FSA Fine RBS £2.8m

[EXC]

''The Financial Services Authority (FSA) has fined Royal Bank of Scotland (RBS) and National Westminster Bank (NatWest) £2.8m for multiple failings in the way they handled customers’ complaints, responding inadequately to more than half the complaints reviewed by the FSA.....''

FSA fines RBS and NatWest £2.8m for poor complaint handling

[Angry Cat]

Re: FSA Fine RBS £2.8m

http://www.bbc.co.uk/news/business-12209241
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http://uk-tv-guide.com/programme-details/BBC+2/18+January+2011/21%3A00/Britain's+Banks%3A+Too+Big+to+Save%3F/Business%20and%20Finance/

[Angry Cat]

Re: FSA Fine RBS £2.8m

I smell a rat.


The FSA inquiry into RBS is a whitewash and a cover up | Ian Fraser

Unfortunately, there are many, Rats...

However, the FULL information will no doubt remain closeted, even though persistent queries have been raised.

Let us not forget that those above us in secret places must keep the banks sweet.

I, personally am Tory but feel most aggrieved about the Gov. stance re: The RBS Group

[Angry Cat]

Re: FSA Fine RBS £2.8m

Let's not forget that RBS were single handedly responsible for the biggest loss in UK corporate history and for that reason alone deserve special recognition.

'Reckless and Irresponsible' lending that brought this Country to its knees!

[Quote]:
Complete failure

Myners said RBS had been the "worst-managed bank this country has ever seen". [End Quote]

[Ihaterbs]

Re: FSA Fine RBS £2.8m

I smell a rat.


The FSA inquiry into RBS is a whitewash and a cover up | Ian Fraser

[EXC]

Re: FSA Fine RBS £2.8m

Our "friend" Sir Fred and all the board paid for that bail out with their jobs irrespective of their "golden handshake"(which was poorly handled by the government at the time).

So let me get this right:

Goodwin 'paid' by having to forgo a highly paid job in order that he remain highly paid but without having to do the job anymore? Hardly a sacrifice.

And it's a bit rich to blame it on the Government as it was the RBS Board that approved the level of his pension and failed disclose it to the Government prior to the bail out.

Let's not forget that RBS were single handedly responsible for the biggest loss in UK corporate history and for that reason alone deserve special recognition.

[pallaz1851]

Re: FSA Fine RBS £2.8m

re Angry cat,
I would respectfully correct you, in that it wasn't just Brown who didn't regulate the Banks (collective)
I think if you research enough you will find that BOTH Reagan USA and Thatcher UK
de regulated the Banks in the 80's.
I worked in the financial markets of 1984 - 1990 producing the report & accounts, the bonus' paid to 21 year old 'Traders'... was in pro rata equivalent to today's bonus's - remember the terminology at the time? "Loads a' money".... the sales of Porsche and the like to the 20's generation went through the roof!

In the current Banking collapse I think it rests wholly and solely with King and the FSA, it was their jobs to 'regulate' - oversee, call it what you like....what was going on (all these new 'toxic' financial vehicles being traded)
I honestly believe that the Establishment in Threadneedle Streeet actually didn't understand what was being traded....till the S..t hit the Fan....

I would state that the only reason Labour lost the election was because of Brown, he should not have been there at all (my opinion) the only thing he has produced is QE and that bailed out the Banks....
We now have a 'Coalition of Cheeters...Cheetahs' as my learned friend posted a week ago....and they know even less in my opinion!! but are certainly of the same ilk as the present Bankers and that is why you will see NO regulation from them either....

I posted before that as yet no one has stood trial for malfiesance ......

With regard to Leclerk's comment of HBOS,
I am firmly of the belief that they were knowingly trading illegally and in breach well before Brown 'MADE Lloyds take them on board, I really feel sorry for the ordinary shareholders of Lloyds that lost out because of this action, over which they had no control at all...they lost money hard earned and invested, (Lloyds were a safe and profitable Bank before this was hoisted upon them)....much like the ordinary shareholders of Northern Rock......
Again I ask when is someone brought to book on this (these practises behind closed doors)????.

Now I feel it is a fight to the death for the Banks who are in the clutches of the Gov, they cannot wait to be rid of the shackles and do what they want without recrimination....Don't forget that Barclays went to Saudi Arabia to be bailed out rather than be within the UK Gov control.... so Bob Diamond can now show his true face of 'Capitalism' as per his comment this last week!!

[leclerc]

Re: FSA Fine RBS £2.8m

[quote=Angry Cat;192243]Basically, it all boils down to the lack of regulation under Brown...

And now, the Tories don't want to kill the goose that lays the golden egg.

: Even Nick Clegg and Vince Cable are quite balanced in their views when you talk to them in private," said one executive close to the discusssions, "but the public does not have private conversations with cabinet ministers. It's like being in a relationship with someone who tells you they love you but they don't want to be seen in public with you."[End Quote]

At the end of the day leclerc, RBS was only rescued because of being a banking corp;
any other business would have had to take their medicine, be made insolvent and the responsible heads would have rolled.
Unfortunately, the government took over Northern Rock beforehand, did not bail out HBOS indirectly but allowed it to be taken over by Lloyds Banking Group which it then had to bail out.
If they had failed then by definition they go out of a job. Our "friend" Sir Fred and all the board paid for that bail out with their jobs irrespective of their "golden handshake"(which was poorly handled by the government at the time).
No one likes a cover up especially the British Taxpayers: The Elecorate.

