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 …
The year that proved big banks didn’t care about savers Read More »
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 …
Brussels accused of hurting EU competitiveness by bloc’s own banks Read More »
Surprisingly, the Bitcoin price itself held up well in the aftermath of the scandal. On Tuesday, the price per coin rallied back above $16,000 (£13,000) and is only down $20,000 since FTX started to unravel. This is not a dramatic drop by digital token standards, although it was already a far cry from the $60,000 …
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 …
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 …
Crypto’s fairy tale revolution deserves its unfortunate end Read More »
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 …
Fallen King of Crypto Told Venture Capitalists He Was a Fool – But They Didn’t Listen Read More »
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 …
NatWest counts cost of ‘unenforceable’ Covid loan error Read More »
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, …
Barclays braces for bad debt despite rising profits Read More »
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, …
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 …
HSBC tricked consumers with ‘green money laundering’ ads and oversight rules Read More »
