Latest: All Financial News

Lloyds TSB writes to customers over Co-op move

Lloyds TSB writes to customers over Co-op move

Lloyds TSB is writing to the 3.5 million customers affected by its sale of 632 branches to the Co-operative Bank. Customers will start receiving letters tomorrow, officially informing them that their accounts will be moved to a new TSB Bank which will be run by the Co-op. Lloyds Banking Group sold the branches under European […]

November 27, 2012 More
Austerity measures could continue until 2018

Austerity measures could continue until 2018

Prior to the Chancellor’s Autumn Statement on 5 December, the Institute for Fiscal Studies (IFS) has warned that the squeeze on public spending may have to continue to 2017/18. Slower than expected economic recovery may mean that the Chancellor, George Osborne, will need to raise another £11 billion from further cuts or by increasing taxes. […]

November 26, 2012 More
Payday loan rules come into force

Payday loan rules come into force

A new code of practice for payday loan companies came fully into effect today. The code, devised by the Consumer Finance Association (CFA), is designed to curtail practices that could cause people to fall further into debt. People applying for a loan must be given clear information about the way a payday loan works and […]

200,000 homes could be left without flood insurance

200,000 homes could be left without flood insurance

With flood warnings in place across the whole of England, the Association Of British Insurers (ABI) has warned that 200,000 homes could soon be left without insurance. The ABI claims that it has reached crisis point in its talks with the government over replacing an agreement which ensure that households in area at high-risk of […]

Crash for Cash fraudsters adding £400m to premiums

Crash for Cash fraudsters adding £400m to premiums

The growing problem of ‘Crash for Cash’ schemes is highlighted in a new report by the Insurance Fraud Bureau (IFB). This type of fraud, in which organised gangs deliberately cause traffic accidents in order to make fraudulent insurance claims, is costing UK policyholders around £400 million every year. The IFB is working with the police […]

November 24, 2012 More
Consumers reduced debts in October

Consumers reduced debts in October

Consumers focused on repaying personal loans and overdrafts in October according to the British Bankers Association. Continuing concern about economic conditions prompted consumers to make a net repayment of £207 million of unsecured debt, while lending to companies increased slightly. The fall in consumer confidence was reflected in a fall in retail sales during the […]

November 23, 2012 More
RICS calls for greater regulation of lettings sector

RICS calls for greater regulation of lettings sector

The Royal Institution of Chartered Surveyors (Rics) is calling for the lettings sector to be more tightly regulated, to prevent lettings agents from charging unlawful fees. With many people unable to afford to buy a property in the current economic climate, the rental market is booming and research by Rics suggests that tenants need greater […]

November 22, 2012 More
Real value of pay falls in UK

Real value of pay falls in UK

The average annual earnings of full-time UK workers increased by 1.4 per cent to £26,500 in the year to April 2012, according to the latest figures from the Office for National Statistics (ONS). However, with inflation at 3.5 per cent during this period, the figures represent a fall in the value of pay in real […]

Parents concerned over EU motor insurance rules

Parents concerned over EU motor insurance rules

Many parents are concerned they will no longer be able to afford to insure their child’s car when new European gender equality rules come into force next month. Thirty-two per cent of the 1,000 parents surveyed by insurer Aviva said they might have to stop their payments as a result of the ruling. From 21 […]

November 21, 2012 More
FSA warns banks over bonuses

FSA warns banks over bonuses

Banks have been warned by the financial watchdog that this year’s bonuses should reflect the recent scandals that have rocked the banking industry. According to The Financial Times, Andrew Bailey of the Financial Services Authority wrote to banks’ chief executives in October, saying that bonuses should be forfeited or reduced for those involved in payment […]

Barclaycard offers 24-month 0% balance transfer deal

Barclaycard offers 24-month 0% balance transfer deal

Barclaycard has launched a balance transfer card with an interest-free period of 24 months, the longest ever seen on the market. The deal on the Platinum Extended Balance Transfer card also includes £30 cashback. Barclaycard has stolen the top spot for balance transfer cards back from NatWest and RBS, who both launched 23-month interest free […]

November 20, 2012 More
OFT uncovers reckless lending by payday loan firms

OFT uncovers reckless lending by payday loan firms

The Office of Fair Trading (OFT) is formally investigating several payday loan companies due to concern over reckless lending and aggressive debt collection. The OFT has published its interim report into the payday loan industry, as part of an investigation which started in February. It found that most of the 50 firms investigated are failing […]

Brokers securing mortgage for those turned down by banks

Brokers securing mortgage for those turned down by banks

Mortgage brokers are successfully securing mortgages for 29 per cent of those who have had their application rejected by a bank, according to a study by property group Countrywide and YouGov. The main reasons for banks rejecting mortgage applications were insufficient earnings and income, and a poor credit score, the study found. It identified a […]

Strain on household finances continues to ease

Strain on household finances continues to ease

Financial information services company Markit has reported a further improvement in household finances. Although household finances are continuing to deteriorate, the rate of deterioration fell in November, to its slowest rate for two years. The Markit Household Finance Index increased from 39.0 to 39.3, its fifth increase in six months, but this is still well […]

November 19, 2012 More
House prices up 2% due to London effect

House prices up 2% due to London effect

Property website Rightmove has reported a 2 per cent increase in property prices year on year, but this is largely due to a rise in the price of luxury homes in London. The 2 per cent increase in November 2012 compared with the previous year, is the highest annual rate of increase since 2007. Across […]

Average rent rises to £744 a month

Average rent rises to £744 a month

The cost of renting a home continued to increase in October but at a slower rate, with the average monthly rent in England and Wales reaching £744, according to LSL Property Services. This is 0.4 per cent higher than the average in September and 3.4 per cent higher than in October 2011. October was the […]

November 16, 2012 More
Taxpayers may never recoup bank bailout money

Taxpayers may never recoup bank bailout money

UK taxpayers may never recover the £66bn spent by the government to bailout RBS and Lloyds Banking Group during the financial crisis, a parliamentary committee has warned. The government bought 40 per cent of Lloyds and 82 per cent of RBS in 2008, when the banks were at risk of collapse. Earlier that year it […]

Two-child families need £25,000 a year to survive

Two-child families need £25,000 a year to survive

Families with two children need to bring home £24,800 a year just to break even, according to financial advisory firm Skipton Financial Services. This means that they need to be earning more than £30,000 a year gross in order to survive. The cost of living has increased by £130 compared with last year Skipton revealed, […]

November 15, 2012 More
CPP fined by FSA for insurance mis-selling

CPP fined by FSA for insurance mis-selling

Card insurer CPP faces the joint-largest mis-selling fine ever imposed by watchdog the Financial Services Authority after it was found to have mis-sold insurance products. As well as the £10.5m fine, the group expects to pay out £14.5m in compensation to both private individuals and businesses who were mis-sold products. The FSA found that CPP’s […]

Bank of England reduces UK growth forecast to 1%

Bank of England reduces UK growth forecast to 1%

The Bank of England has reduced its growth forecast to 1 per cent and does not expect inflation to fall to its 2 per cent target until the middle of next year. Presenting the Bank’s quarterly Inflation Report, the governor of the Bank of England, Sir Mervyn King, said that economic recovery would be “slow […]

November 14, 2012 More