RBS comes bottom of bank league tables

A boarded up house sits for sale in February 2008 in Detroit Michigan

CMA required financial establishments to publish bi-annual results of customer satisfaction in a bid to make the industry more competitive.

In the first survey published on Wednesday, 85 percent of customers at First Direct, HSBC's telephone banking unit, said they would recommend their lender in terms of overall service quality.

In terms of overall quality of services, 49% of RBS personal customers would be likely to recommend the bank to friends and family, with Clydesdale also at 49%. The CMA also requested the Financial Conduct Authority (FCA) build on this by making banks release further information on their performance and services to drive up standards, and make it easier for people to judge whether they are with the best bank for them.

Royal Bank of Scotland will pay a 4.9 billion United States dollar (£3.85 billion) fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble that ultimately led to the 2008 financial crisis.

This settlement means the FTSE 100 bank will be able to pay the 2p-per-share interim dividend it indicated at its recent half-year results.

The Justice Department said the penalty was the largest it had ever imposed for financial crisis-era misconduct at a bank under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.


"This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis".

'This settlement dates back to the period between 2005 and 2007.

In a statement of facts attached to the settlement agreement, the DoJ said RBS "underwrote RMBS backed by home mortgages with a high risk of default, and then made false and misleading representations to sell those RMBS to investors".

While RBS disputes the allegations and does not admit wrongdoing, chief executive Ross McEwan said, "There is no place for the sort of unacceptable behaviour alleged by the DoJ at the bank we are building today". Some 60% of customers said they would recommend these banks.

He responded: "I take exception to the word "destroy.' I am more comfortable with 'severely damage".

Related News:

  • Vaping study shows e-cigarettes more harmful than thought

    Vaping study shows e-cigarettes more harmful than thought

    The research is a first step in understanding the effect that vaping might have on humans, but it is not yet a complete picture. The effects of this were discovered to be similar to those seen in regular smokers and people with chronic lung disease.
    SpaceX on track to send astronauts into orbit

    SpaceX on track to send astronauts into orbit

    The Crew Dragon Spacecraft for Demo-1 will undergo thermal vacuum and acoustic testing at NASA's Plum Brook Station in Ohio. The empty metal husk is seen lined with all sorts of wiring and equipment crucial to the spacecraft's survival in space.
    'Queen of Soul' Aretha Franklin has died

    'Queen of Soul' Aretha Franklin has died

    Former US president Bill Clinton and his wife Hillary paid tribute to "one of America's greatest national treasures". The mother of four boys has also had severe weight issues and has struggled with alcoholism and smoking addictions.
  • Storm Ernesto is heading our way with torrential rain this weekend

    Storm Ernesto is heading our way with torrential rain this weekend

    However, there will be a little bit of sunshine during the early hours of the day before it gradually turns misty and murky. Subtropical Storm Ernesto has recently formed over the north Atlantic and it's set to reach Ireland by Saturday night.
    Unai Emery confirms who will play in goal for Arsenal against Chelsea

    Unai Emery confirms who will play in goal for Arsenal against Chelsea

    We are playing with this personality and we need to improve this personality with better performances on the pitch. It took Guardiola time to get Manchester City playing the way he wanted.
    Seahawks’ first-round pick Rashaad Penny reportedly having finger surgery

    Seahawks’ first-round pick Rashaad Penny reportedly having finger surgery

    In April, Penny became only the third running back the Seahawks drafted in the first round, after Curt Warner and Shaun Alexander. When pressed about his readiness for Week 1's contest against the Broncos , Carroll made it clear he expects Penny to suit up.
  • Toni Kroos blasts Ozil for retiring from global  football

    Toni Kroos blasts Ozil for retiring from global football

    Ozil said he was quitting global football in the wake of Germany's shock World Cup exit at the group stage in Russian Federation . He was voted the national team's player of the year five times by fans. "It would have been hard to say no".
    Queen Elizabeth II's doctor killed

    Queen Elizabeth II's doctor killed

    A physician to Queen Elizabeth II has been killed by a truck as he cycled through central London , England. Dr Peter Fisher was cycling in High Holborn on Wednesday morning when he collided with a lorry.
    Ariana Grande Sings 'My Heart Will Go On' & Sounds Amazing!

    Ariana Grande Sings 'My Heart Will Go On' & Sounds Amazing!

