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22nd of September 2010
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News Tag: customers

July 29, 2010

Metro Bank plans to wow customers

by Kay Murchie
Metro Bank, which is Britain’s first new high street lender for more than a century, opened its doors today in Holborn, central London. The bank welcomed dogs with a bowl of water and a bone and offered their owners free breakfast. Dog lover, US billionaire and former Commerce Bank owner, Vernon Hill, said “dogs rule at Metro Bank!” Meanwhile, it aims to ...

April 29, 2010

FSA exposes banks’ disdain for customers

by David Masters
FSA exposes banks' disdain for customers
Senior managers of the UK's high street banks have been labelled a "disgrace" for failing to take customer complaints seriously. The Financial Services Consumer Panel (FSCP) said the way banks handle customer complaints is "lamentable". The comments came after a review by the Financial Services Authority (FSA) found that senior staff in the majority of the UK's banks have no interest in dealing ...

April 15, 2010

Firms collapse due to late payments, according to research

by Kay Murchie
A report by RBS and Natwest has found a growing number of small and medium-sized firms are suffering as their customers make late payments. While late payments can be a major headache for many companies, it can be particularly harmful to SMEs, who rely on regular incoming payments. If payments do not arrive on time, companies have to use their ...

April 9, 2010

FSA report raises concerns over pension switching advice

by Kay Murchie
FSA report raises concerns over pension switching advice
The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement action against six firms. Many ...

March 31, 2010

Cheque guarantee cards to be phased out

by Kay Murchie
Spanish banking giant, Santander, has announced it will begin to withdraw cheque guarantee cards for its customers. The move comes after the UK Payments Council announced months ago that it would axe the cheque guarantee service, which has been established for forty years, from June 2011. Santander, which owns Abbey and Alliance & Leicester, said its customers can still write cheques ...

March 16, 2010

Consumers to benefit from overdraft opt-out

by Kay Murchie
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 legal action against banks regarding unauthorised overdraft ...

March 8, 2010

Virgin Money to become first bank to charge upfront fees

by Kay Murchie
Virgin Money, which is set to launch as a retail bank later this year, has announced it will charge a monthly fee for current account customers. However, the company said the fees will be low and will replace high overdraft charges. Sir Richard Branson’s Virgin Money recently acquired regional bank Church House Trust. Virgin Money, which was unsuccessful in acquiring ...

February 24, 2010

Park Row told to repay millions by FSA

by Kay Murchie
Leeds-based independent financial advice company, Park Row Associates, has failed to give suitable advice, according to the Financial Services Authority (FSA) and has therefore been ordered to pay compensation to customers. The City Watchdog has established that customers of Park Row Associates were at risk of receiving unsuitable advice about all of its financial products. Customers who bought products through ...

January 7, 2010

Sainsbury’s sees record Christmas performance

by Kay Murchie

November 25, 2009

Unfair bank charges - Supreme Court to decide today

by Kay Murchie
The ongoing legal battle between seven high street banks and one building society could reach a conclusion today. The Supreme Court will decide whether the Office of Fair Trading (OFT) has the power to assess whether or not bank charges are fair. The case, which has been ongoing for more than two years, could see banks refund millions of pounds ...

November 10, 2009

Special mortgage rates for Abbey current account holders

by Gill Montia
Abbey and Alliance & Leicester are offering preferential mortgage rates to some existing customers. The lenders, both part of the Santander group, are enticing current account holders who have been with the banks for six months or more with new deals available in branch or on the telephone. The range includes fee-free tracker and fixed-rate home loans, plus an offset mortgage, ...

September 10, 2009

Morrisons market share rises, profits up

by Kay Murchie
Supermarket giant, Morrisons, has announced a 22% rise underlying pre-tax profits to £359 million in the six months to August 2, up from £259 million last year. The UK's fourth largest supermarket chain said it is benefiting during the economic downturn as new customers are attracted by its prices. According to the chain, it has attracted more than one million new customers ...

August 6, 2009

Virgin loses almost 10,000 customers a month

by Kay Murchie
During the second quarter of the year, cable giant Virgin Media lost 27,000 customers, research has unveiled. However, the majority of these customers were low-value buyers of prepaid mobile services and commodity broadband. The company also highlighted that it had pushed the average customer’s spend to a record high with the average revenue per user rising from £41.68 to £43.27 a ...

August 3, 2009

Tesco gives away Clubcard points with savings account

by David Masters
Tesco gives away Clubcard points with savings account
Savers looking to stash away their cash at Tesco can secure themselves up to £15 of vouchers. Consumers opening a Tesco Instant Access Savings Account this month will be rewarded with up to 1,500 Clubcard points, equivalent to £15 of in-store vouchers, the supermarket bank said. Accounts with a balance of at least £1 on 7 October will earn 250 points, ...

July 6, 2009

Northern Rock offers mortgages to existing customers

by Gill Montia
Northern Rock is once again offering mortgages to existing customers. The move follows a gap of well over a year during which period borrowers coming off fixed deals either reverted to the Rock's standard variable rate or were forced to go elsewhere. The nationalised lender is strictly interested in retaining its best customers and only those with at least 25% equity in ...

June 28, 2009

Which? names Co-operative Bank Best Financial Services Provider

by Kay Murchie
The Which? Awards, which names 'the best of the best' in products and services, has named the Co-operative Bank as the Best Financial Services Provider. The bank has been performing well amid the recession and its customer numbers have increased significantly in recent years because of its ethical investment policy. Since 1992, the bank’s commercial lending has grown from £571 million ...

June 11, 2009

West Bromwich BS in rescue plan

by Kay Murchie
It is understood that the West Bromwich Building Society is to be rescued within days after weeks of speculation about its future. However, savers and mortgage borrowers have been assured that it’s business as usual since the rescue will not affect customers. There were talks last month that the country's eighth largest building society was in rescue talks after it was reported that ...

May 13, 2009

Sainsbury’s reports 11.3% rise in profits

by Kay Murchie

April 30, 2009

BSkyB bucks downturn with introduction of HD

by Peter Charalambous
BSkyB has reported a 7 percent increase in adjusted revenues for the last 9 months with adjusted operating profit increasing by 13 percent to £589m, as the company added a further 80,000 new customers in the first quarter of this year and 243,000 customers opted for the Sky+HD package. Despite the company saying that the developments are in line with forecasts, ...

November 30, 2008

Unfair lenders face FSA wrath

by Gill Montia
Unfair lenders face FSA wrath
The Financial Services Authority (FSA) is threatening to fine banks and building societies that are heavy handed with homeowners who fall into arrears with mortgage repayments. The regulator has written to the chief executives of mortgage lenders, giving them until 31st January to review their policies. The FSA's managing director of retail, Jon Pain, explains that conditions in the UK mortgage market ...

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