The FOS reported in its annual data that 80,137 complaints were raised about banking and payment products in the financial year 2023/24, a 23 per cent increase from the the 61,995 complaints made to its resolution service in 2022/2023.
Complaints brought to the FOS by CMCs have grown significantly, constituting 25 per cent of the cases it handled in 2023/24, up from the 18 per cent in the previous financial year.
The FOS has criticised some CMCs for submitting mass claims without determining whether they have merit and is proposing a fee structure to deter frivolous claims, a move supported by industry body UK Finance.
In March, Vanquis Banking Group issued a profit warning due to a spike in complaints brought by a single CMC, which sent the lender’s share plummeting by 50 per cent in a single day. It has since taken legal action against the CMC involved.
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Australia’s ANZ Group plans to “get to the bottom” of misconduct allegations in its bond trading operations and will hold individuals accountable for any wrongdoing, Reuters reported on Friday, citing the contents of an internal email that it says CEO Shayne Elliott sent to the bank’s employees.
The email follows a report from Australian Financial Review on Thursday revealing that ANZ had hired law firms Herbert Smith Freehills and Allens to conduct separate investigations into alleged misconduct in its markets division. The internal probes will address claims of inappropriate trading and broader workplace issues.
In May, ANZ disclosed that the Australian Securities and Investments Commission is investigating allegations that the bank manipulated the interest rate on a government bond sale in April 2023. Both ANZ and the regulator have declined to comment publicly on the bond trade allegations.
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IMF spokesperson Julie Kozack told reporters at a news briefing that the disinflation process is under way in the US, following the release of data on Thursday confirming a 0.1 per cent fall in the US Consumer Price Index for June, the first monthly decline in four years.
“We do support the Fed’s data-dependent and cautious approach to monetary policy. We also do expect that the Fed will be in a position to reduce rates later this year, and that assessment continues to hold,” Kozack said.
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UAE-based First Abu Dhabi Bank has denied press reports that it is considering acquiring a stake in India’s Yes Bank, saying they are “unfounded”.
Bloomberg News reported on Wednesday that the UAE’s largest lender was among potential bidders for a $5bn stake in Yes Bank. According to the report, which cited anonymous sources familiar with the matter, FAB was considering acquiring a controlling stake of up to 51 per cent in the Indian lender.
The report also indicated that Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group were among the interested bidders.
In a statement to the Abu Dhabi Securities Exchange, a FAB spokesperson said: “To prevent further speculation, FAB categorically states that it is not evaluating any possible offer for a stake in Yes Bank.”
