british banks

Major British banks should ringfence investment banking operations from mainstream activities by 2019 to reduce the risks of taxpayers having to bear the cost of any future bailouts, a government-appointed commission recommended on Monday.

British banks on Monday gave up the fight against compensating customers who were missold payment protection insurance on mortgages and other loans, and now face a compensation bill estimated at 4.5 billion pounds ($7.4 billion).

This week, the British banks governing the UK Payments Council decided to phase out their check clearing system by October 2018.

In effect, they set an expiration date for the use of paper checks (or “cheques” as they prefer).

British banks should be forced to disclose the number of employees who earn more than 1 million pounds a year, a government-commissioned review of corporate governance in banks said Thursday.

British banks should be forced to disclose the number of employees who earn more than 1 million pounds ($1.65 million) a year, a government-commissioned review of corporate governance in banks said Thursday.

Britain's banks remain over-indebted, highly vulnerable and harbour growing funding gaps which leave them susceptible to future shocks, the Bank of England has said.