Responding to the European Banking Authorities report on discretionary remuneration practices, a spokesman for the BBA said: “The British banking industry has made great strides in recent years to reform the way in which highly paid staff are remunerated.Read more
The BBA comment on ECOFIN’s agreement of a revised Directive on Administrative Cooperation 2 (DAC2), to integrate the OECD’s global standard for automatic exchange of financial account information for tax purposes into EU law.Read more
The BBA is launching a fraud awareness campaign as YouGov polling reveals that millions of people in Great Britain are unwittingly leaving themselves vulnerable to scams perpetrated by fraudsters posing as their bank.
The poll assessed customers’ responses to some of the common tactics used by criminals, over the phone, via email or via text. Based on the answers, the BBA calculates that people all over the country could fall foul of the most prevalent frauds around:
Richard Woolhouse, Chief Economist at the BBA, said:
“Credit card borrowing is now rising faster than at any time since the height of the financial crisis. That suggests consumers are feeling more optimistic about their economic circumstances and the strength of the recovery.
“It’s also striking that more than 42% of all borrowing on cards incurs no interest at all – a proportion that has risen from 34% just two years ago.
“This shows how many of us are using credit cards to give us more control over how we manage our finances without being charged for doing so.”Read more
A new major study into Britain’s private banking and wealth management (PBWM) industry today reveals that the sector now oversees £524 billion and contributes £5.5 billion a year to the economy – equivalent to a city the size of Brighton and Hove.
The BBA’s Wealth of Opportunities report, which is supported by the Wealth Management Association (WMA), reveals that investors rate the UK higher than other financial centres for these services, and that the sector last year paid taxes of £1.2 billion – equivalent to £19 for each individual living in the UK.Read more
Responding to the Q1 2014 Appeals Process report by the Independent External Reviewer, Professor Russel Griggs, BBA Executive Director of Business Finance, Irene Graham, said:
“Thousands of businesses have successfully used the Appeals Process to unlock the finance they need to grow, innovate and take on new staff.Read more
Commenting on the HM Treasury consultation launched today on extending legislation of financial benchmarks, a spokesman for the BBA said:
“We welcome these moves to introduce clear, robust regulation of benchmarks with tough criminal sanctions. This did form part of the announcement of the Fair and Efficient Market Review and will only enhance London’s reputation as a safe place to do business.Read more
Commenting on FCA statistics showing a 5% fall in complaints to banks and other financial services firms, a spokesman for the BBA said:
“Banks are trying hard to lower the number of complaints and have been working closely with the Financial Conduct Authority to achieve this.Read more
A pioneering financial crime alert system will see 12 government and law enforcement agencies warn banks of the latest threats in a bid to safeguard the accounts of millions of customers.
The BBA, working with preferred technology partner BAE Systems Applied Intelligence, will launch the Financial Crime Alerts Service (FCAS) as part of a new approach to combat a wide range of financial crime threats. The new alert service will allow the sector to react more swiftly than ever to major incidents and allow industry financial crime professionals to spot emerging problems and threatening criminal trends.Read more