UK hacker exploits online bank loophole to steal £100,000 – BBC News

Posted June 22nd, 2017 in banking, computer crime, fraud, news, sentencing by tracey

‘A UK hacker has been jailed for stealing almost £100,000 from a bank by exploiting a bug in the bank’s online banking system.’

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BBC News, 21st June 2017

Source: www.bbc.co.uk

SFO granted a reprieve from plans to scrap it a day after Barclays charges – Daily Telegraph

Posted June 22nd, 2017 in banking, fraud, news, prosecutions, Serious Fraud Office by tracey

‘The Serious Fraud Office appears to have been granted a reprieve from plans to abolish it in a U-turn that came just a day after the organisation targeted Barclays with the first criminal charges ever brought against a bank over the financial crisis. Controversial proposals in the Conservative manifesto to fold the SFO into the National Crime Agency were quietly dropped from the Queen’s Speech on Wednesday.’

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Daily Telegraph, 21st June 2017

Source: www.telegraph.co.uk

Judge hits out at border controls after alleged mastermind of Britain’s biggest ever banking fraud flees despite no passport – Daily Telegraph

‘A judge has hit out at UK border controls after a tycoon suspected of masterminding Britain’s biggest ever banking fraud was able to flee to Pakistan despite having no passport and whilst wearing an electronic tag.’

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Daily Telegraph, 8th June 2017

Source: www.telegraph.co.uk

Fred Goodwin escapes high court appearance as RBS settles lawsuit – The Guardian

Posted June 7th, 2017 in adjournment, banking, class actions, news, shareholders by sally

‘Fred Goodwin has escaped being summoned to the high court to explain his actions during the 2008 financial crisis, after disgruntled shareholders finally reached a settlement with Royal Bank of Scotland.’

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The Guardian, 6th June 2017

Source: www.theguardian.com

Judge outlines concern over “extraordinary” £129m costs of RBS in defending rights issue case – Litigation Futures

Posted May 24th, 2017 in banking, costs, insurance, judges, news, payment into court by sally

‘The judge in charge of the RBS rights issue litigation has outlined his “very great concern” about the “extraordinary” costs racked up by the bank, which are currently estimated at £129m.’

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Litigation Futures, 24th May 2017

Source: www.litigationfutures.com

High court to hear if RBS has agreed last-ditch deal with shareholders – The Guardian

Posted May 24th, 2017 in adjournment, banking, class actions, compensation, news, shareholders by sally

‘A judge will hear on Wednesday whether a deal has been agreed to avert a legal battle that would force the former RBS chairman Fred Goodwin to give evidence in the high court.’

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The Guardian, 24th May 2017

Source: www.guardian.co.uk

RBS in 11th-hour bid to avert court case brought by thousands of investors – The Guardian

Posted May 22nd, 2017 in banking, class actions, news, shareholders by tracey

‘Royal Bank of Scotland has made a last-ditch effort to avert a high-profile court case brought by thousands of investors who claim they were misled into buying the bank’s shares in the runup to its taxpayer bailout.’

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The Guardian, 22nd May 2017

Source: www.guardian.co.uk

Retail banking business models under strategic review by UK regulator – OUT-LAW.com

Posted May 15th, 2017 in banking, competition, financial regulation, news by sally

‘The UK’s Financial Conduct Authority (FCA) has opened a review into business models in retail banking to assess the impact those models are having on competition and conduct in the market.’

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OUT-LAW.com, 12th May 2017

Source: www.out-law.com

FCA to review investment platform market – OUT-LAW.com

Posted April 20th, 2017 in banking, competition, consumer protection, financial regulation, news, reports by sally

‘The Financial Conduct Authority (FCA) will carry out an investment platforms market study in the coming year, it has announced.’

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OUT-LAW.com, 20th April 2017

Source: www.out-law.com

City watchdogs could ban ‘irresponsible’ car loans in new investigation – Daily Telegraph

Posted April 19th, 2017 in banking, consumer credit, financial regulation, loans, news by tracey

‘”Irresponsible” car loans will be probed by the City watchdog amid suggestion that drivers could soon be made to pass mortgage-style affordability tests before leasing new motors.’

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Daily Telegraph, 18th April 2017

Source: www.telegraph.co.uk

Bank of England proposes ‘fund-based’ sharia-compliant liquidity facility – OUT-LAW.com

Posted April 12th, 2017 in banking, islamic law, news by sally

‘The Bank of England is proposing to introduce a “fund-based” deposit facility for Islamic banks, which would allow them to obtain access to additional liquidity when necessary in a way that is compliant with sharia law.’

