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RBS sets aside £400m for forex probe

Royal Bank of Scotland has set aside £400m to cover the costs of regulatory investigations into the manipulation of foreign exchange markets, its latest results reveal.

Yesterday, Barclays said it had made a £500m provision ahead of the outcome of the investigations, which are being carried out by the FCA, the Serious Fraud Office and the US Department of Justice.

Pre-tax profit at RBS rose 26 per cent during Q3 to £1.3bn, up from £1bn in Q2. Year-on-year profits were up from a £634m loss in Q3 last year.

The corporate and institutional banking division made an operating loss of £557m, mainly because of the funds reserved for the foreign exchange probe. In addition, PPI compensation payments topped £100m in the quarter.

RBS chief executive Ross McEwan says: “In February I placed trust at the heart of my new strategy for our bank. We have taken the first steps towards that goal, with early progress in making RBS simpler, clearer and fairer. We are reducing costs, and are on track to achieve our capital targets.

“But we know we still have a long list of conduct and litigation issues to deal with and much, much more to do to restore our customers’ trust in us.”



TSC slams FSA for Co-op failings but clears Treasury

The Treasury select committee has cleared the Treasury of exerting any inappropriate pressure in the Co-op Bank deal to buy Lloyds Banking Group branches but has criticised the failures of the FSA, KPMG and the Co-op board. In a report into the Project Verde deal, published last week, the TSC said there was “scarcely any […]

Linda Woodall 700 x 450

Wells Street Journal: Regulator hit by ‘footsie’ scandal

Money Marketing reporter Devraj Ray went in feet first when he met FCA director of mortgages and consumer lending Linda Woodall. The interview had gone without a hitch until the topic of borrowers trapped on interest-only mortgages came up. In an attempt to highlight his “personal connection” with the issue, Ray informed Woodall his own […]


US allows savers to default into annuities to boost take-up

The United States is making further moves to boost take-up of annuities by allowing parts of funds to default into lifetime income products. Most US savers put money into a 401K defined contribution scheme, which can be withdrawn from age 59 and a half. Any withdrawals before this age are subject to massive tax penalties. […]

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]

Is this the endgame for the current mergers & acquisitions boom?

Last year, worldwide mergers and acquisitions (M&A) rose to an unprecedented $4.7tn, according to Thomson Reuters, a 41 per cent increase over 2014. Anthony Forcione, senior equity analyst at Loomis Sayles, an affiliate of Natixis Global Asset Management, looks at what’s been driving this particular wave of mergers. Click here to view full article: Loomis-Sayles


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  1. Barclays £ 500 Million Robbing Bank of Scotland £ 400 Million HSBC ( owners of First Direct ? ? ? ? ) The Co op Bank Lloyds TSB ( including Halifax Bank of Scotland Lloyds and TSB ) . . . . .and No one goes to JAIL . . . . .it seems that like Ms Wolf . . . . . the Tory Eliteists ( the Establishment ) – for and on behalf of Her Majesty – I.E Her Majesty’s Government ) are ganging up against the reality of FRUAD and Corruption – with the Conservative Party and their playmates !

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