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zugzwang

Mis-Selling Fines Wipe £10.5Bn Off Uk Bank Profits For Fy2013

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Always thought Osborne would use the banks for his own filthy ends. Takes a crook to know a crook, I guess. By bailing out both the banksters and the people they stole from, everyone wins. Except the unindebted taxpayer, of course.

Spiralling bills for mis-selling wiped 80 per cent off the profits of the UK's top banks last year.

Accountants KPMG found the biggest five racked up a £10.5bn bill for litigation, fines and customer redress last year and £28.5bn since 2011. KPMG warned 'further pain is ahead' as lenders strive to boost returns for investors while coming under pressure to provide a better deal for customers.

The report – which analysed Barclays, RBS, Lloyds, HSBC and Standard Chartered – also cautioned that banks need to update 'archaic' technology' after a string of IT glitches.

In a bid to satisfy regulators and avoid a repeat of the reckless behaviour that helped trigger the financial crisis, KPMG said the 'big five' banks have shrunk their balance sheets by £1.7trillion to £5.2trillion since 2008.

They have also bolstered capital reserves, designed to cushion themselves against financial shocks, by £93bn over the same period.

Richard McCarthy, UK head of banking at KPMG, said banks face an 'uphill battle as they try to radically transform in a timeframe acceptable to stakeholders.'

Lenders are under pressure to overhaul their culture after a series of mis-selling scandals, including payment protection insurance and interest rate swaps.

They have also been criticised for starving cash-strapped firms of loans.

But banks have complained they are being told by the Bank of England to bolster capital reserves.

http://www.thisismon...ofits-2013.html

Edited by zugzwang

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Is 'mis-selling' like fraud- but with the criminal charges extracted?

Maybe I can 'mis-sell' someone tower bridge in that case- and pay the resulting fine from the vast profits I make from the sale?

I may have just invented a new business model- fraudenomics. :D

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Is 'mis-selling' like fraud- but with the criminal charges extracted?

Maybe I can 'mis-sell' someone tower bridge in that case- and pay the resulting fine from the vast profits I make from the sale?

I may have just invented a new business model- fraudenomics. :D

You may have named it (aptly), but banks and others invented it.

Can I have Sleezenomics?

Gnomenomics?

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Is 'mis-selling' like fraud- but with the criminal charges extracted?

Maybe I can 'mis-sell' someone tower bridge in that case- and pay the resulting fine from the vast profits I make from the sale?

I may have just invented a new business model- fraudenomics. :D

You may have named it (aptly), but banks and others invented it.

Can I have Sleezenomics?

Gnomenomics?

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No problem. The BoE will shovel an extra £10bn into the banks through QE and make them whole. As usual the cost will be born by the prudent stiffs who save and are debt free, and who obviously did not qualify for PPI payouts in the first place. This racket is the biggest theft ever seen, and it has official govt sanction. Govt by theft is better described as a Kleptocracy.

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