Barclays Fined Over 'Elephant Deal'
Autumn Statement stamp duty woes, increased student loan repayments, and Barclays are fined for lack of due diligence on a high-value transaction.
From April 2016 buy-to-let landlords and people buying second homes will have to pay more in stamp duty. In England and Wales they will have to pay a 3% surcharge on each stamp duty band. For an average Buy-to-Let property of £184,000, buyers will need to pay £5.5k more which is an increase of 468%. Does this dampen the allure of buy-to-let?
Also in Wednesday's Autumn Statement the chancellor announced a freezing of the earnings threshold at which student loan repayments begin. Critics say this will mean student loan repayments will increase by £3,000 and hit disadvantaged students hardest. Will these changes deter young people from going to university?
Barclays bank has just been fined more than £72m by the Financial Conduct Authority for failing to properly carry out anti-money laundering and financial crime checks on a major transaction dubbed by the regulators as an 'elephant deal'. Banks have substantial responsibilities in the fight against financial crime so why did Barclays apply a lower level of due diligence than its policies require for other business relationships of a lower risk profile?
Presenter: Paul Lewis
Producer: Alex Lewis
Editor: Andrew Smith.
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