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News

Spiralling bills for mis-selling wiped 80 per cent off top UK banks' profits last year

The report – which analysed Barclays, RBS, Lloyds, HSBC and Standard Chartered – also cautioned that banks need to update ‘archaic’ technology’ after a string of IT glitches.

In a bid to satisfy regulators and avoid a repeat of the reckless behaviour that helped trigger the financial crisis, KPMG said the ‘big five’ banks have shrunk their balance sheets by £1.7trillion to £5.2trillion since 2008.

They have also bolstered capital reserves, designed to cushion themselves against financial shocks, by £93bn over the same period.

Richard McCarthy, UK head of banking at KPMG, said banks face an ‘uphill battle as they try to radically transform in a timeframe acceptable to stakeholders.’

Lenders are under pressure to overhaul their culture after a series of mis-selling scandals, including payment protection insurance and interest rate swaps.

They have also been criticised for starving cash-strapped firms of loans.

But banks have complained they are being told by the Bank of England to bolster capital reserves.

Former shadow chancellor Lord Lawson has criticised banking reforms, claiming they will not protect taxpayers from another crisis. He said plans for an ‘electrified ringfence’, cordoning off a lender’s retail bank from investment banking, should be scrapped.

If you think you may have been mis-sold any financial product. Call the experts at Creditline Financial on 01733 393399 and we will guide you through the process.

Article taken from – This is Money

Posted by Jay Beecher on 07 Apr 2014

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