Latest: All Financial News

Holidaymakers shun travel insurance and breakdown cover

Holidaymakers shun travel insurance and breakdown cover

Many holidaymakers will embark on their annual break without any travel insurance and people taking to the roads in Europe are failing to take out breakdown cover. A study by the Money Advice Service reveals that 53 per cent of people in the UK are planning to take a summer holiday, but half of these [...]

August 3, 2012 | 0 Comments More
Personal insolvencies fall despite the recession

Personal insolvencies fall despite the recession

The number of personal insolvencies in England and Wales fell to 27,390 in the second quarter of 2012, a year-on-year fall of 10.2 per cent and the lowest figure since 2008. The 2012 second quarter figures, released by the Insolvency Service today, are an improvement on those for the first quarter when the number of [...]

Post Office warns holidaymakers over credit card charges

Post Office warns holidaymakers over credit card charges

The Post Office is warning travellers to be aware of charges for using their credit card abroad. Travellers who don’t have a fee-free card could be charged as much as 2.99 per cent each time they use their card, which could bump up their bill when they return home. Research by Post Office Credit Card [...]

August 2, 2012 | 0 Comments More
RBS may be fully nationalised

RBS may be fully nationalised

The Government is believed to be considering plans to buy the 18 per cent of the Royal Bank of Scotland (RBS) it doesn’t already own, bringing the bank under full public ownership. The government purchased 82 per cent of the bank for £45 billion in a rescue deal at the height of the credit crunch. [...]

Government to develop easy-to-compare savings products

Government to develop easy-to-compare savings products

Following a two-year consultation, the Treasury is planning to develop a range of savings products that would be offered by different providers. All providers would offer the same terms and conditions on the products but would compete on price, service and value, making it easy for customers to compare the products. The proposals, which are [...]

Military pension age to rise to 60

Military pension age to rise to 60

Members of the Armed Forces may have to wait until they are 60 to be able to claim their pensions under the government’s planned pension reforms. Military personnel are traditionally able to claim their pension at the age of 55, but those currently under the age of 45 could have to wait another five years. [...]

August 1, 2012 | 0 Comments More
House price fall accelerates in July

House price fall accelerates in July

Nationwide building society reported a faster fall in house prices in July, as the economy continues to falter. House prices fell by 0.7 per cent in July, the fourth time they have declined in five months, and the fastest fall in three years. The average house price is now £164,389, 2.6 per cent lower than [...]

Households’ disposable income falls

Households’ disposable income falls

In the 2012 first quarter, individuals’ disposable income fell to the lowest level since 2003, according to new figures from the Office for National Statistics. Spending power is being eroded because wages are failing to keep up with inflation causing the average disposable income in the first quarter to fall to £273. Disposable income including [...]

July 31, 2012 | 0 Comments More
PPI scandal to cost banks £10 billion

PPI scandal to cost banks £10 billion

The UK’s ‘big five’ banks have now paid out £8.8 billion in compensation to customers mis-sold payment protection insurance (PPI) and the eventual bill is expected to exceed £10 billion. Administration and staff costs will send the bill even higher. Banks are suffering an administrative headache in trying to sort out genuine claims from the [...]

First-time buyers missing out on mortgage cuts

First-time buyers missing out on mortgage cuts

There is concern that recent cuts in mortgage rates are focused on borrowers with large deposits rather than first time buyers. The government is launching its Funding for Lending scheme to help reduce the cost of mortgages, but although rates were cut on 200 mortgage products in July, the cuts favoured those with deposits of [...]

July 30, 2012 | 0 Comments More
London and south east affected by house price slump

London and south east affected by house price slump

The fall in property prices has now extended to London and south east England, according to the latest figures from property analytics company Hometrack. Hometrack’s figures for July how that overall house prices fell by 0.1 per cent, representing the first fall in seven months. Compared with June, the number of new homes coming on [...]

FSA tightens insurance mis-selling rules

FSA tightens insurance mis-selling rules

The Financial Services Authority (FSA) has announced new rules to prevent banks and building societies mis-selling accounts which include insurance policies. Customers pay a fee for packaged accounts, which often include travel insurance, mobile phone insurance, and breakdown cover alongside deals on overdrafts, foreign currency and even offers on music downloads and business class lounge [...]

July 27, 2012 | 0 Comments More
Average car insurance now more than £1,000

Average car insurance now more than £1,000

The average cost of car insurance is now £1,034, breaking the £1,000 barrier for the first time, according to the AA British insurance premium index. Motor insurance is now 8.5 per cent higher than it was a year ago and has doubled in price over four years. In July 2008 the average fully comprehensive policy [...]

NatWest hit by IT problems again

NatWest hit by IT problems again

A further IT problem is affecting customers of NatWest bank, just weeks after an IT failure in June left NatWest and Ulster Bank customers without access to their funds. As before, NatWest customers are finding that they cannot access their accounts and their cards are being rejected in stores and restaurants. On its Twitter feed, [...]

July 26, 2012 | 0 Comments More
Barclays and Nationwide launch new mortgage deals

Barclays and Nationwide launch new mortgage deals

Following the announcement of the government’s £80 billion Funding for Lending scheme, Barclays and Nationwide have cut their mortgage rates. The mortgage market has been shrinking for some time, with lenders tightening their lending criteria and demanding high deposits on home loans. Last month the number of mortgages approved for house purchases fell by 11 [...]

Payday loan code falls short of expectations

Payday loan code falls short of expectations

A new code of practice for payday lenders has been launched but consumer groups say it amounts to mere rebranding and doesn’t go far enough to protect borrowers. The code was agreed following lengthy negotiations between the payday loan industry and government. Four trade bodies - the Consumer Finance Association, the British Cheque and Credit [...]

July 25, 2012 | 0 Comments More
Double-dip recession worst for 50 years

Double-dip recession worst for 50 years

The latest official figures reveal that the UK economy contracted by 0.7 per cent in the second quarter of 2012, significantly more than the 0.2 per cent fall in GDP expected by economists. It is the largest fall in quarterly UK economic outlook since the first three months of 2009 and means that the double-dip [...]

Mortgage lending down 11% in June

Mortgage lending down 11% in June

Mortgage approvals fell to their lowest level for at least the last 15 years last month, according to the British Bankers’ Association (BBA). There were 51,610 mortgage approvals in June, representing a total value of £6.5 billion. The number of mortgages approved for house purchases fell to 26,269 during the month, 11% lower than in [...]

July 24, 2012 | 0 Comments More
Jobless need protection from payday loans, charity says

Jobless need protection from payday loans, charity says

Prior to the Payday loan industry’s launch of a new code of conduct this week, the Consumer Credit Counselling Service (CCCS) is calling for more protection for the unemployed. The charity warns that the number of jobless people struggling to repay short-term, high-interest payday loans is increasing. It wants the payday loan industry to ensure [...]