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Industry


HSBC’s profits soar to £11.8bn

HSBC has posted group-wide pre-tax profits of £11.8bn for 2010, more than double its 2009 figure of £4.38bn.

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Lloyds sitting on £65bn of impaired loans

Lloyds Banking Group has revealed that the total value of its impaired loans increased 10 per cent to nearly £65bn in 2010, while the value of its impaired business loans reached £35bn.

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Lloyds’s asset finance profits up £855m

The global asset finance division of Lloyds Banking Group saw pre-tax profits soar by £855m in 2010 to £396m.

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RBS posts £1.1bn loss

Royal Bank of Scotland has posted an improved loss of £1.1bn for 2010 compared to the £3.6bn loss the taxpayer-backed bank posted in 2009.

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Ulster Bank posts pre-tax loss of £761m

Ulster Bank has posted a pre-tax loss of £761m in 2010 after total losses from bad loans almost doubled.

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PwC to offload Gloucester office

PricewaterhouseCoopers (PwC) has confirmed to insolvencynews.com that it is planning to sell its personal insolvency practice in Gloucester.

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Mortgage lender forced to pay £1.5m in redress

The Financial Services Authority (FSA) has fined DB Mortgages £840,000 for irresponsible lending – and forced the lender to pay £1.5m in redress to customers.

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Barclays risks backlash with SME lending cull

Barclays has defended its decision to pull asset finance products for small and medium-sized enterprise (SME) customers with annual turnovers of less than £5m.

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Tax credit fraudster jailed

A man who stole the identities of at least 350 people and fraudulently claimed more than £1.3m in tax credits has been jailed for eight and a half years.

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OFT takes action against debt management firm

The Office of Fair Trading (OFT) has instructed another firm in the debt management sector to clean up misleading advertising and false statements on its websites.

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Row erupts over IVA fee capping

A fee-charging debt management firm has called for collective action among insolvency practitioners against TDX Group, to stop “draconian fee capping” on individual voluntary arrangements (IVAs).

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RBS to offload £1.6bn of property loans

Royal Bank of Scotland plans to sell around £1.6bn of legacy loans tied up in commercial property, amid rumours that it may write-down about £9bn in poor or non performing loans.

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Harrogate businessman spared jail

A court has spared a Harrogate-based businessman of a prison sentence after he sold assets worth more than £58,000 while he was insolvent.

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Torex directors jailed for fraud

Two shamed directors of former AIM listed company Torex Retail have been jailed for a combined period of 18 months, after an investigation by the Serious Fraud Office (SFO).

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Investigators shut down car hire broker

The Insolvency Service has liquidated a car hire brokerage company, after an investigation discovered the firm was ripping off customers and refusing refunds.

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Clydesdale and Yorkshire Banks in £10bn pledge

Clydesdale and Yorkshire Banks are the latest lenders to pledge their support to small businesses in the UK, under plans to provide £10bn of new lending over two years.

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JJB to propose a second CVA

JJB Sports has revealed details of its second proposed company voluntary arrangement (CVA), as the troubled chain looks to restructure.

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Irish DCA placed in receivership

One of Ireland’s largest debt collection agencies has gone into receivership, after attempts to find a new buyer during a period of protection from its creditors failed.

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ICM chief blasts Project Merlin

Britain’s banks should not be forced to lend and small businesses are pointing the finger in the wrong direction for their failure, according to the Institute of Credit Management (ICM).

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Consultation launched on overhaul of insolvency regulation

The Insolvency Service has today launched a 12-week consultation on the Office of Fair Trading’s proposals to overhaul the regulatory structure of the profession.

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