The Treasury Committee, which includes MPs from all political parties, has called for the cheque guarantee scheme to be re-instated and government departments have been ordered to accept cheque payments from customers. The Payments Council, the body which sets the strategy for payments in the UK, ended the cheque guarantee card in June. However it [...]
It has been announced today that cheques will not be phased out after the Payments Council announced it would abolish them in 2018. The Council has now decided to keep them after criticism from MPs and charities and was forced to make the u-turn after pressure from the public. Richard North, the chairman of the [...]
Consumers groups have expressed concern for the elderly if cheques are abolished, suggesting that it will result in them hoarding cash at home. Appearing before the Treasury Select Committee, Jane Vass, of Age Concern and Help the Aged, warned that there could be a security issue if cheques were to be scrapped. “This would encourage [...]
Plans by the banks to phase out cheque books could prove disastrous for the Brits who rely on cheques to make day-to-day payments, consumer rights group Which? has claimed. “The fact is a lot of people still rely on cheques, especially people who are housebound or for some people it’s the only way they feel [...]
Brits are snubbing cheques in favour of faster payment methods, new figures show. Credit cards, debit cards and cash increased their market share yet again in the second quarter, with cheque payments dropping 21% on year. Statistics from the UK Payments Association show payments on plastic cards rose 3% in the three month period to [...]
UK consumers are spending more on debit cards and less on credit cards since the onset of the recession, payments association Apacs revealed this month. Brits spent 4% more on their debit cards in the first three months of this year compared to the year ago period, whilst credit card spending dropped 3% despite an [...]
According to figures from APACS, the UK payments association, consumers have not been won over by contactless payment cards. The cards allow consumers to buy small-ticket items on a credit or debit card without actually having to hand any plastic over or enter a pin. The cards have already been launched in London but Apacs [...]
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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