New measures to be introduced to tackle ‘shocking’ gender pay gap

FSA releases report on RBS failure

The Financial Services Authority has released its report into the near collapse of the Royal Bank of Scotland in 2008. The report finds that a combination of poor management decisions, inadequate monitoring by the FSA and the global systemic banking crisis, contributed to the bank’s failure. It highlights a number of key factors which led [...]

Brits spend £6 billion of savings on Christmas

A study by Santander, one of the world’s largest banks, has revealed that people are funding Christmas this year by dipping into their savings. High unemployment, inflation at around 5 per cent and the threat of another recession are all putting pressure on people’s pockets and causing them to use their savings to pay for [...]

AA instant-access account offers 3.2% interest

The AA has launched an online, instant-access account paying 3.2 per cent interest before tax, which is currently the highest rate available for people who need immediate access to their money. The account will offer some protection from the rising cost of living, without having to worry about tying up savings for a long period. [...]

Economists forecast deeper UK recession

The UK economy is expected to contract by 1.3 per cent in 2012, according to respected economists at Standard Chartered bank. Growth of 0.6% had been predicted but Standard Chartered’s latest survey, of 350 companies, points to a sharp recession in the face of the ongoing eurozone crisis. The eurozone economy is expected to contract [...]

IFA calls for earlier annuity planning

Putting off selecting an annuity can reduce the return on pensions savings according to Chatfield Private Client, a firm of Independent Financial Advisors. The firm is calling for people to take annuities into account at an early stage of the process of taking out a pension. Director at the firm Jason Ashman said: “What we [...]

Shoppers risk financial security for Christmas

Although stores have been forced to start their sales early this year to persuade shoppers to part with their money, nearly a third of people in the UK will go into debt over Christmas. Fifty-eight percent of this group will put more spending than usual on credit cards and thirty-nine per cent will go overdrawn [...]

Insurance premiums could soar for women drivers

The government has warned that car insurance premiums for female drivers could rise by £326 when a European Court of Justice directive comes into force in December 2012. It has launched a consultation on how the decision to ban gender pricing in insurance contracts will affect the UK. The ruling will mean that insurance companies [...]

UK isolated after eurozone summit

Prime Minister David Cameron has used his veto to block a new EU treaty proposed by France and Germany to help restore economic stability in the eurozone. The proposed changes to the Lisbon Treaty would have imposed tougher financial regulations on all members of the European Union but Mr Cameron was unwilling to support the [...]

Loans to first-time buyers down 10%

October was a difficult month for first-time buyers according to the latest figures from the Council of Mortgage Lenders (CML). Ten per cent fewer home loans were offered to first-time buyers compared with September and the average deposit they had to find was a hefty 20 per cent. In the current economic climate and with [...]

HSBC extends compensation to more NHFA customers

Following the recent revelation that HSBC subsidiary NHFA mis-sold asset-backed investment products to elderly people in care, HSBC has promised to consider complaints dating back to before it took over NHFA in 2005. The decision means that HSBC could face thousands more potential claims for compensation, adding to the £30m compensation bill it already expects [...]