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Peter Hamilton: Financial consequences of evading the duty of trust

A recent decision of the Court of Appeal illustrates only too clearly that agents owe their principals a fiduciary duty of trust, confidence and single-minded loyalty. This means not acting in any way that does, or could, involve a conflict of interest between the interests of the client and those of the agent, unless the agent […]

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New accountancy rules ‘may hit lending and raise mortgage costs’

A new set of accountancy rules due in 2018 could hit lending levels and increase the cost of mortgages. IFRS9, which has been issued by the International Accounting Standards Board, will change the way banks treat bad debts. At present lenders must calculate and create a loan loss provision for accounts in arrears. Under the […]

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Barclays posts £3.1bn profit but hit by £1bn redress bill

Barclays’ profits rose 25 per cent in the first half of the year to £3.1bn as the bank set aside a further £1bn in total for customer redress. The bank’s interim results show pre-tax profits are up from £2.5bn in the same period last year. A total of £1.03bn has been set aside for customer […]

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IMF warns of Eurozone stagnation

The International Monetary Fund has warned the risk of stagnation remains in the eurozone area, with the medium-term outlook for growth being “subdued”. In a consultation on the euro area, the IMF says “high unemployment, especially among the youth; large corporate debt; and, rising non-performing loans in the banking system” are all potential risks for […]

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