TSB relaunches as standalone bank after 18 years
TSB has been relaunched as a standalone bank - 18 years after disappearing when it merged with Lloyds.
Are the Canadians coming to buy parts of RBS?
Documents displayed by accident in Downing Street suggest Canadians could be interested in buying up parts of taxpayer owned bank RBS.
Fancy some free shares?
Every British taxpayer could become a share owner if the Chancellor is tempted by the latest idea to get banks off the state's hands.
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Barclays, Lloyds and RBS make up 90% of 'black hole'
Five of Britain's biggest lenders have raised half the money needed in reserve to cover their risks,with Barclays, Lloyds Banking Group and Royal Bank of Scotland accounting for more than 90% of the shortfall, the City regulator revealed:
- State-backed RBS must raise £13.6 billion
- Tax-payer owned Lloyds needs to boost its balance sheet by £8.6 billion
- Barclays needs to find £3 billion
- The Nationwide building society is facing a £400 million shortfall
- The Co-operative's shortfall of £1.5 billion had already been announced
HSBC, Standard Chartered and Santander UK do not need to bolster their capital cushions, the PRA said.
RBS has a capital shortfall of £13.6bn
A capital shortfall of £27.1 billion has been identified at eight UK banks, the Prudential Regulation Authority (PRA) said.
These include:
- RBS has a shortfall of £13.6 billion
- Lloyds has a shortfall of £8.6 billion
- Barclays has a shortfall of £3 billion
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Are the Canadians coming to buy parts of RBS?
Documents displayed by accident in Downing Street suggest Canadians could be interested in buying up parts of taxpayer owned bank RBS.
Read the full storyConsumers could lose trust in banks - claim
Citizens Advice says consumers could be thousands of pounds out of pocket, and even more distrustful of banks, because of Lloyds rejecting PPI claims first time.
An investigation by The Times found staff at a Lloyds PPI complaints handling centre were advised that most customers would give up if the claim was not successful first time. Lloyds has since terminated the contract of the company responsible for running the claims unit and is retraining staff.
Citizens Advice Chief Executive Gillian Guy said: “The scale of PPI mis-selling was of pandemic proportions.
– Citizens Advice Chief Executive Gillian GuyIt is absolutely appalling that Lloyds has not taken its commitment seriously to compensate customers. As a result consumers yet again have lost out on thousands of pounds that was rightfully theirs.
City regulator warns firms to treat customers fairly
City regulator the Financial Conduct Authority has warned firms to comply with its rules and treat customers fairly.
It comes after Lloyds Banking Group admitted "issues" with the handling of customers' payment protection insurance complaints.
The FCA has previously said that it was looking into PPI firms' complaint-handling procedures and it plans to publish its findings later this summer.
An FCA statement said: "We expect all firms to comply with our rules and treat their customers fairly.
– FCA statementFirms know that PPI complaints must be thoroughly investigated and that appropriate action, where required, is taken promptly.
– FCA statementOur rules are very clear that firms are expected to learn from previous complaints. So if there are significant numbers of complaints coming in about the same thing, that is a clear warning sign that something isn't right.
The FCA said it is aware of the issues raised by TheTimes and it has been working with Lloyds since earlier this year to ensure they are resolved and customers' interests are properly considered.
Lloyds PPI complaint staff 'undergoing re-training'
Lloyds Banking Group said they took "immediate action" after becoming aware of "issues" at their PPI complaints handling centre, run by supplier Deloitte.
Read: Lloyds admits 'issues' with PPI complaints
A spokesman said the centre is now being run by a new supplier, and staff are undergoing re-training.
This site was operated for us by a third party supplier, Deloitte. Following further investigations, we took immediate action, and in May concluded our contract with Deloitte and moved to a new supplier.
Some of the comments made by trainers to The Times reporter are not endorsed by Lloyds Banking Group and we believe they do not reflect our high training standards or our policies. We believe the comments to be isolated and they are now being addressed.
Following the discovery of these issues, and under the guidance of a new supplier, the employees are currently undergoing re-training in line with our policies and procedures.
To date Lloyds has set aside a total £6.7 billion for PPI payouts, and has paid out more than £4.3 billion to 1.3 million customers.
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Lloyds admits 'issues' with PPI complaints
Lloyds Banking Group has admitted "issues" with the handling of customers' payment protection insurance (PPI) complaints, following allegations that staff were told to ignore possible fraud.
An investigation by The Times claimed that contractors employed at the group's PPI complaint handling centre were coached on how to forge information and advised that most customers would drop their complaint if rejected the first time.
The newspaper sent an undercover reported to train with the company as a PPI complaint handler.
A spokesman for Lloyds said the company has terminated its contract with Deloitte, which operated the complaint handling centre on its behalf:
"Earlier this year we became aware of issues at a PPI complaints handling centre called Royal Mint Court in central London."
More: Lloyds posts loss of £570m, sets aside £1.5bn for PPI compensation
Fancy some free shares?
Every British taxpayer could become a share owner if the Chancellor is tempted by the latest idea to get banks off the state's hands.
Read the full storyLloyds profits rise: On the way back to normal?
Lloyds have announced underlying profits of £2bn for first three months of the year but are they back to normal.
Read the full storyLloyds underlying profits rise to £2bn
by Laura Kuenssberg - Business EditorLloyds have announced underlying profits of £2bn for first three months of the year.
Lloyds says lending is up by £600 million too, an that its success is down to 'safer and simpler business'.
The bank says it is still expecting to float the branches they didn't sell to the Co-op in middle of next year .
It is also Interesting that Lloyds have revealed they still have 18 billion of liabilities in Greece, Ireland, Spain and Portugal - the bulk of that in Ireland.
And crucially for Lloyds no additional money is being put aside for PPI.
Click here to see the full figures www.lloydsbankinggroup.com
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