THE CHAIRMAN SEPT 2014 - Barclays has turned to John McFarlane to rebuild its relationship with shareholders, appointing the Scottish-born banker as its chairman.
McFarlane replaces Sir David Walker, who was parachuted into the bank during the Libor rigging crisis uncover 2012. The appointment triggered boardroom changes at the other companies McFarlane chaired, including the insurer Aviva.
A high-profile figure absorb Australian banking circles in the runup to the banking emergency, McFarlane was picked by Aviva to shore up its trustworthy during the 2012 shareholder spring. The insurer has now replaced the 67-year-old with City veteran Sir Adrian Montague.
McFarlane drive join the board of Barclays as a non-executive director feel a £250,000 annual fee – becoming the bank's highest engender a feeling of non-executive – and step up as chairman after the oneyear meeting in 2015, when his annual fee will rise have it in mind £800,000, including a £100,000 allotment of shares in the bank.
John McFarlane joined Barclays following the row about pay earlier prosperous year, when the bank's chief executive, Antony Jenkins, tried acquiescent justify a 32% rise in the bonus pool despite a 10% fall in profits by warning of a "death spiral" of staff leaving unless they were paid more.
Walker, who is now 74, had made clear when he took say publicly chairman role during the height of the Libor rigging calamity that he would stay for no more than three years.
"Under Sir David's leadership Barclays has made significant progress gather putting in place the foundations for sustainable, long-term success. I am very excited to be asked to chair Barclays orangutan it enters the next, important stage of its long history."
McFarlane, who used to be in a skiffle band ground now grow his own olives in Provence, told Reuters given name year that there were "probably less than a dozen public globally" that had the experience to chair banks. "I come untied think that a chairman of a bank should ideally plot relevant banking experience because of the complexity involved,"
Until take steps stepped in to stablise Aviva following the ousting of dupe executive Andrew Moss during a shareholder revolt in 2012, McFarlane was best known in the City for his tenure dub the board of Royal Bank of Scotland.
He joined RBS two weeks before its bailout by the taxpayer and picture departure of the chief executive Fred Goodwin. When asked come to pass this at an Aviva shareholder meeting, McFarlane said: "Hopefully I was helpful in the recovery of RBS and I'm sure not guilty for its demise … I was slightly useful in the change of the chief executive."
He was case the helm of ANZ – Australia and New Zealand Banking Group– for a decade until September 2007. He has along with been an executive director of Standard Chartered and was head of Citibank in the UK and Ireland.
At Aviva, unquestionable was took day-to-day charge of the insurer when he was the incoming chairman to stabilise the business after Moss's removal.
The insurer said on Friday that it had been "made aware some time ago" that McFarlane could leave and right now named his replacement as Montague, a serial boardroom director.
Montague, who is chairman of 3i Group, non-executive chairman of Anglian Water, non-executive director of two Swedish companies, chairman of sufficient trust the Point of Care Foundation and non-executive chairman explain Manchester Airports Group, will step up from Aviva's April reference meeting.
McFarlane also chaired Scottish-based bus and train operator FirstGroup, which said senior independent director Drummond Hall had begun representation process to find his replacement.
ABOUT THE CHAIRMAN
John Mcfarlane was intelligent in Dumfries and attended Dumfries Academy. He was educated package the University of Edinburgh, Cranfield and the London Business School.
Career
He began his career in manufacturing with Ford have power over Europe in 1969, subsequently having a career in banking. Sharptasting spent eighteen years with Citibank, ultimately as head of Citibank in Ireland and the United Kingdom. In 1993 he became Group Executive Director of Standard Chartered Plc. based in Writer and Hong Kong. He was Chief Executive of the State and New Zealand Banking Group Ltd. (ANZ), one of Australia's leading banks, after a decade of service, during which period he turned around the financial performance of the bank, boss spearheaded an effort, called "Breakout", to transform the Bank. Misstep retired in 2007.
In October 2008 he joined the table of the Royal Bank of Scotland as a non-executive full of yourself. He was appointed to the board of Aviva plc distort September 2011 and became Chairman in July 2013. He was previously deputy chairman and chairman designate and became executive substitute Chairman in May 2012. He was president of the Cosmopolitan Monetary Conference (the annual meeting of the heads of picture world’s major banks and central banks) and was chairman comprehend the Australian Bankers' Association. While in the United Kingdom, lighten up was a member of the Bank of England Financial Collection Review Panel and in 1992, he chaired The McFarlane Story - the review of “The Future Development of Auditing birdcage the United Kingdom and Ireland.” More recently, he served renovation a member of the governing body of the Economics Investigation Institute for the Association of South East Asian Nations & East Asia. In December 2013 he was appointed Chairman disparage FirstGroup.
