The Royal Bank of Scotland (RBS) has barred some of its customers from using rival cash machines because the bank incurs a charge each time. The decision will affect almost a million people with basic bank accounts who do not have access to an overdraft or a cheque book. With immediate effect, they will only [...]
Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & [...]
From today, the Nationwide Building Society will attempt to reduce its queues by making customers with cash cards withdrawing less than £100 to use the branch cash machine. The Nationwide said the change, which was announced in April, is essential and the move is aimed at speeding up transactions and freeing up staff time to [...]
From 1 July, Alliance & Leicester (A&L) will attempt to reduce its queues by making customers with cash cards withdrawing less than £300 to use the branch cash machine. The bank, which is to be renamed Santander later this year, said the change will bring the bank brand in line with other banks in the [...]
Ongoing fears that the euro zone debt crisis could spread throughout the world sent Asian markets falling today with Japan’s Nikkei index down 246 points to 9,784.54. Over the week, the index has lost over 6.5% – its largest weekly drop since January 2009. On Wall Street yesterday, the Dow Jones industrial average slumped 376.36 [...]
The euro has fallen against the US dollar and the Japanese yen after Germany banned risky bets on bonds, stocks and credit protection, until March next year. The ban, imposed by the German Government, will apply to the country’s 10 most important financial institutions, and is designed to stop the short-selling of euro Government bonds. [...]
Johnny Cameron, the former chairman of Royal Bank of Scotland’s (RBS) investment banking business, has been banned from holding an executive position within the financial services industry. The ban, imposed by the Financial Services Authority (FSA), follows an investigation into systems and controls in the global markets division at the bank. Fifty-five-year-old Cameron, who was [...]
The Competition Commission is pressing ahead with its proposal to ban the sale of the controversial payment protection insurance (PPI). Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of the payment due on your mortgage or loan if you are unable to [...]
A series of measures to assist people facing difficulties with debt as well as the termination of credit card cheques are set to be unveiled by the Government. The Consumer White Paper is set to be launched by Consumer Affairs Minister, Kevin Brennan, at an event in London, held by consumer group Consumer Focus. According [...]
The Financial Services Authority (FSA) has banned lenders from selling payment protection insurance (PPI) alongside unsecured personal loans. Starting today, banks and other loan providers are no longer allowed to sell PPI, the FSA has ruled. “No firms will be selling single premium PPI on unsecured personal loans from today following FSA intervention and action [...]
The Financial Services Authority (FSA) says it will lift a ban on short selling stocks in 34 companies in the UK banking and insurance sector, on 16th January. The ban was introduced as a temporary measure in September of last year, when short selling was blamed for a downward spiral in HBOS’s share price, the [...]
The FTSE 100 index gained 338 points (7%) in early trading today after the Financial Services Authority (FSA) announced a temporary ban on short-selling in financial stocks. Banking stocks, which have suffered heavily this week due to the collapse of US investment bank, Lehman Brothers, rose following the news with RBS up 42%, HBOS up [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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