Barclays Settles £1.4B Suit Over 'Worthless' Credit Cards
Credit card services firm CCUK Finance and Barclays Bank U.K. PLC have settled their £1.4 billion ($1.8 billion) lawsuit over the sale of allegedly "worthless" debt waiver product credit card agreements similar to payment protection insurance.
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Europe’s top banking regulator has told banks to identify exposures that must be flagged as high-risk under imminent reforms to European Union rules on capital requirements to help ensure they hold sufficient funds to protect themselves from the threat of insolvency.
A trader accused of illegally rigging a key interest rate benchmark did not act dishonestly when he submitted rates to benefit bankers’ trading positions, his attorney told a London jury on Friday, saying it is “nonsense” to suggest he flooded the market with cash to bolster huge financial trades.
The Financial Conduct Authority has warned that older life insurance customers risk being misled into believing that their policies will pay for their funerals, and told British companies to promote their products accurately.
The Royal Bank of Scotland has announced plans to buy back government shares worth up to £1.4 billion ($1.8 billion) in a move to speed up the bank’s privatization after it was rescued in the biggest U.K. taxpayer bailout of the financial crisis.
Government bond-holders are getting an “unwarranted” extra £1 billion ($1.3 billion) in interest every year because U.K. civil servants have failed to correct an error in the way they calculate inflation, a panel of lawmakers said, adding that the lapse is "untenable."
A trial between ING Bank NV and Oversea-Chinese Banking Corp. Ltd. over the calculation of loss on several Lehman Brothers securities dating back to 2006 rumbled on in London on Thursday, with the judge hearing two starkly opposing views from experts.
Insurance to cover risks from a cross-border corporate takeover should be taxed in the country where the policyholder is based, rather than where the target company is, the European Union’s highest court ruled Thursday.
A Brexit "Plan B" could involve a legally untested extension of the U.K.'s planned departure date after Parliament rejected the government's withdrawal agreement, easing the immediate threat that British banks and businesses will plunge into a regulatory void if there is no deal, according to lawyers and political experts.