The UK Economy

Lloyds (LSE:LLOY), RBS (LSE:RBS) and Barclays (LSE:BARC), always leaders in the banking industry are leading it in an unenviable and potentially disastrous category:  PPI miss-selling complaints. The complaints The FSA reported this morning that overall complaints had risen a whopping 129% in the first six months of 2012.  With more than 2,230,000 complaints in the […]

The Bank of England has named the banks and financial institutions that took part in a new lending scheme  UK’s central bank formulated to boost the cash-starved British economy.  Whilst they were named, it is up to these institutions how to allocate the funds. Five of the six biggest lenders in the British market, namely: […]

JJB Sports (LSE:JJB) shares have just been suspended. Administrators have been appointed and the company says that while assets can, and will, be sold shareholders will get nothing. Nil. Rien. Zippo. Surely everyone can understand that? I warned here several times ( 6th Sept and 17th Sept) that this would happen and that a) if […]

The impending IPO of the Direct Line Group may be the biggest buzz around London since the Olympics.  In an attempt to gain some insight about what may really happen, I took a stroll over to 221B Baker Street to visit a friend of mine, a certain Mr. Holmes, who has proven rather proficient at […]

The consumer watchdog agency, “Which?”, has announced the launch of a new, major campaign calling for banking reform in the UK.  The campaign, called “Big Change” reveals some startling statistics about the banking industry and promotes a three-pronged solution.  It’s an admirable campaign.  There’s only one problem:  It won’t work.  The Banks will refuse to […]

I tried to get a fatwa levelled against ADVFN CEO Clem Chambers with an early post on my ADVFN blog. That failed. And so I must try to take him to task for his assertion that Ben Bernanke of the Federal Reserve has done us a favour by signing up for QE3, QE4  and QE ad infinitum. He […]

British taxpayer-backed Royal Bank of Scotland (LSE:RBS) unveiled its plan to float its insurance business in compliance with its commitment to the European Commission after the bank was rescued for a £45 billion bailout in 2008, the bank said earlier today. Direct Line Group, Britain’s largest motor, personal, home, and commercial insurance business, is to […]

What is it that the banking industry doesn’t understand?  What is it that Barclays doesn’t understand?  There are days when the news is absolutely befuddling.  This is one of them. What the FSA is Saying to Barclays Just reading the morning headlines about Barclays ought to be confusing to UK banking customers.  “Regulator warns Barclays: […]

British Banks have not lost their way, as some suppose.  They have re-defined their way.  And Martin Wheatley knows it.  The Managing Director of the Financial Services Authority, and future CEO of the newly created Financial Conduct Authority, served notice that commissions paid to bank employees for the selling of financial products and services will […]

The Gold price has raced ahead by $32.30 to $1672.80 an ounce today thanks to the release of the last minutes of the meeting of the Federal Reserve Open Markets Committee (FOMC) that showed QE3 is just inevitable. Like we did not know that already. But this is just the start. Phrases involving genies and […]