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 [...]
The National Audit Office (NAO) has published a report on the Government’s Asset Protection Scheme (APS) and concluded that it failed in its aim of boosting bank lending. The scheme, which insurers against losses arising from toxic assets, also did not charge sufficient fees to the banks which participated. The scheme was established in 2009 [...]
The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it has plummeted back into the red with a £1.4 billion ($2.3 billion) pre-tax loss during the third quarter. This compares with a loss of £1.8 billion in the same period a year earlier but also compares unfavourably with [...]
The financial world was in shock over the weekend following the decision of the US Securities and Exchange Commission (SEC) to charge Goldman Sachs and one of its vice presidents with fraud. The Wall Street bank allegedly sold investors down the river by “misstating and omitting key facts” about a financial product tied to US [...]
The Financial Services Authority (FSA) has fined Kensington Mortgage Company Limited £1.225 million over the way in which it treated some of borrowers facing financial difficulties. The regulator identified a number of serious failings by the sub-prime lender between January 2007 and October 2008, and the firm will have to pay up to £1.066 million [...]
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities. Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red. The announcement comes as the OFT took [...]
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges. At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges. The test case originally commenced in July 2007 [...]
Last week, the Supreme Court ruled in favour of the banks over the fairness of unauthorised overdraft charges. The legal battle, which has been ongoing since July 2007, came as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair. Since the ruling, [...]
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week. Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank [...]
An investigation by the Office of Fair Trading (OFT) found that consumers struggle to understand current account charges, as well as interest rates and overdraft fees. As a result, new measures from 2011 will see banks make it easier for consumers to understand their costs and charges, as well as making the switching process easier. [...]
Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland’s (RBS) decision to lower overdraft fees. RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week. Charges for bounced cheques were reduced from £38 to £5. The changes come ahead of a ruling [...]
A victim of the housing market downturn, the Land Registry is increasing its registration fees for properties in England and Wales. From 6th July the cost of registering an average first-time buyer property worth £100,000 will rise from £100 to £130. The fee for a home worth £150,000 is increasing from £150 to £200, while [...]
International travellers are best to opt for the Post Office Platinum credit card, according to research by moneysupermarket.com. Debit card holders, meanwhile, are advised to choose the Nationwide FlexAccount. The price comparison website said the Post Office’s card offers free purchase protection, no overseas charges, and zero percent on purchases for three months. “This is [...]
A ruling by the court of appeal could see millions of pounds returned to customers after the case of unauthorised overdraft charges was thrown out. The ruling follows a test case last year between the Office of Fair Trading (OFT) and eight High Street Banks with regard to charges for unauthorised borrowing and bounced cheques, [...]
Research from price comparison website, mform.co.uk, shows that the arrangement fees applied to the most competitive mortgages on the market have increased by an average of 20% during the past 12 months. The average fee paid buy borrowers for a best-buy product has risen from £738.33 in August 2007 to £889.69. For three-year fixed-rate deals [...]
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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