Oil futures down on inventory expectations

Queen’s Speech outlines pension changes

The Queen’s Speech has outlined plans to introduce a flat-rate state pension in England, Scotland and Wales and to automatically increase the pension age in line with longevity. A new flat-rate of £140 will replace the current full state pension, which stands at £107.45 a week, but can increase to £137.35 with pension credit. The [...]

Link ATMs will allow charity donations

Bank customers will be able to make donations to charity at 12,000 cash machines in the UK, under changes being launched this summer. The initiative is part of the government’s efforts to boost charitable giving and follows a consultation with UK banks. ATMs owned by Royal Bank of Scotland and Bank Machine will be the [...]

Further increase in private-sector pension deficit

New reports suggest that the deficit of private-sector, final-salary, pension schemes has increased again, with industry experts suggesting that this type of pension may have disappeared by 2020. The latest figures from the Pension Protection Fund (PPF), which provides compensation to members of eligible defined benefit pension schemes if an employer becomes insolvent, show that [...]

Survey puts a value on good neighbours

Almost half of those buying a home would be willing to fork out extra to guarantee they would have good neighbours. A survey of 2,011 adults, carried out by findaproperty.com, suggests that house purchasers would pay around 7 per cent more, or £15,321 on an average home, for the peace of mind of having quiet [...]

Co-operative Bank ends interest-only mortgages

The Co-operative Bank will stop offering interest-only mortgages from next Tuesday, but the decision will not affect existing customers. A recent report by the Independent on Sunday suggested that a quarter of a million people with interest-only mortgages will reach retirement age by the end of the decade with a substantial capital debt still to [...]

Fall in bankruptcies hides rise in personal debt

There was a fall in the number of people going bankrupt in the first quarter of 2012 but more people are experiencing debt problems and many are simply unable to afford the £700 bankruptcy fee. According to the latest figures from the Insolvency Service, 28,723 individuals in England and Wales became insolvent in the first [...]

Financial Ombudsman receives 10% more credit card complaints

There was a 10 per cent increase in the number of complaints made to the Financial Ombudsman Service (FOS) about credit cards last year. A total of 19,183 complaints were made in the year to April 2012, the highest number since records began in 2001, with the majority relating to claims for refunds for unsuitable [...]

Opinions divided over Olympic effect on economy

While research by the Alliance Trust suggests that an economic boost generated by the Olympics will help Britain out of recession, rating agency Moody’s is warning that any benefit will only be short term. Alliance Trust suggests that ticket sales for the event and other consumer spending on Olympic related retail products will cause a [...]

Banks unclear over repeat payment cancellations

Banks’ customer service advisers are unclear about how to cancel Continuous Payment Authorities (CPAs) according to Consumer Focus. Customers are also confused about cancelling CPAs according to the consumer group, even though new regulations were introduced by the Financial Services Authority in 2009 to make the process simpler. The confusion could be causing some people [...]

Mortgages more expensive following SVR increase

Mortgages are more expensive for one million homeowners after the Halifax, the Co-operative Bank, Clydesdale Bank and Yorkshire Bank all increased their standard variable rate (SVR) yesterday. Many mortgages revert to the SVR when a fixed-rate deal comes to the end of its term. Lenders are increasing their SVRs due to the higher cost of [...]