HSBC launches Onshore Investment Bond

Outlook improves for UK economy

The UK economy could recover more quickly than expected according to economic forecasting group the Ernst & Young Item Club. The Item Club expects the UK to return to growth in the second half of this year, marking an end to the double-dip recession. However this depends on a solution being found to the debt [...]

Ulster Bank resumes normal service after IT glitch

Service at Ulster Bank should now be back to normal for most customers, following a computer failure almost a month ago at parent company RBS. The technical problem left 100,000 Ulster Bank customers without access to their accounts. NatWest and RBS customers also experienced problems after the computer failure on 19 June, but most of [...]

ABI says Labour’s pension warning is misleading

A new report by the Labour Party on pensions has been criticised by the Association of British Insurers (ABI) as badly timed and misleading. The report, by shadow work and pensions secretary Liam Byrne, supports earlier comments by Ed Miliband that pension fees and charges could erode half of a retiree’s pension fund. The Labour [...]

Rightmove reports fall in house prices

Property website Rightmove recorded a drop in the average asking price for residential property this month, representing the first fall since January. Average prices have fallen by 1.7 per cent, a drop of £4,138, with demand low due to the wet weather deterring potential buyers from viewing properties. The website also blamed the Olympics for [...]

Sharp fall in car insurance costs

The average cost of comprehensive car insurance was £797 in spring 2012, a fall of more than 7 per cent, or £60, compared with a year ago. The fall reverses a steady rise in the price of motor insurance premiums since 2009. A survey by Confused.com and professional services company Towers Watson revealed that men [...]

Funding for lending scheme to launch next month

The Treasury and the Bank of England have revealed details of their multi-billion pound ‘funding for lending’ scheme which will begin in August and run for 18 months. The initiative is designed to make it easier and cheaper for businesses and individuals to secure loans and mortgages. It is hoped that it will help to [...]

OFT to review Personal Current Account market

The Office of Fair Trading (OFT) is to assess whether banks have made it easier for customers to switch current accounts. Following a review in 2008 the OFT said that the personal current account market was not working well for consumers. It reported a lack of transparency over charges, making it difficult for customers to [...]

‘Black box’ motor insurance sales soar

Sales of telematic, or ‘black-box’, car insurance will reach 500,000 in the next two years, according to the British Insurance Brokers’ Association (Biba). The trade body for the insurance industry has recorded a five-fold increase in this type of motor insurance in the past two years. The use of telematic technology is proving popular because [...]

Mortgage lending increased by a third in May

Mortgage lending showed a “healthy improvement” in May despite continuing economic uncertainty and problems in the eurozone. The Council of Mortgage Lenders (CML) reported a 33 per cent increase in the number of new loans granted to home buyers, compared with the previous month. 48,300 new home loans were granted in May 2012, an increase [...]

Floods could increase home insurance costs for all

The growing risk of flooding in the UK could lead to an increase in the cost of home insurance for everyone, regardless of where they live. Britain has been awash with rain for the last three months and with many parts of the country suffering from repeated flooding, insurance companies are likely to miss their [...]