The payment protection insurance (PPI) policy is one of the biggest rip offs in British banking history, costing UK banks as much as £50bn, with Lloyds set to finalise the cost of its mis-sold PPI scandal in the next few weeks.
Roger Jenkings, Richard Boath and Tom Kalaris are currently facing charges of conspiracy and fraud by false representation in London over secret payments of £322 million by Barclays to Qatar during the 2008 financial crisis.
PayPal announces its decision to pull out of Libra, a cryptocurrency launched by Facebook.
Involving an extensive network of bankers, tax lawyers and traders (dubbed by Danish Broadcasting Corporation the men who plundered Europe) the CumEx scandal refers to a tax fraud scheme that was purportedly operated across a large number of European countries. It may have netted its operatives upwards of €60 billion.
The French finance minister, Bruno Le Maire, said France will block the development of Facebook’s Libra cryptocurrency in Europe until the concerns over the risk to consumers and the government’s monetary sovereignty were addressed.
The London Stock Exchange has rejected Hong Kong’s £38 billion takeover bid.
On 28th June 2019, the Monetary Authority of Singapore (MAS) announced that it will issue up to five new digital banking licenses. For the first time, following Hong Kong’s move earlier this year, MAS applications are being opened to firms with no track record in banking. MAS expects to grant licenses in mid 2020 and start business by mid 2021.
This month, the MAS (Monetary Authority of Singapore) will start the bidding process for 5 new virtual bank licenses in the Singaporean market.
Facebook’s plan to operate its own digital currency is causing major concerns to the banking industry.
A report by the Financial Reporting Council (FRC) has revealed the Big 4 accountancy firms have failed to meet audit quality targets.