Business Live: Wednesday 27 August 2014

Live text

Reporting:

  • Rebecca Marston 
  • Ian Pollock 

Last updated 27 August 2014

BREAKING HEADLINES

  • RBS and NatWest fined £15m for bad advice
  • Businesses doubt Scottish independence
  • Foxtons earnings jump after strong house sales

STANDARD 06:00

Rebecca Marston, Business reporter, BBC News

Morning. Looks like we're in for a busier day than yesterday - let's hope so. Stay with us here on Business Live 'til 13:00 for the pick of the news.

STANDARD 06:01

Ian Pollock, Business reporter, BBC News

We are expecting the formal announcement that RBS is being fined £15 million for giving poor mortgage advice.

STANDARD 06:05 SCOTTISH INDEPENDENCE

Oil rig

More than 130 businesses have signed a letter saying the business case for Scottish independence "has not been made". The signatories come from a variety of businesses including banking, mining, engineering, food, whisky, and technology. The letter is published in today's Scotsman newspaper.

STANDARD 06:13 CPP

Radio 5 live

Sarah Pennells of SavvyWoman.com has been on Wake up to Money, telling us that this Saturday is the deadline for millions of people to claim compensation for being mis-sold unnecessary credit card insurance, or identity protection policies, by the company CPP. Around seven million people are thought to have been mis-sold this "insurance" over the years. But so far only 1.7 million have lodged a claim.

STANDARD 06:23 SCOTTISH INDEPENDENCE

The Scotsman letter says business is worried about - yes, the pound - and the EU and tax and pensions. There are of course some industries that are warmer towards independence - the airlines for one. Remember Willie Walsh of BA said independence could be positive for the country and Ryanair backed the SNP's plans to cut air passenger duty.

STANDARD 06:30 RBS FINE

BBC Radio 4

Richard Jeffrey of Cazenove Capital Management tells listeners to the Today programme that the impending fine for RBS over poorly sold mortgages is "disappointing". But he says we shouldn't beat up the banks too much as it is essential that confidence in the banking system is maintained.

STANDARD 06:44 SALMON SANCTIONS

Fish on plate

News from Norway. Marine Harvest, the world's largest salmon farmer, is warning that Russian sanctions will present it with some short-term challenges. Meantime, the company reports operational earnings of 1.22bn crowns (£120m), nearly double last year's figure.

STANDARD 07:04 RYANAIR BUSINESS

Ryanair poster

Ryanair is pitching for business travellers. It says it will offer them free flight changes in future, as well as a 20kg checked-in bag allowance. But to get this they will need to pay almost £60 to join the Ryanair Business Plus club, via www.ryanair.com/en/business-plus. You need to put in all your details before it will tell you any more about it.

STANDARD 07:14 RBS FINE

The FCA's statement on RBS's failings on mortgage advice include some gems: "The firms [RBS and NatWest] failed to ensure that advice given to customers was suitable. Two reviews of sales from 2012 found that in over half the cases the suitability of the advice was not clear from the file or call recording." This was happening two years ago.