- RBS and NatWest fined £15m for bad advice
- Businesses doubt Scottish independence
- Foxtons earnings jump after strong house sales
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.
We are expecting the formal announcement that RBS is being fined £15 million for giving poor mortgage advice.
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.
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.
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.
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.
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.
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.
The Financial Conduct Authority confirms it has fined RBS and NatWest £15m for failures in their mortgage advice process.
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.