    Of course, Grande and Corden transition to Nelly's "Ride wit Me" as they act out a PG version of Rose and Jack's sexy auto scene. Corden shared the video of the episode on Twitter and tagged Grande. "Ice Ice Baby" is a cheeky add-on.
  • Alonso To Retire From Formula 1

    Alonso To Retire From Formula 1

    The 37-year-old Spaniard said: "After 17 wonderful years in this awesome sport, it's time for me to make a change and move on". Alsono has been with the McLaren Racing Team, and has had time to prepare for this announcement, said CEO Zak Brown.
    Tencent shares sink as latest game is blocked by China regulators

    Tencent shares sink as latest game is blocked by China regulators

    At this point, only time will tell how Tencent will overcome these obstacles and if they are able to overcome them at all. The Steam-like platform Tencent's WeGame has said that it's been removed and now not available for purchasing.
    Davis Cup overhauled for 2019 with season-ending team event

    Davis Cup overhauled for 2019 with season-ending team event

    Twenty-four teams would compete in home and away ties in February, with 12 winning teams advancing to the finals in November. Nor some of his peers, including Pouille, who's France club won the 2017 Davis Cup in front of their home crowd.


Most liked

Stormy Daniels Reportedly Pulls out of 'Celebrity Big Brother'
Viewers saw saw Kirstie Alley elected House President, with " Coronation Street " star Ryan Thomas becoming her Vice President. A representative for Celebrity Big Brother declined to comment when approached by MailOnline.

Former cricket legend Imran Khan confirmed as new Pakistan Prime Minister
Talking about the qualities of Khan, the former cricketer said: "I have seen Khan converting his weaknesses into his strength". After the announcement of the election result, lawmakers from the PML-N chanted slogans and protested against the decision.

Justin Bieber introduces newest family member with sweet Instagram post
The proud dad took to Instagram to share the lovely news, posting a picture of himself, baby Bay and his wife. He and Rebelo were married in February, the same month the pregnancy was announced .

The cost of Priyanka Chopra's engagement ring will shock you!
She wants everything to be traditional to respect her family's values, and definitely an Indian wedding", said the source. It was a joint appearance at the Met Gala red carpet previous year which made everyone wonder whether they were dating.

Premier League referee quits — Bobby Madley
Last season he officiated high profile matches between Manchester United and Chelsea, and Liverpool and Arsenal. It has been suggested that his decision could be linked to abuse on social media although that was unconfirmed.

Pentagon puts off military parade until 2019
That estimate pegged the cost of the parade at closer to $12 million, raising new questions about the overall cost of the event. In February, White House Budget Director Mick Mulvaney told Congress the parade would cost between $10 million and $30 million.

Sweden woman who refused handshake at job interview wins case
What did Ms Alhajeh say? "As soon as I got to the elevator, I cried", she told Swedish news channel SVT . Farah Alhajeh, declined to shake hands with the interviewer when applying for a job as an interpreter.

The moment a Chinese plane crash lands in the Philippines
Aviation authorities have closed the airport's main runway until 4pm, forcing some airlines to cancel, delay or reroute flights. Neither Manila Airport nor Xiamen Airlines were immediately available for comment.

Diego Costa inspires Atletico Madrid to Super Cup win against Real Madrid
It isn't a disastrous result for Los Blancos , although it's certainly not an ideal way to kick off the new season. The defeat to their neighbours in the Super Cup clash has exposed the team in the attack.

'Queen of Soul' Aretha Franklin Dies at 76
Her last live performance took place at Elton John's 25th anniversary gala for the Elton John AIDS Foundation in November 2017. Inducted to the Apollo's Walk of Fame in 2010, Franklin performed there more than a dozen times , most recently in 2010.

Mnuchin Says Turkey Faces More Sanctions If Pastor Not Released
Cavusoglu said ties with the bloc, which have been strained in recent years, were on a firmer basis and had started normalising. Despite the political tensions, the lira rebounded some 6 per cent on Wednesday, strengthening to around 6.0 to the dollar.

StarVR's latest enterprise headset features built-in eye tracking
The company explains that these are proprietary displays made for virtual reality, presenting full RGB and real-life colors. The displays are coupled with Fresnel lenses, which are said to provide clear optics across the entire FOV.

Gmail Brings Confidential Emails to Mobile
Gmail's confidential mode is an interesting feature for email that provides low-level protection for your messages. The company today launched Confidential Mode for emails on Gmail , letting users protect the emails they send.

Tribute to Atal Bihari Vajpayee: Odisha Govt declares holiday tomorrow
He was taken to the hospital with chest congestion, kidney infection, urinary tract infection and other associated conditions. Another man, in his early 20s, said he had come all the way from Bihar to pay homage to the former prime minister.

John Elway: Colin Kaepernick Had His Chance To Join Broncos In 2016
And I said in my deposition, and I don't know legally if I'm able to say this, but he had his chance to be here. Back in May, Elway gave a deposition for the lawyers of Kaepernick in his collusion case against the NFL.