From the article:

The mis-selling of derivatives by Britain’s biggest banks is only the ‘tip of the iceberg’ and parliament is working on a number of sub-issues to get justice for small-to-medium business owners, says UK business secretary Vince Cable.

Speaking exclusively to IBTimes UK on the phone, Cable says that politicians are working intensively on a number of issues surrounding the scandal, in order to stop other businesses being driven into bankruptcy by crippling interest rate swap agreement (IRSA) payments.

Read the full article ‘Mis-Selling Derivatives to SMEs: Vince Cable says Scandal is ‘Tip of Iceberg’’ on the IBTimes.

From the article:

Ross Jones reviews the final episode of Bankers, a BBC Two series about the disasters and scams of our financial institutions.

The makers of The Bankers (BBC Two) faced an almost impossible task: explaining the inner-workings of an industry that few of us understand, and which in fact causes many of us to nod off at its mere mention. And that is how, this third and final instalment explained, we ended up in such a mess.

Essentially, banks realised that if they can get you on the phone and start droning on about PPI or Interest Rate Swaps – products you neither need nor can afford – you’ll sign anything to make it stop. The financial mis-selling scandal was the end result.

Read the full article ‘Bankers, BBC Two, episode 3, review’ on the Telegraph.

From the article:

The Prime Minister said he is open to “all ideas and proposals” that would allow people to own the bank in a “genuine way”.

A mass share distribution to the public would be the biggest such exercise undertaken in the UK since the utilities sales in the 1980s.

Speaking to reporters in New York the Prime Minister was asked if there are “any circumstances” in which RBS could be sold back to the private sector at a loss to the taxpayer.

Read the full article ‘Public could buy RBS shares at a loss, says David Cameron’ on the Telegraph.

From the article:

YORKSHIRE and Clydesdale banks have increased by £38m the amount of money set aside to compensate the victims of mis-selling, with small and medium-sized businesses expected to be the main beneficiaries.

National Australia Bank’s UK business disclosed yesterday that provision for customer redress rose to £83m in the six months ending March 31, up from £45m the same time last year.

Read the full article ‘Yorkshire Bank increases the amount set aside for mis-selling’ on the Yorkshire Post.

From the article:

NAB is a very good Australian banking business with a very ordinary British banking business attached, as the group’s profit announcement again makes clear.

NAB’s March-half cash earnings of $2.9 billion were 3.1 per cent higher than they were a year earlier, and the group posted a return on equity of 14.7 per cent. That put it at the bottom of the big four league table. ANZ posted a return on equity of 15.5 per cent in the March half, Westpac boosted its ROE from 15.1 per cent to 16.1 per cent, and CBA returned 18.1 per cent in its December half year.

Read the full article ‘Trust British banks? NAB sure can’t’ on the Sydney Morning Herald.

From the article:

HSBC was hit with a $164m bill, for paying customers compensation on a number of mis-sold products, in the first quarter this year.

According to the group’s first quarter interim management statement, HSBC paid $113m (£72.7m, €86.4m) in redress for payment protection insurance (PPI) and $51m for card fraud protection policies associated with insurer CPP Group.

Despite the bumper amount, this is significantly less than the $468m it paid out in UK customer redress programmes in the same period last year, as well as $640m it stumped up in the last quarter of 2012.

Read the full article ‘Mis-Selling PPI and Fraud Insurance: HSBC Stung With $164m Bill’ on IB Times.

From the article:

Ofgem revealed it is investigating six energy firms for failing to meet to the UK government’s energy efficiency targets to protect the country’s most vulnerable consumers.

However, this is not the first time Britain, Europe and the US have encountered a spate of energy scandals.

Read the full article ‘Top Energy Debacles & Scandals: Manipulation, Mis-Selling and Fraud’ on IB Times.

From the article:

The first UK trial concerning the alleged fraudulent manipulation of Libor rates has been delayed until next year after Barclays won the right to challenge aspects of the high court case.

The trial, brought by Guardian Care Homes (GCH), will be delayed until April 2014 pending the appeal court’s ruling.

GCH, which is suing Barclays for £70m over the alleged mis-selling of interest-rate hedging products (swaps) that were based on Libor, described the bank’s appeal as “highly opportunistic”.

Read the full article ‘Barclays Libor court case delayed until April 2014′ on The Guardian.

From the article:

The Financial Conduct Authority (“FCA”) has now applied to intervene in and make written and oral submissions to the Court of Appeal at the appeal hearing of the interest rate swap case of Messrs Green & Rowley v The Royal Bank of Scotland plc.

The first instance decision of His Honour Judge Waksman in the High Court of December 2012 is currently under appeal and is due to be heard by the Court of Appeal on the 14 and 15 October 2013.

Read the full article ‘Financial Conduct Authority to Intervene In Interest Rate Swap Case’ on Clarke Wilmott.

From the article:

The Financial Conduct Authority has given Britain’s biggest banks permission to start paying the estimated £2bn-plus compensation owed to small firms that were mis-sold derivatives products.

The new City regulator, which took over conduct responsibility from the Financial Services Authority (FSA) from the start of April, has given banks including Royal Bank of Scotland and Lloyds the authority to begin to contact customers to initiate the compensation process. Barclays and HSBC are also believed to have been given the go-ahead to settle cases.

Read the full article ‘Banks cleared to begin £2bn swaps payouts’ on the Telegraph.