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OUT-LAW.com, 10th April 2017

Source: www.out-law.com

BREXIT: Banks told to show Brexit plans to PRA – OUT-LAW.com

Posted April 11th, 2017 in banking, EC law, financial regulation, news, treaties by sally

‘The Bank of England has written to UK financial services firms asking them to send a summary of their contingency plans for Brexit to the Prudential Regulatory Authority (PRA) by July.’

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OUT-LAW.com, 10th April 2017

Source: www.out-law.com

Whistleblowing: Would you blow the whistle on your boss? What protections do you get? – The Independent

Posted April 11th, 2017 in arson, banking, disclosure, financial regulation, news, whistleblowers by sally

‘Some people may prefer the quiet life choosing not to rock the boat unless they really have to. Others could feel that the only correct thing to do is to spill the beans.’

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The Independent, 10th April 2017

Source: www.independent.co.uk

The Calumny of Bankers: Who’d be a Senior Manager now? – Littleton Chambers

‘In 1494 Botticelli completed painting “the Calumny of Apelles.” It depicts an innocent painter, Apelles, who has been wrongly accused of capital crimes, dragged before the King’s throne by personifications of Slander, Ignorance, Suspicion and Envy. It hangs in the Uffizi today and is thought to have been commissioned by a Florentine banker. In the story Apelles is pardoned from death at the last minute when a third party tells the king that he could not possibly have committed the offence, but the painting captures the moment when Apelles seems inevitably about to meet a sticky end, surrounded and almost entirely enveloped by Slander, Ignorance and Suspicion. Was this commissioned by a worried banker, concerned that he might meet his professional end without the ability to put the record straight or see the underlying disclosure? In Renaissance Florence this is unlikely but it does seem to reflect (at least some) of the anxieties of those who work in regulated professions today, that they may be hampered from obtaining future employment because of their previous employer’s interactions with a regulator.’

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Littleton Chambers, 3rd April 2017

Source: www.littletonchambers.com

FCA considers shake-up of credit card market to help consumers struggling with persistent credit card debt – OUT-LAW.com

Posted April 5th, 2017 in banking, consultations, consumer credit, debts, financial regulation, news by sally

‘Credit card companies could be required to take more active measures to help customers struggling with persistent debts, under plans outlined by the UK’s City regulator.’

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OUT-LAW.com, 4th April 2017

Source: www.out-law.com

Serious Fraud Office boss warns big names to play ball – or else – The Guardian

‘David Green, the director of the Serious Fraud Office, has warned that British businesses should not consider deferred prosecution agreements (DPAs) the “new normal” if they are caught misbehaving.’

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The Guardian, 2nd April 2017

Source: www.guardian.co.uk

City watchdog fines banker for using WhatsApp in industry first – Daily Telegraph

Posted March 31st, 2017 in banking, confidentiality, financial regulation, fines, news by tracey

‘The UK’s financial watchdog has fined a former investment banker more than £37,000 after he used WhatsApp to leak information and “impress” a friend.’

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Daily Telegraph, 30th March 2017

Source: www.telegraph.co.uk

Supreme Court backs regulator in investment bank management identification case – OUT-LAW.com

Posted March 28th, 2017 in appeals, banking, financial regulation, fines, news, notification by sally

‘The Financial Conduct Authority (FCA) did not improperly identify a manager at an investment bank in its final notice imposing a fine on that bank for losses incurred in a particular part of the business, the Supreme Court has ruled.’

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OUT-LAW.com, 27th March 2017

Source: www.out-law.com

Payday loans complaints rise 22% despite FCA clampdown – The Guardian

Posted February 28th, 2017 in banking, complaints, consumer credit, financial regulation, insurance, news, statistics by tracey

‘Complaints to the financial ombudsman about payday loans have risen to almost 200 a week – and not all of those experiencing problems necessarily fit the image of low-income borrowers relying on short-term loans to get by.’

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The Guardian, 28th February 2017

Source: www.guardian.co.uk

TalkTalk scam victims say it’s time for answers – The Guardian

Posted February 20th, 2017 in banking, data protection, fraud, news, telecommunications, theft by sally

‘As another customer explains how he was conned out of £6,300 after the firm’s security breach, the ICO is seemingly stalling while a class action moves closer.’

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The Guardian, 18th February 2017

Source: www.guardian.co.uk