1. RBS at risk of further action from FCA over over treatment of SMEs
The FCA has released an interim report into how the Royal Bank of Scotland’s restructuring unit treated SME customers, and found there had been ‘widespread’ mistreatment in some areas.
The summary update into RBS’ Global Restructuring Group (GRG), which operated from 2005 to 2013, found that the most serious charges had not been upheld but that mistakes were made, after claims that RBS charged exorbitant fees or raised interest charges without reason, which the financial watchdog called ‘inappropriate action’ in its report.
FCA chief executive Andrew Bailey said the regulator was “focussing on whether there is any basis for further action within our powers”.
RBS boss Ross McEwan said: “In line with the summary conclusions published in November, the FCA has published has once again confirmed that the most serious allegations against this bank have not been upheld.”
He also said: “I would, however, like to be clear that mistakes were made. And we have taken steps to put them right.”
2. AA tells former chair to pay back bonuses of more than £1.2m
The automotive repair company has demanded that former chair, Bob Mackenzie, pay back the bonuses he received in 2016 and 2017.
Mackenzie was sacked for “gross misconduct” this July, after reports of an alleged altercation in public.
3. FCA investigating Equifax hack
The Financial Conduct Authority has announced today that it is investigating the circumstances surrounding a cybersecurity incident that led to the loss of UK customer data held by Equifax Ltd on the servers of its US parent.
The FCA said the statement was made “given the public interest in these matters.”
4. Americans’ Financial Satisfaction Hits 24-Year High
Americans are happier with their personal financial situations than they have been since records began, according to new figures.
Increased gains in the stock market and a high number of available jobs has Americans experiencing their highest level of personal financial satisfaction in the 24-year history of AICPA’s Personal Financial Satisfaction Index (PFSi).
The new high reached by the Q3 2017 Personal Finance Satisfaction Index, eclipses the previous record reached right before the great recession (Q4 2006).
5. TMF Group Acquired by CVC Capital Partners
TMF Group, a global provider of compliance and administrative services, has today announced its acquisition by CVC Capital Partners (CVC), one of the world’s leading private equity and investment advisory firms for a total consideration of €1.75bn.
Ivo Lurvink, Partner at CVC, commented: “TMF Group is an industry-leading business that has grown strongly in recent years by providing a unique suite of business-critical services to its clients. The global business environment is dynamic and increasingly complex, and TMF is extremely well placed to help its clients operate successfully and to the highest regulatory standards.”
TMF Group was advised by Goldman Sachs International and HSBC Bank plc.