In today’s Budget, Chancellor George Osborne confirmed that the new flat-rate state pension will be brought in but will take many years to come into force. According to the Government, the new pensions system should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a [...]
The Financial Services Authority (FSA), has announced a delay on its plans to reform the Payment Protection Insurance (PPI) market. The City Watchdog said its consultation will be delayed by six weeks due to a heavy amount of criticism from the financial industry. Under a PPI policy, an agreed sum of money is paid out [...]
Property owners in danger of losing their homes as a result of consumer debt could soon be better protected. The Ministry of Justice has launched a consultation on proposed new measures that would set a minimum level of such debt before a court can order the sale of a home. Under the current system, a [...]
Motor parts manufacturer Bosch has announced plans to close its site in Miskin, near Cardiff, in summer 2011 which will result in the loss of approximately 900 jobs. The decision follows three months of consultation and the firm has now decided to recommend complete closure of the plant and is said to be transferring the [...]
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the [...]
Courts Minister Bridget Prentice has announced that the Government intends to publish a consultation by the end of the year on tightening up the law so that no lender can sell the home a borrower lives in against their wishes, without first going through the court process. The consultation follows a particular case in 2008, [...]
Free evening newspaper, London Lite, has seen its future thrown into doubt today after its owner Associated Newspapers said it would begin a consultation with its employees. London Lite, which is currently losing almost £10 million a year, was launched on 30 August 2006 but its owner has recently expressed concern about the “commercial viability” [...]
The Government wants to improve Home Information Packs (HIPs) to reduce the likelihood of problems emerging well into the sales process. Under the proposals, HIPS could include a property information questionnaire that would relate to such issues as building work carried out, energy and utility suppliers, parking arrangements and Council Tax banding. A consultation has [...]
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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