You can fool some of the people some of the time, but not all of the peolple all of the time.
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Further and going back to one of your earlier comments re: Santander.
Their motive(s) are clear but one does raise ones, eyebrows!

I had to look back to see what I had said about Santander. I assume a name change always helps to be honest as well

[Angry Cat]

Re: FSA Fine RBS £2.8m

Remind me of who has been convicted from RBS Group of doing this. Lying is perjury, inventing evidence must be fraud.

Who is being tried or has been tried over this matter?

As I said they are not alone in doing so.

EDIT: I would add that simply saying one bank does this or that does not make one bank specifically culpable. They are all culpable of acting in this manner.

Basically, it all boils down to the lack of regulation under Brown...

And now, the Tories don't want to kill the goose that lays the golden egg.

[Quote]: Even Nick Clegg and Vince Cable are quite balanced in their views when you talk to them in private," said one executive close to the discusssions, "but the public does not have private conversations with cabinet ministers. It's like being in a relationship with someone who tells you they love you but they don't want to be seen in public with you."[End Quote]

At the end of the day leclerc, RBS was only rescued because of being a banking corp;
any other business would have had to take their medicine, be made insolvent and the responsible heads would have rolled.

No one likes a cover up especially the British Taxpayers: The Elecorate.

You can fool some of the people some of the time, but not all of the peolple all of the time.
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Further and going back to one of your earlier comments re: Santander.
Their motive(s) are clear but one does raise ones, eyebrows!

[pompeyfaith]

Re: FSA Fine RBS £2.8m

Leclerc,

You are right above, but this thread relates to RBS and not all banks which is probably why RBS is quiet rightly getting the flack on this thread.

[leclerc]

Re: FSA Fine RBS £2.8m

I understand that unfortunately for RBS they are the only ones caught out promoting it AND being prepared to lie in court AND 'inventing' evidence, practices all of which should lead to lenghy prison sentences

Remind me of who has been convicted from RBS Group of doing this. Lying is perjury, inventing evidence must be fraud.

Who is being tried or has been tried over this matter?

As I said they are not alone in doing so.

EDIT: I would add that simply saying one bank does this or that does not make one bank specifically culpable. They are all culpable of acting in this manner.

[righty]

Re: FSA Fine RBS £2.8m

Unfortunately, the practice would be widespread throughout the banking industry.

I understand that unfortunately for RBS they are the only ones caught out promoting it AND being prepared to lie in court AND 'inventing' evidence, practices all of which should lead to lenghy prison sentences

[leclerc]

Re: FSA Fine RBS £2.8m

These are the people running the banks also notice the name of the bank the one we know encourages the use of 'inaccurate'reconstructed agreements in an attempt to enforce the unenforceable

Royal Bank of Scotland execs think they are above the law | Ian Fraser

Unfortunately, the practice would be widespread throughout the banking industry.

[leclerc]

Re: FSA Fine RBS £2.8m

nattie/leclerc or whatever you wish to call yourself.
I call myself Tim, cos that is my name. Others choose to call me what they like on an internet forum.
Why are you always so defensive about the RBS Group?
Am not sure I am defensive of RBS Group, I was whilst I was within the bank but in general, I do post on things which I know where I believe them to be irrational. The fact that others have in the past attacked me based on simply what I did in a previous life is probably why I still post in one way. Plus, I don't generally go with the irrational newspaper bleatings of "bash the bankers" or half truths that are not in context like some of the newspapers that seem to get quoted all the time.
Silly question really, as most who have worked in banking become financial industry institutionalised:beagle:

I find myself defending myself for not working in the bank. I've either swallowed the banks manual, not left the bank, or now I'm institutionalised.
I work in the NHS now(have done for a year and a half), so when that is criticised will I be institutionalised again if I suggested that a post was irrational and not based on fact? Or if I go into another profession which might crop up here and I defend it, is that gonna be the case?

I have an opinion and we are never gonna agree with regards to RBS Group and I guess if Sir Fred killed himself, Goggarburn was blown up, etc, etc, I doubt you'll be happy about RBS Group either.
Each to their own I guess.
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I think this gives a good idea of the general view of RBS:

http://www.google.co.uk/search?q=i+h...ient=firefox-a

You say that we dont even know yet how good or bad RBS has done, that is not the point RBS are still 85% owned by the Government I think that says it all.

RBS cannot wait to get out of the clutches of the government as this report states:

http://business.timesonline.co.uk/to...cle6982286.ece

My view is no bonuses at all until the bank has returned its bail out money with interest to the government and society.

Oh and the banks profits are very likely to be minimal if at all given the amount of write-offs which run into billions.

Pompey, the kind of bonuses that are being touted around for RBS that are supposedly so vile are one that will be in shares and based on specific performance(I don't think that any of those performance indicators are based on share price which as majority shareholders, I think should have been incorporated). Those bonuses will still have strings attached and Stepher Hester's bonus does not include any cash bonuses.

[Angry Cat]

Re: FSA Fine RBS £2.8m

My comments are NOT based on half truths they are based on facts. I unlike you have actually seen the evidence in black & white including the PROVEN forged, but inaccurate, documents AND internal RBS memos congractulating the named person who came up with the idea to 'reconstruct' documents so I know what I'm talking about do you?

I also, have had sight of same!