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KPMG faces £4m fine over audit of ailing Co-op Bank
The FRC is to impose a fine of about £4m on the firm’s work on the Co-op Bank’ 2009 accounts, Sky News learns. Sky
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RBS sued by Newham council over the terms of £150m in loans
The east London authority filed a high court claim against RBS earlier this week, the Guardian can report. The claim centres on terms of its lender option borrower option loans, known as Lobos, which proved popular with local councils in the early 2000s. One of the main attractions were the...
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Seven UK councils sue Barclays over LOBO loans.
The Guardian, BBC and Financial Times have reported on the legal claim that has been filed by seven councils against Barclays, which is linked to £500m LOBOs underpinned by LIBOR. No LOBOs believe this law suit is the wrong approach for councils seeking redress from LOBOs. BBC The Guardian FT
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Treasury agency had role in controversial RBS unit GRG
The BBC reports that evidence has emerged of a government agency’s role in the Royal Bank of Scotland’s (RBS) controversial Global Restructuring Group (GRG). View BBC
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Cornwall confirms that is redeeming its LOBOs for £47 million.
An internal report by Cornwall Council titled ‘Refinancing of the Council’s Two Royal Bank of Scotland Inverse Floating LOBOs’, confirms support for the Section 151 Officer’s delegated decision to redeem two existing RBS inverse floating LOBO’s. The report states that...
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Fraud trial of former Barclays bosses puts SFO under scrutiny
The court case brought by the Serious Fraud Office (SFO) will see the former chief executive John Varley, ex investment banking chief Roger Jenkins, former Barclays Wealth boss Thomas Kalaris and ex-European financial institutions head Richard Boath face charges over conspiracy to commit fraud...
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McDonnell calls for check on council loans that will ‘waste £16bn’
The shadow chancellor, John McDonnell, has called for a government investigation into the use of high-cost bank loans after a report, to which Nick Stoop of Warwick Risk Management was a contributor, found local councils stand to waste up to £16bn on interest payments over the next 40...
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Northants exits LOBOs as October PWLB borrowing hits £850m
Northamptonshire County Council has joined the growing number of local authorities exiting Lender Option Borrower Option (LOBO) loans, repaying a £20m loan during October. (Room 151)
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Council lobo loans fall away as RBS strikes refinancing deal with Kent
Kent County Council, which took out £60 million worth of RBS lobo between 2008 and 2011, repaid the expensive loan early on October 1 after the bank indicated it wanted to remove the loans from its balance sheet. (Evening Standard)
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Treasury Select Committee recommends creation of Financial Services Tribunal
Warwick Risk Management provided evidence to the Treasury Select Committee for their SME report used on the 24th October 2018 in the House of Commons. Within that report it states, “The Committee therefore recommends that the Treasury brings forward proposals for the creation of a Financial...