Main content

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.

Available now

30 minutes

Last on

Sun 29 Nov 2015 21:00

The Death of Retirement

The Death of Retirement

Money Box explores what retirement might look like in the future,

Download this programme

Download this programme

Subscribe to this programme or download individual episodes.