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Top World Banks Risk Big Fines

You should be well aware by now that the banks in this country are consistently finding that they’re being fined for one thing or another. Recently, the majority of the fines have been for Payment Protection Insurance (PPI).

That isn’t saying that all of the bank fines have been for PPI, there’s been a number of other banks that have been fined for different things. For example, Royal Bank of Scotland was fined £15 million for their poor mortgage advice.

Major Banks

The likes of Barclays, Citigroup and Deutsche Bank are among the banks that could be liable to face “material and widespread” fines for a variety of mis-conducts like the rigging of currency rates and, for the likes of Barclays, the mis-selling of PPI.

All of this information has come from Fitch Ratings who have said that other top banks around the world like Credit Suisse and Bank of America are amongst the banks that could be facing further fines and could well be exposed to ‘litigation and other conduct risks’.

It’s not new news that all around the world; banks are struggling to restore consumer confidence after the financial crisis began in 2007/08. That much has been evident in the last few years and the banks have made it much worse for themselves with the PPI mis-selling scandal coming to light too.

Closer to Home

Bringing the news a bit closer to home and stepping away from talking about global banks, there is going to be change at Santander, the UKs fifth biggest lender.

The former Royal Bank of Scotland chief executive Nathan Bostock will be appointed as the new chief at Santander as Ana Botin has left the bank recently to become the group executive chairman of Banco Santander following her father’s death, Emilio Botin.

Santander has set aside almost £1 billion for the mis-selling of PPI and this is including the bank’s subsidiaries such as Alliance & Leicester and Abbey National. Shortly after this announcement was made, the then chief exec of the bank, Ana Botin came out and stated that she was happy with the state of the bank’s financial figures.

This is a much smaller amount when compared to the money set aside by the other banks such as the Lloyds Banking Group which includes the likes of Halifax and Bank of Scotland and it also pales in comparison to the likes of Natwest, RBS, Barclays and HSBC.

All of these banks plus a great number of other lenders have all mis-sold PPI on a huge scale in this country and it’s no surprise to see the likes of Barclays included in the list of major banks that can expect to receive fines in the coming years.

If you think you may have been mis-sold PPI or you know someone who may have been mis-sold PPI, why not start your claim with us today. If you think you know someone who may have been mis-sold PPI, why not use our refer a friend scheme?

Big Bank Fines

Big Bank Fines

About the author

Daniel Lee

Company Director

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