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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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VIDEO: Japan lifts Boeing Dreamliner ban

Category : Business

Japan’s airline authority has followed the US regulator in clearing Boeing’s troubled 787 Dreamliner to fly again once batteries are replaced.

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Japan lifts Boeing Dreamliner ban

Category : Business, World News

All Nippon Airways is to begin Dreamliner test flights after Japan’s regulator followed the US aviation authority in clearing Boeing’s 787 to fly.

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Santander tops bank complaints list

Category : Business

Head of new Financial Conduct Authority says complaints data helps consumers and boosts competition

Santander has been named as the most complained about bank by the new Financial Conduct Authority (FCA). The Spanish-owned bank, which is advertising its 123 current account heavily at the moment, was the subject of four complaints for every one of its 1,000 banking customers during the second half of last year.

Overall, Santander had the fifth-largest number of complaints to the regulator, but the most banking problems per customer. On investments, it was the most-complained about firm with 2,236 complaints, and also received the most mortgage complaints, 14,080.

Barclays topped the new financial regulator’s figures in terms of the gross number of complaints, including banking, insurance, payment protection insurance (PPI) and other issues.

The FCA, which has just taken over from the Financial Services Authority, said that in total there were almost 3.5m complaints about financial service firms during the six months to the end of 2012 with 2.1m about mis-sold PPI. The figure was 1% higher than the first half of the year as the number of PPI complaints climbed by 5%.

There was some better news for pure banking customers. Complaints about current accounts fell 6% while problems with insurance rose by the same amount.

The figures show that Barclays was the subject of 414,302 complaints to the FSA, which is down 6% since the first half of 2012. Lloyds TSB had 349,386 (down 19%), Bank of Scotland/Halifax: 338,912 (down 7%) while Santander received 237,923 (down 1%). The card provider MBNA received a large number of complaints – 270,486 (a drop of 3%).

FCA chief executive Martin Wheatley says: “Greater transparency drives greater competition, and the publication of the complaints data lays bare the track record of the UK’s financial institutions when it comes to resolving customer conflicts.

“When I meet the bosses of the financial institutions they frequently tell me they do not want to be at the top of the table, which means they strive to improve both their sales and complaints handling processes.

“Not only does our data help consumers compare and contrast their current bank or lender, it also boosts competition among firms.”

FCA hints it may act on teaser rates

Category : Business

Action may be taken against so-called “teaser” rates on savings accounts, the Financial Conduct Authority has hinted.

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YouView launch ads banned

Category : Business

Advertising Standards Authority upholds complaint by Virgin Media that claims about the service being ‘unique’ were untrue

Virgin Media has won a victory against fledgling rival YouView, getting its launch TV and press campaign banned after the advertising watchdog ruled that claims it is “unique” and the “easiest” service were untrue.

After a protracted development period, YouView launched last summer. It was backed with a £10m ad campaign that debuted in September, featuring stars including Gary Barlow and Benedict Cumberbatch. The service is a joint venture between the BBC, ITV, Channel 4, Channel 5, Arqiva, BT and TalkTalk to bring internet-connected TV to Freeview households.

Virgin Media lodged a complaint with the Advertising Standards Authority about claims made in the campaign, which ran on TV and in the Radio Times.

The claims included: “YouView is the easiest way to watch catchup TV, on your TV” and the assertion that its electronic programme function has a “unique scroll-back function”.

YouView produced its own customer research to back its claims, as well as conducting its own comparisons with rival services.

The ASA said that YouView had failed to ask the general, basic question about whether it was in fact the easiest way to watch catchup video on their TV sets.

“We concluded the claim had not been adequately substantiated,” the ASA said.

The watchdog also concluded that the “unique” claim was misleading as YouView is not the only service on the market offering a scroll-back function on its programme guide.

The ASA said the ads could not run again without changes and told YouView “to ensure they held adequate evidence to substantiate comparative claims and to ensure their claims were not misleading”.

In a double blow for YouView’s growth, the advertising regulator also ruled against a TV ad and direct mail campaign run by TalkTalk.

TalkTalk, which is aiming to add to its broadband and phone services by offering YouView TV, ran an ad campaign claiming it was offering free YouView set-top boxes to customers.

A complainant said the ad campaign was misleading as there was a £50 engineer installation cost, which the ASA agreed was in breach of rules promising “free” goods.

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Regulator surprised no bank bosses face charges over financial crisis

Category : Business

Andrew Bailey, head of Prudential Regulation Authority, says it’s odd action taken only against people lower down in failed banks

Britain’s most senior banking regulator has questioned why none of the bosses of the country’s failed banks have been formally charged over their roles in the financial crisis. Andrew Bailey, head of the new banking regulator, the Prudential Regulation Authority, said: “It is more than odd that action has been taken against people lower down in institutions, but no action has been taken at the top.”

At a conference debating how to rebuild trust in Britain’s scandal-hit banks, Bailey said it was a “source of surprise” that no senior bank directors have been disqualified. He pointed out that the secretary of state sought the disqualification of Barings Bank for their roles in failing to adequately supervise Nick Leeson.

Chuka Umunna, the shadow business secretary, said bankers caught trying to play the system in order to line their own pockets should be “thrown into jail”.

He said it “cannot be right” that benefit cheats who fiddle the system for a couple of hundred pounds are thrown into jail while “those who seek to rig the financial system and receive hundreds of thousands of pounds as a result never seem to suffer the same fate”.

In an impassioned speech at the Future of Financial Services summit in Canary Wharf on Monday, Umunna said the City would not be able to rebuild trust with society “until custodial sentences are imposed on those guilty of criminal wrongdoing in your sector”.

He said the “prospect of jail for gross wrongdoing” was one of the best ways to affect cultural change in Britain’s scandal-hit banks.

No bankers have been jailed in connection with the Libor rate-fixing scandal, but the Serious Fraud Office (SFO) has launched a criminal investigation and arrested three men. In the US, two former UBS employees have been charged.

Umunna acknowledged that politicians were hardly in the best position to lecture others on trust and morals. “We are less popular than you and we learned the hard way after the expenses scandal, when we had to get our house in order,” he said. “But at least the people saw politicians brought to book – with some of our number serving jail time for their wrongdoing.”

He also attacked Barclays for trying to sneak out news that it paid its bosses bonuses of £39.5m on budget day. Umunna said it “sent all the wrong messages”.

Ashok Vaswani, boss of retail and business banking at Barclays, who was also at the debate, admitted that the timing of the release was “a mistake”.

Labour will on Tuesday resume its push for changes to banking reforms going through parliament, calling for stronger immunities for whistleblowers.

In Tuesday’s parliamentary debate, Labour will table amendments to the bill to protect whistlebowers as well bolster protection for customers of savings schemes such as Farepak, which collapsed in 2006.

Labour will also produced figures showing that the government’s levy on balance sheets has brought in £2bn of revenue less than originally forecast.

Chris Leslie, a shadow Treasury minister, also intends to call for a full licensing review of bankers. “If a GP or a barrister was involved in serious misconduct, they would have to answer to the BMA or Bar Council ethical practice committees and could lose their licence – and so we also need similar processes for those who break financial regulations too,” Leslie said.

PPI complaints start to decline

Category : Business, World News

The Financial Conduct Authority says the number of complaints about the mis-selling of PPI fell in the second half of last year.

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