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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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Nationwide failed to act against identity fraudsters

Category : Business

Standing order scammers have taken £1,300 from my account, but Nationwide has not been helpful

I recently logged in to my online Nationwide account, only to discover that two unknown standing orders had cleared more than £1,300 out of my current account, leaving me with just £21. As I had had nothing to do with them – they were both to estate agents I had never heard of – I printed the statement and rushed to my local Nationwide branch. There was no manager available but a cashier cancelled the two standing orders. I asked whether I had signed the forms indicating I had consented to them being set up, and she said I hadn’t.

My card was stopped, and I was put in a cubicle and told to ring Nationwide HQ to sort out the problem. No one offered any support.

After lengthy waits and several more questions, I was told that once it was proved that I had not set up the standing orders, I would be refunded. Someone would ring me on Friday or Monday. When I arrived home, I had a message from a woman who worked for the Carlisle branch. She wanted to know if I had set up a standing order to Alpha Lettings. She said the signature very clearly did not match mine, so she had declined it.

Since then it has emerged that someone – or a group of people – has tried to set up a string of standing orders on my account, all to estate agents around the country. A second trip to a bigger branch wasn’t much good, either, and promised call-backs have not materialised. It seems to me that Nationwide doesn’t know what it’s doing when it comes to identity fraud of this kind. Can you please help? CB, south-west London

It’s clear from your letter that the building society hasn’t exactly covered itself in glory when dealing with this problem. The staff seemed to have no idea how stressful it was to discover £1,300 had gone from your bank account, and you should have been treated more sympathetically.

Standing order fraud is, according to our research, relatively rare, but your case has highlighted how easy it is to commit. You later realised that one of your bank statements failed to arrive around Christmas and, armed with this, the culprit probably set up the standing orders, relying on staff not looking at the signature too closely.

We suspect that although estate agent names were used, the money ended up in an unrelated, non-business account. For some reason, these frauds often seem to lead to a Barclays account at a branch in east London.

Nationwide accepts it should have handled the matter better. “While we have measures in place to prevent standing order fraud, and the overwhelming majority of attempts are prevented, it is clear we have let CB down on this occasion. It is important to note any innocent victim of fraud will always be refunded,” says a spokesman.

The money taken from your account has been returned, with an additional £200 to make up for the poor service.

We welcome letters but cannot answer individually. Email us at consumer.champions@guardian.co.uk or write to Bachelor & Brignall, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number

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.

Cyprus to sell off gold reserves

Category : Business

Cyprus is to sell off much of its gold reserves in order to help finance part of its bailout.

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Morpho Detection Awarded CATSA Explosives Detection Systems Contract With Maximum Value of $100M

Category : Stocks

High-Speed and Compact EDS Part of Five-Year Standing Order to Deploy Next-Generation Detection Capabilities at Airports Throughout Canada

See the rest here: Morpho Detection Awarded CATSA Explosives Detection Systems Contract With Maximum Value of $100M

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Should Steve Cohen shut down SAC?

Category : Business

A new arrest at an SAC fund brings the government closer to Steve Cohen’s door. Now might be a good time to become a family office in order to avoid future scrutiny.

See more here: Should Steve Cohen shut down SAC?

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Korsair Holdings in Discussion With Municipalities in Bulgaria About Energy Efficient Streetlight Solutions

Category : Stocks

BERLIN–(Marketwire – Mar 22, 2013) – Korsair Holdings AG (BERLIN: NOM) announces that it has entered into discussions with various Municipalities in Bulgaria in order to address their need of energy efficiency solutions. Through the partnership with GAIA Consult Ltd and Capital Solar Partners Ltd, Korsair Holdings gets access to a wide network of Municipalities and local sub-contractors in order to execute both projects and investments related to green technology implementations.

More: Korsair Holdings in Discussion With Municipalities in Bulgaria About Energy Efficient Streetlight Solutions

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OSF Global Services Debuts Integration Plug-in for Demandware and Microsoft Dynamics CRM 2011

Category : Stocks

Synchronize Customer and Order Data to Gain Valuable Insights, Save Time and Eliminate Errors

Follow this link: OSF Global Services Debuts Integration Plug-in for Demandware and Microsoft Dynamics CRM 2011

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Airbus wins record plane order

Category : Business, World News

European-owned planemaker Airbus has won a record order for 234 planes worth 18.4bn euros (£15.7bn, $24bn) from Indonesia’s Lion Air.

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Aviva shares dive on dividend cut

Category : World News

Shares in insurance firm Aviva sink 12.5% after it cuts its dividend by more than a quarter in order to finance a turnaround strategy.

Read the rest here: Aviva shares dive on dividend cut

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Termination of Order of Canada Membership

Category : Stocks, World News

OTTAWA, OTTAWA–(Marketwire – March 2, 2013) - Today the Canada Gazette published a notice advising that the appointment of Mr. Garth Drabinsky as an Officer of the Order of Canada was terminated on November 29, 2012.

Continued here: Termination of Order of Canada Membership

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