HSBC Sued for Scamming Response

HSBC Sued for Scamming Response

Following a deep dive in banks’ scamming arrangements, the Australian Securities and Investments Commission has decided to sue HSBC. It alleges that the bank has widespread and systemic failures in the way it deals with customers scamming complaints. ASIC argues that HSBC is failing to meet the 21 days investigation window. In some cases, probes are taken up to 145 days with bank accounts suspended. Most of the scams are in the form of texts or phone calls purporting to come from HSBC.

UK Nat West Stake Below 10%

NatWest has revealed that the UK government now owns less that ten per cent of the bank. The state owned 36 per cent at the beginning of the year. Following a series of market sales and the bank’s £2.2 billion buyback programme that stake has been substantially reduced. Possibly a good thing for the bank’s independence but the taxpayer is missing out on the benefits of a 90 per cent hike in the bank’s share price.

Revolut Backers Cash In

It has emerged that Revolut’s early backers and staff have cashed in. They have taken advantage of a secondary share scheme to benefit from the bank’s $45 billion valuation. This valuation was secured after the bank was awarded a UK licence leading to $1 billion in share sales. CEO, Nik Storonsky, netted $300 million for himself. Revolut’s shareholder profile is now much more institutional in nature.