Mondial and Seatwave joint venture

Pension annuities should be clearer under new code

A new code of conduct is being launched by the Association of British Insurers (ABI) which should ensure that the sale of annuities is fairer and more transparent. The new code is designed to make it easier for people to make decisions about their retirement income, including being more confident in using the so-called ‘open [...]

Saga sees financial green shoots for over-50s

Saga’s latest quarterly report is slightly more optimistic about the financial health of the over 50s than its report for the final quarter of 2011, but the organisation warns that the “green shoots” of recovery are very tentative at the moment. Compared with a year ago, the report suggests that the quality of life for [...]

Drivers switch to autopilot after 11 minutes

A study by car insurance provider, Esure, has found that drivers suffer from a lapse in concentration just 11 minutes into a long journey. Esure questioned more than 1,000 motorists in the UK about their driving habits and attention span. 22 per cent of those surveyed said they fell into ‘autopilot’ easily, while 34% said [...]

Metro Bank launches online ISA service

London-based Metro Bank is partnering with Australian online banking solutions provider Sandstone to create an online application platform for Individual Savings Accounts (ISAs). CallCredit will provide verification and credit checking data for the new service, which will be available in time for consumers to take advantage of the new Isa allowance, starting in April. This [...]

£182bn of tax-free savings unused

More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the [...]

70% of UK adults in debt

Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand. Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems. Many do not admit that they are in debt until borrowing [...]

New mortgage approvals reach two year high

Mortgage approvals have reached their highest level since December 2009 according to Bank of England figures. 58,728 home loans were approved in January 2012, a 30 per cent increase from January 2011, following increased activity among first-time buyers. A two-year stamp duty exemption on properties between the value of £125,000 and £250,000 will end in [...]

Regulator receives most complaints about Barclays

The Financial Ombudsman Service (FOS) received more complaints about Barclays than any other single UK bank in the second half of 2011, but Lloyds topped the list of most complained about banking groups. The FOS received a total of 11,524 complaints about Barclays between 1 July and 31 December - 6,975 were about the mis-selling [...]

Taxpayers to make £11bn profit from Northern Rock

The government’s purchase of Northern Rock in February 2008 and its recent sale of the bank to Virgin Money, is expected to result in a net profit of up to £11bn for UK taxpayers. According to UK Financial Investments Ltd (UKFI) which manages the Government’s stakes in banks bailed out by the state during the [...]

House prices soar near Olympics venue

The average value of houses in the 13 postal districts closest to Olympic park in Stratford, east London, has increased by more than £62,739 to £268,884 since July 2005, when the capital was awarded the right to host the 2012 Olympics. A study by Lloyds TSB shows that house prices have risen by 30%, which [...]