Mis-selling

Sebi on Tuesday sent a notice to Yes Bank's former MD and CEO Rana Kapoor, asking him to pay Rs 2.22 crore in a case of mis-selling the private sector lender's AT1 bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.

Some states, mostly those ruled by non-BJP parties, are apprehensive about the new set of e-commerce rules proposed by the Union Consumer Affairs Ministry to check mis-selling and fraudulent discounts.

The proposed amendments to the rules aim to bring transparency, strengthen the regulatory regime, protect consumers' interests, and encourage free and fair competition, a government statement said.

Deutsche Bank executives are heading to the United States in the coming days to negotiate a settlement over a fine of up to $14 billion for mis-selling mortgage-backed securities, the Frankfurter Allegemeine Zeitung reported.

The resolution comes as RBS prepares to settle a number of U.S. cases where it is accused of mis-selling mortgage-backed bonds and brings the U.S. regulator's recoveries against various banks to $4.3 billion over their sales of such securities before the 2008 financial crisis.

In a stern message to banks, Reserve Bank of India Deputy Governor S S Mundra on Tuesday said the central bank is "deeply concerned" about mis-selling of insurance products, warning that it may press for making penal provisions more stringent to deal with the problem.

RBI on Thursday said bank employees involved in marketing third party retail products and wealth management services "must necessarily undergo" an appropriate certification process to check mis-selling and minimize customer complaints.

Even as a RBI report on Tuesday favoured distribution of insurance products by banks, it warned of possibility of mis-selling, especially in the light of reported attractive performance-linked incentives for banks' staff and management.

Concerned over "mis-selling" of third party products like insurance by banks, the Reserve Bank of India has warned of regulatory action against them.

Britain's Royal Bank of Scotland has set aside another 2.0 billion pounds to cover mortgage-backed securities litigation in the United States and compensation for insurance mis-selling in Britain, it said today.

A majority of 67 per cent consumers of financial services feel that provision of incentives leads to bank staff providing wrong information or mis-selling of products, says a survey by Consumer Unity and Trust Society (CUTS).

The basic structure for TCF is in place in India for banking products of scheduled banks. However, it is now being considered to extend the structure to third-party products such as mutual funds, capital market and insurance products sold by banks and also extending the concept to non-scheduled banks.

Indian banks should split wealth management and investment advisory services to avoid conflict of interest as well as address mis-selling of financial products, by creating a subsidiary, a draft report by a Reserve Bank of India (RBI) panel said.

The Reserve Bank is looking into sale of gold coins and gold-related investment products by about 30 banks to find out whether their employees are mis-selling such products to customers.

HSBC bank said today that the net profits sank 16.5 per cent to $14.03 billion in 2012, hit by US money-laundering fines, mis-selling scandals, rising taxation and a huge accounting charge.

Sebi on Tuesday sent a notice to Yes Bank's former MD and CEO Rana Kapoor, asking him to pay Rs 2.22 crore in a case of mis-selling the private sector lender's AT1 bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.

Some states, mostly those ruled by non-BJP parties, are apprehensive about the new set of e-commerce rules proposed by the Union Consumer Affairs Ministry to check mis-selling and fraudulent discounts.

The proposed amendments to the rules aim to bring transparency, strengthen the regulatory regime, protect consumers' interests, and encourage free and fair competition, a government statement said.

Deutsche Bank executives are heading to the United States in the coming days to negotiate a settlement over a fine of up to $14 billion for mis-selling mortgage-backed securities, the Frankfurter Allegemeine Zeitung reported.

The resolution comes as RBS prepares to settle a number of U.S. cases where it is accused of mis-selling mortgage-backed bonds and brings the U.S. regulator's recoveries against various banks to $4.3 billion over their sales of such securities before the 2008 financial crisis.

In a stern message to banks, Reserve Bank of India Deputy Governor S S Mundra on Tuesday said the central bank is "deeply concerned" about mis-selling of insurance products, warning that it may press for making penal provisions more stringent to deal with the problem.

RBI on Thursday said bank employees involved in marketing third party retail products and wealth management services "must necessarily undergo" an appropriate certification process to check mis-selling and minimize customer complaints.

Even as a RBI report on Tuesday favoured distribution of insurance products by banks, it warned of possibility of mis-selling, especially in the light of reported attractive performance-linked incentives for banks' staff and management.

Concerned over "mis-selling" of third party products like insurance by banks, the Reserve Bank of India has warned of regulatory action against them.

Britain's Royal Bank of Scotland has set aside another 2.0 billion pounds to cover mortgage-backed securities litigation in the United States and compensation for insurance mis-selling in Britain, it said today.

A majority of 67 per cent consumers of financial services feel that provision of incentives leads to bank staff providing wrong information or mis-selling of products, says a survey by Consumer Unity and Trust Society (CUTS).

The basic structure for TCF is in place in India for banking products of scheduled banks. However, it is now being considered to extend the structure to third-party products such as mutual funds, capital market and insurance products sold by banks and also extending the concept to non-scheduled banks.

Indian banks should split wealth management and investment advisory services to avoid conflict of interest as well as address mis-selling of financial products, by creating a subsidiary, a draft report by a Reserve Bank of India (RBI) panel said.

The Reserve Bank is looking into sale of gold coins and gold-related investment products by about 30 banks to find out whether their employees are mis-selling such products to customers.

HSBC bank said today that the net profits sank 16.5 per cent to $14.03 billion in 2012, hit by US money-laundering fines, mis-selling scandals, rising taxation and a huge accounting charge.