Details of the customer repayment costs of £12.2 million revealed in C. Hoare & Co’s annual results emerged. “Over several years the bank conducted perfectly satisfactory lending business with customers under the Consumer Credit Act. The Act specifies annual statements we had to send to customers,” said Alexander S. Hoare. “Somehow we failed to include a couple of standard sentences on these statements. The impact of this omission was a statutory requirement to refund over £12 million of interest we had earned on all such advances.”
HSBC appointed senior executive Charlie Nunn in the role of chief executive of retail banking and wealth management.
Seven Investment Management (7IM) issued a warning over company trading under the name of Seveninvest Management.
Chief executive Stephen Koseff and managing director of Investec Group Bernard Kantor will step down from their roles on 1 October 2018 after 40 years as part of a group wide management reshuffle. As part of the reshuffle, Ciaran Whelan, global head of private banking, will be appointed to the Investec Group Board as an executive director on 1 April 2018. He will succeed Mr Burger as director of risk on 1 April 2019.
Andrew Nolan, a partner in Stonehage Fleming’s family office division, has had his directorship of Stonehage Fleming UK terminated, according to a filing at Companies House.
Credit Suisse has appointed Alexandra Dhavernas von Elverfeldt as a managing director to advise ultra high net worth (UHNW) clients in its International Wealth Management (IWM) division, based in its Luxembourg office.
Charles Stanley’s Guildford office added to its investment management team with a new hire. Former PAM Top 40 under 40, John Devine joins Charles Stanley from Thesis Asset Management as an investment manager.
Quilter Cheviot, part of Old Mutual Wealth, made three hires to its investment management division within its London and Salisbury offices: Oliver Harwood, Vaughn Webber and Scott Holloway.
Freddie Pooter bid a fond farewell to the partnership of Warwick Newbury and Eric Barnett.
7IM revealed how an opportunistic purchase and sale of a put option on the EuroStoxx 50 index within the past week produced a 60 percent return for its balanced portfolios.
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