Banks have been warned by the financial watchdog that this yeara��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 banksa�� chief executives in October, saying that bonuses should be forfeited or reduced for those involved in payment […]
Michael Cohrs, a member of the Bank of Englanda��s new financial policy committee (FPC) has warned of the danger of another financial crisis unless the a�?toxic culturea�� inside banks is eradicated. Changes should include a reform of banksa�� bonus systems, he said. The FPC was established to regulate UK banks, but Mr Cohrs suggested that […]
Royal Bank of Scotland made a loss of nearly A?2 billion last year but still paid out A?785 million in bonuses to staff, including A?390 million to investment bankers. The average bonus per group employee was A?5,346, but the banka��s 17,0000 investment bankers received an average bonus of A?22,941. Bankersa�� bonuses have come under intense […]
Speaking to the BBC after the Royal Bank of Scotlanda��s chief executive announced his decision to forgo his bonus this year, the government has said that it will not block bonuses to the banka��s other executives. RBS chief executive Stephen Hester was awarded A?963,000 in shares but following pressure from public opinion and MPs he […]
Lloyds Banking Group has decided to withdraw Halifax and Bank of Scotland charity credit cards at the end of February because it doesna��t consider them a cost-effective way of donating to charity. The bank has been issuing charity credit cards for over 23 years and they have raised millions of pounds for charities such as […]
By 2015 bank customers will use digital banking more than they use branches according to a�?The New Digital Tipping Pointa�� report from PricewaterhouseCoopers. The survey, of 3000 people in nine countries, suggests that customers are willing to pay up to A?10 a month for online banking if they receive convenience and added-value services. These could […]
The new coalition Government is to introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards. The measures, part of new policies that are being introduced by the Con-Lib Government, comes after a legal battle between the banks and the Office of Fair Trading, which […]
FTSE 100 chief executives have still received sharp increases in their salaries despite the recession, according to pay analysts, Incomes Data Services (IDS). Over the last 12 months, the top bosses at the top 100 companies saw average salary rises of 7.4% – many times the rate of inflation. However, IDS said bonuses have fallen […]
According to the Centre for Economics and Business Research (CEBR), City bankers will receive an estimated A?6 billion in bonuses for this year, compared with A?4 billion for 2008. The estimate comes despite public outrage against bonuses after a year of multi-billion pound bailouts within the banking sector. However, the CEBR did point out that […]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was A?741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. […]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees […]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to A?12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on […]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages […]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The a�?Mind the Credit Gapa�? report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than A?50,000 could have a credit […]
Monthly incomes A?22 lower in 2012
The average monthly income of UK households fell by A?22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE […]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was A?1,186, more than double the average savings […]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though […]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Companya��s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailersa�� sites in the near future. Although the Paylater branding is similar to Wongaa��s, the Wonga name only appears in the small print. A […]
First-time buyers take a decade to save for a deposit
Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit […]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
