Changes to UK Redress System

Changes to Redress System

UK Chancellor, Rachel Reeves, will use her Mansion House speech to call for changes in the way client redress is handled in the UK. She will seek to simplify and clarify the way in which the Financial Ombudsman Scheme operates. Her stance is heavily driven by the unexpected number of claims attached to consumer car finance.

Lloyds Changes Employee Consultation Process

Lloyds Banking Group has agreed a new set of mechanisms for engaging with employees with the consent of its two trade unions. The arrangements will apply to employee in grades D-G – its more senior cohorts. The bank will operate a People Forum consisting of 16 unelected members with whom it will discuss strategic matters. It will also use a People Consultation Forum and a Management Advisory Forum consisting of elected employees. All sounds very collaborative.

BBVA Sabadell Bid Delayed

Spain’s BBVA has suffered a blow in its bid to acquire Sabadell for Euro 11 billion. The hostile bid will be subjected to a phase 2 review by the country’s anti-trust regulator, the CNMC given concerns about competition.

Wall Street Bonuses Up

The FT this morning reports that bonus on Wall Street is expected to increase by 35 per cent compared to last year. Significantly higher activity levels will see investment bankers benefit although their poorer retail and commercial banking colleagues may not be so lucky.