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Boss of Barclays Faces ‘Conduct Breach’ Fine

Jes Staley, Barclays boss, is facing fines by UK regulators The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). Both regulators began their ‘probe’ into the conduct of Mr Staley a year ago, regarding the breaching of rules as he attempted to identify a whistleblower at the bank. Barclays stated that there is no suggesting that the accused...View Post

FOS to be Independently Reviewed

Shortly after Channel 4 aired the Dispatches documentary claiming to bring to light numerous issues with the Financial Ombudsman Service (FOS), FOS has announced it is to be ‘independently reviewed.’ The documentary suggested that employees at the Ombudsman were not sufficiently trained to deal with the complex cases they were handling, and that as a result of this, complainants lost out. ...View Post

Financial Ombudsman to Carry Out Independent Review of Complaint Decisions

The Financial Ombudsman Service (FOS) will be carrying out an independent review after an investigation by Channel 4’s Dispatches suggested that decisions were being made on complaints by staff who did not possess the required levels of training or knowledge. Accusations have been made that FOS has not made decisions on some claims correctly due to inadequate training of staff...View Post

Citizens Advice Says Stricter Rules Are Required for Doorstep Borrowing

Citizens Advice has argued that those people borrowing money from doorstep lenders should be eligible for the protection given to those with payday loans. The charity has suggested that should the rules that prevent payday loans from being rolled over time and time again be copied for doorstep borrowing, less people would find themselves ‘falling into a spiral of debt.’ ...View Post

Concerns Continue to Grow Over Personal Debt

Jonathan Davidson, one of the Financial Conduct Authority’s (FCA) Directors of Supervision, has warned that consumers may be ‘in too deep’ with borrowing, as credit levels come close to a 2008 peak. Mr Davidson said that customers who are just managing to keep up with repayments now, may not be able to do so in the future. He also warned...View Post

Is This the Beginning of The End for 1p and 2p Coins?

The end of the 1p and 2p coin could be coming as the Treasury begins to review the future of cash. Comments are being invited regarding the use of current coins in circulation, as spenders begin to use more non-cash payment methods such as bank and credit cards and digital spending. Though Ministers have announced there are no plans in...View Post

Children with Cancer UK Bake Sale

We held a bake sale to fundraise for Children with Cancer UK in our canteen on Thursday 8th March, which was a huge success raising an amazing £215.30! Our bake sales are always popular but this one required an extra table as we had that much stuff to sell! We had pies, quiches, cakes, cookies, flapjacks and more, and everything – literally...View Post

Provident Financials’ Vanquis Handed £169m Compensation Bill

Provident Financials’ Vanquis Handed £169m Compensation Bill The Financial Conduct Authority (FCA) has ordered Provident Financials’ Vanquis to repay almost £169m to its customers. Provident Financial offers short-term loans to individuals and collects repayments in person at people’s homes, and Vanquis Bank is a subsidiary of the Provident Financial Group. Founded in 2003 it offers credit cards to customers in...View Post

Calls for ‘Breathing Space’ in Debt for Mental Health Sufferers

Calls for ‘Breathing Space’ in Debt for Mental Health Sufferers The Money and Mental Health Policy Institute (MMHPI) say the number of people with mental health problems being chased by debtors is at crisis level. Founder of the MMHPI, Martin Lewis, said that debtors chasing these people is only making the situation worse: “It’s time to stop people in...View Post

RBS Small Business Scandal Report Could Be Published

RBS Small Business Scandal Report Could Be Published MP’s are set to publish a ‘confidential widely leaked report’ in to the Royal Bank of Scotland (RBS), which reveals details of how the bank treated almost 6,000 small businesses who were struggling post-2008 banking crash. The Financial Conduct Authority (FCA) who wrote the report, have found themselves in a ‘stand-off’ with...View Post