Banks and finance

The year that proved big banks didn't care about savers

The year that proved big banks didn’t care about savers

Banks paid savers £1.6bn in interest as they gradually raised rates throughout the year, according to Hargreaves, but had they passed on the rate hikes in full they would have paid £2 .91% last month, resulting in total interest payments of £10.2bn since December. Despite offering dismal returns, the big banks continue to dominate the …

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Brussels accused of hurting EU competitiveness by bloc's own banks

Brussels accused of hurting EU competitiveness by bloc’s own banks

The European Commission is facing a fresh row with the bloc’s banking sector after a series of financial trade bodies warned that competitiveness was being seriously undermined by the failure to complete post-Brexit reform. In a letter to Mairead McGuinness, the EU’s financial services commissioner, nine trade associations said a lack of action around securitization …

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Fighting $32 billion FTX collapse as Bahamas tries to gain control of bankruptcy case in US courts

Fighting $32 billion FTX collapse as Bahamas tries to gain control of bankruptcy case in US courts

The disgraced founder of collapsed cryptocurrency firm FTX has been accused of trying to siphon assets from the exchange to the Bahamas. Bankruptcy attorneys filed an emergency motion Thursday night, alleging Sam Bankman-Fried was trying to “undermine” the court process and was trying to “transfer debtors’ assets to accounts in the Bahamas under the control …

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Crypto's fairy tale revolution deserves its unfortunate end

Crypto’s fairy tale revolution deserves its unfortunate end

This is true for every asset. For example, the value of something as boring as a government bond is partly a product of the stories economists and investors tell each other about a country’s creditworthiness and the path of future interest rates. . When it comes to stocks, the numbers become a little less important …

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Fallen King of Crypto Told Venture Capitalists He Was a Fool - But They Didn't Listen

Fallen King of Crypto Told Venture Capitalists He Was a Fool – But They Didn’t Listen

Just seven weeks later, the Bankman-Fried crypto exchange is now on the brink of ruin, in the midst of what its investors call “a liquidity crunch.” Faced with a vast financial black hole and tattered bailout talks, FTX and sister trading firm Alameda Research are set to go bankrupt, taking the vast majority of the …

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NatWest counts cost of 'unenforceable' Covid loan error

NatWest counts cost of ‘unenforceable’ Covid loan error

NatWest to miss a wave of interest payments on Covid loans after telling borrowers their debts are unenforceable in court. The bank has written to around 150 business customers in recent weeks to tell them they will not be charged interest on their coronavirus business interruption loans (CBIL), The Telegraph can reveal. The FTSE 100 …

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Barclays braces for bad debt despite rising profits

Barclays braces for bad debt despite rising profits

Barclays is preparing to be hit by bad debt as the economic outlook darkens, even after posting an increase in profits. The FTSE 100-listed bank more than tripled the amount it set aside for impairment charges to £381million in the third quarter, which it blamed on the deteriorating economic outlook. Within its consumer lending business, …

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'My elderly Christian neighbor lost £6,500 after ending up on a 'sucker' list for scammers'

‘My elderly Christian neighbor lost £6,500 after ending up on a ‘sucker’ list for scammers’

Has a company treated you unfairly? Our Consumer Champion is available to help you. To find out how to contact her, click here. Dear Katie, I am writing to you on behalf of our lovely neighbor, a 90-year-old widow. She has failing health and due to her Christian upbringing she is very trusting of people, …

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HSBC tricked consumers with 'green money laundering' ads and oversight rules

HSBC tricked consumers with ‘green money laundering’ ads and oversight rules

HSBC has been accused of misleading consumers and damaging its reputation in a landmark advertising watchdog ruling. The Advertising Standards Authority (ASA) said HSBC had made unqualified statements and omitted important information about its environmental credentials in two consumer advertisements that appeared in October last year ahead of COP26. The ASA said it received 45 …

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