europe said the American investment bank will retain its hub in London regardless of whether the UK leaves the European Union. Mr Sherwood said London would remain an important centre but believes that European banks like Germany’s Deutsche and France’s BNP Paribas, would retreat because they already have hubs on the continent.
Daily Mail, p. 58

Firms circle Spanish banking unit
US private equity group Centerbridge and London-based Anacap are among the bidders in late-stage talks to buy one of Spain’s smaller nationalised lenders, it emerged last night. The two firms are in a consortium, and one other US buyout group is also in the running to buy EVO Banco, a subsidiary of state-rescued NCG Banco. The news was first reported by the Financial Times yesterday.
City AM London, p. 7

Factories grow as output soars to 19-year high
British manufacturing surged in August, with growth outstripping the Eurozone and output reaching levels not seen for nearly two decades. Markit’s purchasing managers’ index (PMI) for the sector leapt to 57.2, with any figure above 50 indicating growth. The headline reading is the highest since early 2011, but the expansion of both output and new orders are the fastest since 1994.
City AM London, p. 3

Campaign urges ethical switch by customers
Move Your Money, a campaign loosely associated with UK Uncut has urged consumers to utilise new rules that will make it significantly easier to move banks.
The Guardian, p. 15

Banks spark 1,800 complaints every day
Banks incurred a record 1,800 complaints every day in the first six months of the year.
Daily Mirror, p. 41

Blitz on banks
The Financial Ombudsman Service says complaints about financial providers have surged to a record high.
Daily Star, p. 16

PPI Tougher action needed to bring banks into line on complaints, writes Patrick Collinson
The Guardian’s Patrick Collinson claims that tougher action needs to be taken by regulators in relation to PPI mis-selling. He also claims that Lloyds boss António Horta-Osório needs to “act fast” in relation to its high number of complaints.
The Guardian, p. 27

The above articles appeared on 03/09/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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