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Home » Retail Banking 2020 Insights » Morning Briefing: A quarter of bankers still under pressure to mis-sell

Morning Briefing: A quarter of bankers still under pressure to mis-sell

Despite years of fines and multi-billion pound PPI payouts, a significant number of bankers still feel that they are under pressure to sell customers products irrespective of whether they are appropriate for them. Twenty-seven percent of UK bank staff surveyed by consumer group Which?, reports the Daily Telegraph, said their bank's culture still left them under pressure to sell.

Banks hope for easing of money laundering punishments

The Daily Telegraph also reports that UK bankers are hoping that a review of anti-money laundering rules as part of the Chancellor's Productivity Plan, could make the environment more forgiving for banks where dirty money has been missed by their safeguards, so long as they can prove they took appropriate action to try to prevent it.

Westpac's stressed assets fall three percent, Tier-1 ratio rises

Westpac, Australia's third-largest lender by assets, has said stressed loan levels eased by three percent in the third quarter to A$9.85 billion ($7.3 billion) with 90-day delinquencies in Australian mortgages up by two basis points. Tier-1 capital rose 20 basis points from March to nine percent. Westpac does not disclose detailed quarterly earnings numbers but said some portfolios, including retail, manufacturing and utilities, experienced a rise in stress: Reuters

Tackling fraud in Nigeria's banking system

A report on Frauds and Forgeries in Banks released by the Financial Institutions Training Centre (FITC), has said that a substantial part of Nigerian banks' revenues had been lost to fraud. The report, which covers January to September 2014, found that a total of 8,502 cases of fraud were reported, with a total of 23.34 billion nairas involved — out of which 3.01 billion nairas were actually lost.

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