Which? report concludes savers losing billions in interest

Tesco launches sub-2% mortgage rate

Tesco Bank has launched a record-low mortgage deal, but only for those who can afford a deposit of at least 40 per cent of the value of the property, as well as a £995 fee. The two-year deal offers a rate of just 1.99 per cent and is fixed until the end of 2014. Tesco [...]

Dental insurance could increase patients’ bills

Dental treatment is expensive, prompting many people to take out insurance to ensure they aren’t faced with a large, unexpected bill. However, research carried out by consumer group Which? suggests that this may be a false economy as dental insurance could actually end up costing patients more. The organisation tested dental insurance policies and dental [...]

Younger retirees less focused on leaving an inheritance

Traditionally parents have attached great importance to leaving an inheritance to their children, but attitudes are changing according to a survey by equity release and annuity provider Just Retirement. The survey, of homeowners aged over 55, was designed to gauge consumer attitudes towards housing equity withdrawal. Just Retirement found that younger retirees are more concerned [...]

AA reports fall in cost of car insurance

The cost of car insurance premiums fell in the third quarter according to the AA British Insurance Premium Index, after rising steadily for several years and flattening out in early 2012. The cost of policies purchased directly from an insurance firm fell by 2.9 per cent in the third quarter but was still nearly 6 [...]

Nationwide may bid for RBS branches

There is growing speculation that Nationwide building society may be considering a bid for the 316 branches being sold by RBS group under EU rules. RBS was ordered to sell the branches under the terms of the £45 billion bailout it received from the UK government during the financial crisis. It had planned to sell [...]

Scottish Widows highlights growing gender gap in pensions

Women are saving £766 a year less than men for their retirement according to life, pensions and investment firm Scottish Widows. A new report by the firm suggests that the gender gap in pension savings has increased by 10 per cent in the last 12 months and is now at a record high level. Women [...]

Improvement seen in consumer finances

Two separate surveys have reported an improvement in household finances, bolstering optimism that the recession is coming to an end. Although Markit, the financial information services company, reported a worsening in consumer finances in October, it was the smallest deterioration in the past two years. The Markit Household Finance Index, which is designed to accurately [...]

Bank of Scotland fined over inaccurate mortgage records

The Bank of Scotland has received a £2.4 million fine from the Financial Services Authority (FSA), for failing to keep accurate records on the mortgage payments of 250,000 customers of the Halifax between 2004 and 2011. An investigation by the FSA, following a spate of customer complaints, discovered that 160,000 homeowners were incorrectly excluded from [...]

Average rent rises to all-time high

The average rent on a home in England and Wales increased to £741 a month in September, according to the latest buy-to-let index from LSL Property Services. This was 1.1 per cent higher than the average rent of £734 in August and represents a new record high. However the rate of increase has slowed, from [...]

Auto-enrolment too expensive for micro-firms

The Association of Consulting Actuaries (ACA) has called for the government to re-consider auto enrolment for the smallest firms, who might struggle with the costs of administering the scheme. From 1 October the largest companies have been required to automatically enrol workers in a pension scheme unless they chose to opt out. The scheme will [...]