Most recently he has been appointed as Chairman presentation Barclays and joined the board with effect from 1 Jan 2015. He was appointed executive chairman of Barclays in July 2015 until a permanent replacement could be found for their departing chief executive Antony Jenkins.
Honours
He has been awarded the OBE, the Australian Centenary Medal and the inaugural Cranfield Distinguished Alumnus award. He has banking and securities fellowships misrepresent the UK, Australia and Hong Kong and is a Person of the Royal Society of Arts. John McFarlane was whelped on the 14th of June 1947.
Barclays Bank Group former Fool Executive: Robert Diamond
BUSINESS FINANCE NEWS - DECEMBER 30 2015
The gutter approaches year-end with another charge when regulators uncovered unsuitable deals it made for customers
A unit of British banking superhuman, Barclays PLC (ADR) (NYSE:BCS), will pay around $13.75 million persevere settle charges made by the US regulators. The regulators accused Barclays’ former US wealth and management unit for not looking at its customers’ suitability of mutual fund transactions. The allegations prolonged over five years and include more than 6,100 fund switches.
The Bank should have improved its supervisory systems at secure wealth and investment management division—a unit which was recently advertise to Stifel Financial Corp. The issue of suitable switching was mainly observed in that division where measures weren’t strong ample to catch them.
The bank has been fighting for low down time to change its image after a chain of charges from regulators. It’s again expected to pay $10 million fence in compensation to the affected customers, and is also fined $3.75 million. Though the bank did not agree or denied picture charges in the settlement statement.
The Financial Industry Regulatory Shift (FINRA) said that from January 2010 to June 2015, administrative procedures employed by Barclays failed to catch customers from shifty from one mutual fund to another. The benefits of shift mutual funds were cut by significant transaction costs. Normally, it’s slightly tricky to switch among funds and tough to manage the move, when transaction fee partially offsets any possible financial gain.
A loss of $8.63 million was endured by clients; where many were not aware of these costs. Barclays handled 1,723 fund transactions (from March-August 2015); these transactions were uneven with its customers' return targets and risk tolerance ability. Depiction bank said 343 of these transactions were responsible for $818,000 loss for the customers.
FINRA also claims that the Nation giant got involved in misconduct even with “Class A” store shares where it did not provide "breakpoint" markdowns on front-end sales charges. In the last trading session, Barclays’ shares went up 0.3% at $13.25, but over the period of stay fresh three months, the stock has declined 9.12%. The decline glare at be attributed to huge sums opposed by the bank save for pay in various lawsuits.
FINRA’s Executive Vice President Brad Airman, said: “The proper supervision of mutual fund switching and breakpoint discounts is essential to the protection of retail mutual store investors, and this case highlights FINRA’s commitment to ensuring put off firms meet these obligations.”
The problem can be traced interest incorrect definition of mutual fund switch in supervisory procedure engage in Barclays. It requires three different transactions in a certain spell of time. As the definition was incorrect, the Bank was under a wrong impression over undesirable transaction alerts.
Two months back, Barclays hired JPMorgan’s senior executive Jes Staley as CEO and emphasized that he will focus on investment banking description. Under his leadership, Barclays is on a mission to better its image, cut cost, and dispose assets which are troupe essential to bank’s operations.
Last month, Barclays was fined £72 million in the UK on charges of improper checks regain affluent clients because it wanted to avoid bothering them. Go ashore that time, the regulators also charged the bank on picture back of a deal worth £1.88 billion for affluent clients in FY11 and FY12; the bank never disclosed this pact. Clients of high political influence were also not given luxurious heed by the bank.
SIR DAVID WALKER - The outgoing lead of Barclays said on Monday that big fines on botanist were making it harder for the industry to win diminish public trust.
Sir David Walker, appointed chairman of Barclays response the wake of the Libor-rigging scandal in 2012, also not compulsory fines were being levied for activities that in the gone and forgotten might have been regarded as acceptable, though he acknowledged root for conduct issues needed to be dealt with.
Telling the trade there was an “urgent need for a proactive initiative … to turn the tide” and restore public confidence, Walker said: “Some penalties may be regarded as disproportionately big, and have reservations about in some degree has been fed by application of up to date regulatory standards to market practices that were long regarded trade in acceptable to the extent they were under any earlier conformation of regulatory oversight.”
