By 2015 bank customers will use digital banking more than they use branches according to ‘The New Digital Tipping Point’ report from PricewaterhouseCoopers. The survey, of 3000 people in nine countries, suggests that customers are willing to pay up to £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 £6 billion in bonuses for this year, compared with £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 [...]
Payday lenders face tighter regulations
The government’s Financial Services Bill, which was presented to Parliament today, could see Payday loan companies facing much tighter regulation. Payday loans are designed to provide emergency funds for a short period of time. Amounts of between £50 and £1,000 are offered on weekly or monthly terms for a charge of around £30 for every [...]
The cost of moving house is 69 per cent higher than it was in 2001, according to Lloyds TSB, with estate agency fees, mortgage fees and stamp duty responsible for most of the increase. A typical house move cost nearly £9,000 in 2011, £3,632 more than it did a decade ago. Some regions have experienced [...]
Price comparison sites helping cash-strapped consumers
With household incomes under increasing pressure from inflation and unemployment more consumers are turning to price comparison services to help them reduce their outgoings and the New Year has seen the launch of several new sites. Insurance specialist comparethemarket.com has launched a new service which allows consumers to find which credit cards and loans will [...]
N&P launches 3.99pc fixed-rate mortgage
Norwich & Peterborough Building Society (N&P) has launched a low rate, low fee mortgage to attract buyers who plan to stay in their property for a longer period of time. The ten-year fixed rate mortgage offers an interest rate of just 3.99 per cent APR, making it one of the cheapest deals on the market. [...]
Record amount of PPI compensation paid in November
Compensation paid to consumers who were mis-sold Payment Protection Insurance (PPI) reached a record £379m in November, compared with £268m in October. PPI was routinely sold alongside loans to protect re-payments if the customer fell ill or became unemployed, but many people were sold policies that were invalid because they did not meet the qualifying [...]
The rising cost of essentials such as fuel and food has contributed to a 48 per cent increase in the level of personal debt, according to the latest Aviva Family Finances Report. The average British family now owes around £7,944 in unsecured borrowing, compared with £5,360 a year ago, despite a 7 per cent increase [...]
National Savings reduces rate to safeguard competition
National Savings & Investment is cutting the interest rate on its Direct Saver account from 1.75% to 1.5% with effect from today, because the account is too popular. Government-backed NS&I has already substantially exceeded its target to raise £2bn from savers in the 2011/12 financial year and now needs to slow the rate of deposits [...]
Property market remained stagnant in 2011
House sales fell 1 per cent in 2011, with just 869,000 residential properties sold, according to HM Revenue and Customs (HMRC). In January 2011, traditionally the weakest month for property transactions, just 45,000 houses were sold. However, the market did improve at the end of the year, with 76,000 sold in December. The property market [...]
Britain’s national debt exceeds £1 trillion
UK government debt rose to over £1 trillion for the first time in December, despite a fall in public sector borrowing. Excluding bank bailouts and other financial interventions, public sector borrowing fell £2.2 billion to £13.7 billion in December according to the latest figures from the Office for National Statistics. This was lower than City [...]
Mortgage lending 12 per cent higher in December
December marked the fifth consecutive month of year-on-year growth in mortgage lending, with a 12 per increase, according to the Council for Mortgage Lenders (CML). Gross mortgage lending in December was an estimated £11.7 billion, while for the whole year it totalled £140 billion, £2 billion higher than the CML’s expectations. December’s figures represent a [...]
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