The controversial subject of bonuses has emerged again today after the Sunday Times reported Britain’s top banks will pay out a combined £6 billion in bonuses. The report comes despite the Government’s clampdown on bonuses as it endeavours to negotiate with the banks to commit to lending targets for small businesses and restraints on pay. [...]
Outgoing chief executive of Lloyds Banking Group, Eric Daniels, is calling on the Government to allow the bank to keep HBOS. The controversial takeover, which occurred at the height of the financial crisis, could be scrapped if a Government investigation establishes it has damaged competition. Final recommendations with regard to the takeover will be known [...]
A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the [...]
The chief executive of Lloyds Banking Group, Eric Daniels, has announced he will retire next year. The announcement follows other leadership changes in major banks earlier this month. Barclays’ chief executive, John Varley, will be departing next year and will be replaced by Bob Diamond, currently president of Barclays Plc. In addition HSBC chairman, Stephen [...]
Banking giant Lloyds has confirmed it will no longer sell the controversial payment protection insurance (PPI). Lloyds Banking Group, which is 41% owned by the taxpayer, is the first bank to drop PPI sales and the decision will apply to customers of all its brands including the Halifax, Bank of Scotland and the Cheltenham & [...]
Proposals have been unveiled by Work and Pensions Secretary, Iain Duncan Smith, which could see unemployed people encouraged to seek jobs outside the areas where they live. According to Mr Duncan Smith, millions of people are “trapped in estates where there is no work” but have been unable to relocate because it would mean giving [...]
The Competition Commission is pressing ahead with its proposal to ban the sale of the controversial payment protection insurance (PPI). Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of the payment due on your mortgage or loan if you are unable to [...]
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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