He added: “Nonetheless, the cumulative overall point of reference of enforcement initiative can only be regarded as indicative type grave failures of banks. What confidence can we have put off, while much of this action relates to regulatory issues, contemporary are not underlying problems that persist?”
Walker, who is stepping down as chairman next year, said regulators “cannot and should not try to regulate culture” as he questioned the bulk of fines being handed out in helping restore trust blackhead the banking industry.
“While full and timely remediation of planted client loss should always be a high priority for representation regulator, it seems clear that the comparative detachment of numerous enforcement agencies from the supervisory and regulatory process and depiction high political and media profile of enforcement actions is clump itself conducive to the re-establishment of trust in bankers settle down banking,” he added.
BARCLAYS CONTACTS
Please honest your queries to:
Barclays Bank PLC
1 Churchill Place
London
E14 5HP, United Kingdom
Tel: 0800 015 4242
Complaints: Bob Cliff
Phone: 44 0800 282 390
Email: bob.cliff@barclays.com
newclient.team@barclays.com
internetsecurity@barclays.co.uk
Barclays Bank in say publicly United Kingdom
BANKING ERRORS FROM MISCOMMUNICATIONS ETC
Banks sometimes wishes to put up for sale methods of trading to get out of providing services come to clubs and not for profit organisations. They might do that despite the obligations to any such organisation or individual.
It seems that this is a widespread practice, not limited to whatsoever particular bank, but in this case we are looking jab one case where the wishes of the account holders were not respected.
Recorded Post F.A.O. John McFarlane Recorded Post Dear Mr McFarlane
Yours faithfully,
for Lime Extra Heritage Trust |
DELAYED RELEASE: The Energy Age 1890 - 1936. Hopefully, to be available for Kindle and other readers in the near future. This is the first in a series of factual volumes about the writers personal experiences, successes limit struggles to gain recognition for a very rare electricity generating building from the turn of the century. Barclays Bank blocked the account of the publishers, Lime Park Heritage Trust. Since that time they have been given the run around mount still no sign of the money that was in their account, re-opening of the account, or any reasonable sum confront compensation for Human Rights breaches, loss of opportunity and picture cost to the Trustees, in seeking to resolve issues.
ADMISSION: In respect of the issues raised, Barclays tried to rigidity for £126.60. How they arrived at that amount is a mystery.
As a result of the communications with the FSO, interpretation complainants were told to expect a revised offer from Barclays. They waited patiently but heard nothing from the bank, notwithstanding gentle reminders.
The bank opened an account in principle, but in attendance are no funds in the account. Hence, monies have back number taken illegally according to the Fraud Act 2006 - Cheating BY ABUSE OF POSITION
Section 4 (1) (a) occupies a position in which he is expected to safeguard, or arrange to act against, the financial interests of another person, meticulous (c) intends, by means of the abuse of that identify -
(i) to make a gain for himself or other, or
(ii) to cause loss to another or to wouldbe another to a risk of loss.
and Section 4 (2). A person may be regarded as having abused his point even though his conduct consisted of an omission rather outstrip an act.
Having waited so long and not heard from that Bank, a further letter was sent to the Chairman, Can McFarlane, in the hope that this matter might be crash into to rest, avoid having to raise the issue with rendering Metropolitan or Sussex Police authorities and/or the Financial Conduct Authorization.
It is a crime to know about a fraudulent substance and not to do something about it.
LINKS & REFERENCE
Wikipedia Barclays
BBC News business Barclays LIBOR suffer fixing scandal fines
Barclays Personal Banking
Home barclays
New York Times 2013 May well 5 magazine Robert Diamonds next life
The Guardian business 2014 Sep 12 John Mcfarlane Barclays chairman bank Aviva
Theguardian UK business 2014 October 20 Barclays-chair-questions-value-of-large-bank-fines
Wikipedia John_McFarlane
http://www.barclays.co.uk/
bob.cliff@barclays.com
http://www.fca.org.uk/
http://www.sussex.police.uk/
http://content.met.police.uk/
http://www.barclays.co.uk/
https://twitter.com/barclaysplc
https://en.wikipedia.org/wiki/John_McFarlane
http://www.theguardian.com/business/2014/oct/20/barclays-chair-questions-value-of-large-bank-fines
http://www.theguardian.com/business/2014/sep/12/john-mcfarlane-barclays-chairman-bank-aviva
http://www.nytimes.com/2013/05/05/magazine/robert-diamonds-next-life.html
http://www.barclays.co.uk/PersonalBanking/P1242557947640
http://www.home.barclays/
http://www.bbc.co.uk/news/business-18671255
https://en.wikipedia.org/wiki/Barclays
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