Clydesdale warns on vote for independent Scotland
Monday 18 August 2014
Clydesdale bank has warned that an independent Scotland might damage its business. The company, which owns Yorkshire bank, also said on Monday that it would have to make much higher provisions for mis-selling payment protection insurance (PPI).
In the first warning by a foreign bank on the referendum, its parent group, National Australia Bank (NAB), said: “A vote in favour of independence may give rise to significant additional costs and risks for Clydesdale. We ... have appropriate contingency planning in place.”
NAB’s new chief executive, Andrew Thorburn, said: “Our UK operations still face a number of challenges.”
He also revealed for the first time that Clydesdale is now subject to an enforcement process by the Financial Conduct Authority (FCA) over the way in which it handled PPI complaints in the past. This is expected to mean a provision of “at least £75m” on top of the £386m that Clydesdale has already allowed for PPI mis-selling. It could face further FCA penalties if it does not start handling complaints properly.
The bank was fined £8.9m last year for mortgage errors.
Clydesdale also said it would double its provisions, to £350m, for interest rate hedging products sold to small firms.
- 1 New Zealand 'the best country to work as a prostitute', says sex worker advocacy group
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Mother 'will allow son's circumcision in return for release from prison'
- 5 Female Muay Thai champion hustles coaches to give them a beating
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Female Muay Thai champion hustles coaches to give them a beating
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Warren Buffett thinks the poor should stop blaming inequality on the rich
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...