News Tag: building societies
October 5, 2009
In its latest quarterly survey, the Confederation of British Industry (CBI) has reported signs of growth in the UK financial services sector, for the first time in two years.
The study, which is carried out in conjunction with PricewaterhouseCoopers, reveals that 32% of firms questioned saw business volumes rise in the three months to early September, while 24% ...
CBI reports signs of growth in UK financial services
by Gill Montia
September 7, 2009
The Building Societies Association (BSA) has expressed its concern over new regulations, proposed by the Financial Services Authority (FSA), saying they will disadvantage the industry.
Proposals from the City watchdog include plans to restrict riskier types of lending by building societies, which according to the BSA, would have a "discriminatory and anti-competitive effect in the mortgage market".
In a formal submission to ...
Building societies against new regulations
by Kay Murchie
August 25, 2009
Consumers taking out a personal loan are "paying through the nose" due to soaring interest rates.
Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England's base rate has been held at a record low of 0.5%.
This compares to an average personal loan APR of 8.71% in 2004.
"Despite the Bank of England slashing Base Rate ...
Rates soaring on personal loans
by David Masters
August 3, 2009
Savers withdrew £2.2 billion from building societies in June, the most in a single month since records began in 1955.
This is compared to an inflow of over £400 million during the same month last year when savers, anticipating the collapse of banks, viewed building societies as a safer option.
However, with banks now stable and offering competitive interest rates, savers ...
Mass exodus from building societies as banks stabilise
by David Masters
June 1, 2009
Over half of UK building societies believe 2009 will be a positive year and that the economy will continue to improve in 2010.
In a poll by the Buildings Societies Association (BSA), 55% of building society chief executives expressed high hopes for the year ahead.
The majority also said consumers continue to trust building societies despite the credit crunch.
However, building society bosses also believe ...
Building societies anticipate positive 2009
by David Masters
May 5, 2009
The Sunday Telegraph has reported that local councils are planning to withdraw billions of pounds of deposits from building societies.
The move follows the decision by Moody’s last month to downgrade the credit ratings of several building societies due to concerns they will be hit by losses due to the housing market slump.
The downgrade by Moody’s was criticised by ...
Councils set to withdraw funds from building societies
by Kay Murchie
April 20, 2009
Crisis talks have been taking place over the weekend between the Bank of England (BoE) and seven of the UK’s building societies.
The move follows last week’s decision by Moody’s to downgrade the credit ratings of several building societies due to concerns they will be hit by losses due to the housing market slump.
The building societies believed to be locked ...
UK’s seven building societies in talks with BoE
by Kay Murchie
April 15, 2009
Ratings agency Moody’s have downgraded several building societies due to concerns they will be hit by losses due to the housing market slump.
The building societies that have been downgraded include Chelsea Building Society, downgraded from a C to E+, while West Bromwich has fallen from C- to E+.
Furthermore, Britannia, Newcastle, Norwich and Peterborough, Principality, Skipton, and Yorkshire building societies ...
Moody’s downgrades building societies to near junk-bond status
by Kay Murchie
March 30, 2009
A survey conducted by the Confederation of British Industry (CBI) has revealed that banks and other financial institutions are expected to cut a further 15,000 jobs in the next three months.
According to the organisation, approximately 15,000 jobs have already been axed in the industry in the first quarter of this year, which will take the total to ...
CBI: Thousands of jobs to be axed in financial services
by Kay Murchie
January 28, 2009
Buildings societies offer the most consistent interest rate on savings accounts, new research has revealed.
A study by Moneyfacts.co.uk found that 79% of the most consistent savings account interest rates are at building societies, rather than banks.
Since the Bank of England started cutting interest rates in December 2007 - and especially since the recent heavy rate cuts - savers have seen ...
Building societies best for consistent interest rates
by David Masters
December 2, 2008
The Financial Services Authority (FSA) has introduced a rule which allows merged building societies to keep their separate compensation limit.
In the past, anyone with money in two building societies that merge could find only the first £50,000 of their savings protected.
It is hoped that the new level of protection will mean that people with savings that exceed £50,000 in ...
Building societies become safe haven for savers
by Kay Murchie
