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UK watchdog shakes up ‘dysfunctional’ bank overdraft market

LONDON (Reuters) – Britain’s banks and building societies will have to charge the same amount for all overdrafts from April 2020, the Financial Conduct Authority (FCA) said on Friday, in a radical change that will raise questions about the future Read more ›

Banks in Britain face fines over arbitrary fraud compensation – regulator

LONDON (Reuters) – Banks in Britain could face fines if they make selective and arbitrary decisions about compensating customers who have fallen victim to fraud, the Financial Conduct Authority’s head of enforcement said on Wednesday. FILE PHOTO: The Canary Wharf Read more ›

MPs square up to regulator over duty of care for banks

LONDON (Reuters) – A legal duty for banks to act in the best interests of their customers may be needed, British lawmakers said on Monday, piling pressure on regulators to step up protection of consumers after a string of mis-selling Read more ›

British banks’ new disputes service too limited, MPs say

LONDON (Reuters) – Big British banks have been criticised by lawmakers for pressing ahead with plans for a new complaints service for small firms wronged by lenders, which they argue is too soft. FILE PHOTO: The City of London from Read more ›

Investors revolt against executive pay plans at tarnished Australian banks

SYDNEY (Reuters) – Shareholders voted against the executive remuneration plans of two of Australia’s biggest banks on Wednesday following misconduct revelations that have swept through the country’s financial sector. A man walks past ATM machines at a National Australia Bank Read more ›

Fed regulator says midsize bank relief ‘highest priority’

WASHINGTON (Reuters) – The Federal Reserve’s top regulator told U.S. lawmakers on Tuesday that his “highest priority” is enacting simpler rules for banks with between $100 billion and $250 billion in assets, though Republicans pressed for a more drastic easing. Read more ›

Facebook in talks with banks to expand customer service

(Reuters) – Facebook Inc (FB.O) said on Monday it is in talks to deepen links with banks and financial institutions, saying it can help the firms improve their customer service. FILE PHOTO: A woman looks at the Facebook logo on Read more ›