The FSA’s report into lending, due to be published next week, is expected to include proposals to help home owners in negative equity. The Council of Mortgage Lenders estimates that one in 12 homeowners are in negative equity, with their home now worth less than the price they paid for it, making it impossible for [...]
The Financial Services Authority has released its report into the near collapse of the Royal Bank of Scotland in 2008. The report finds that a combination of poor management decisions, inadequate monitoring by the FSA and the global systemic banking crisis, contributed to the bank’s failure. It highlights a number of key factors which led [...]
Customers who were mis-sold payment protection insurance (PPI) are liable for tax on the compensation they receive. The Financial Services Authority awarded compensation to PPI customers who had been mis-sold policies, plus 8 per cent interest on the money they originally spent on the policy. This interest is subject to tax it has been revealed, [...]
Figures from the Financial Services Authority (FSA) have revealed that the three most complained about British banks are Barclays, Lloyds and Santander. According to the FSA, Barclays received more than a quarter of a million complaints in the first half of 2011. Lloyds received 181,907 complaints in the six month period, while Santander had 168,888 [...]
Bank of Scotland, which is part of the Lloyds Banking Group, has been fined £3.5 million by the Financial Services Authority (FSA). The matter arose after the Financial Ombudsman Service received appeals from investors who said their complaints had been rejected wrongly. As a result, the bank has been ordered to pay customers around £17 [...]
UK banks are set to lose billions following a High Court ruling over Payment Protection Insurance (PPI). The controversial insurance has been a hot topic for sometime now and the Financial Services Authority introduced a review of the insurance after millions of policies were mis-sold and thousands of complaints were received. Under a PPI policy, [...]
The Financial Services Authority (FSA) has today announced that it has fined the Norwich and Peterborough Building Society (N&P) £1.4 million for giving unsuitable advice on its Keydata products. The Watchdog said the group failed to properly assess the financial circumstances of many of its customers and often designated them as having a higher tolerance [...]
The Government has today announced the four external members of the new Financial Policy Committee (FPC). The FPC, which was first unveiled by Chancellor George Osborne last June, has been established to regulate financial services and markets. The idea behind the FPC follows the Government’s criticism of the Financial Services Authority (FSA) for not doing [...]
Following a review, City watchdog the Financial Services Authority (FSA) has announced financial advisers must hold accreditation if they want to provide independent or restricted advice from the start of 2013. The FSA said retail investment advisers will need to possess a Statement of Professional Standing (SPS) if they want to give independent or restricted [...]
Banking giant Barclays has received a fine of £7.7 million – imposed by the Financial Services Authority (FSA) over poor investment advice. The City Watchdog has also ordered the bank to compensate up to £60 million to customers of two investment funds. The bank has apologised for the failures and said it will “put things [...]
The Royal Bank of Scotland (RBS) and its NatWest subsidiary have been fined by the Financial Services Authority (FSA) for “multiple failings”. The fine of £2.8 million was imposed because there was an “unacceptably high risk that customers may not have been treated fairly” due to not handling customers routine complaints in a proper manner. [...]
The Financial Services Compensation Scheme (FSCS), the body established to compensate victims of banking failures, will now reimburse up to £85,000 per saver if a bank collapses, up from the £50,000 limit previously agreed. It is hoped the new limit, which is paid for by the UK financial services industry, will avert customer panic if [...]
Figures show that UK watchdog, the Financial Services Authority (FSA), has stepped up its fines this year after imposing a record £89 million in 2010, compared with £35 million in 2009. However, fines in the UK are still significantly lower than those imposed in the US, which usually exceed the $500 million mark. This year [...]
The Financial Services Authority (FSA) is set to publish a report on the near collapse of Royal Bank of Scotland (RBS) following an investigation into the bank. The report, to be published by the end of March, comes after the bank had to be bailed out at the height of the financial crisis in autumn [...]
A “mortgage famine” could be on the way, according to lenders and housebuilders, that’s if new proposals to prevent reckless borrowing are implemented. The Financial Services Authority (FSA) has outlined plans to encourage responsible lending, which could mean even more buyers are locked out of the market. The FSA has already proposed affordability tests for [...]
The Council of Mortgage Lenders (CML) has today warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, could mean even more buyers are locked out of the market. City Watchdog, the FSA, has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already [...]
Tesco may have to delay its entrance into the UK mortgage market because the Financial Services Authority (FSA) is still mulling over its application for regulatory approval. According to reports, the FSA’s more stringent approach to mortgage lenders is likely to mean that the Tesco home loan will not be available this year, as planned. [...]
Banking giant Lloyds has received the highest number of complaints in the first half of 2010 with 288,717 gripes. Figures from City regulator, the Financial Services Authority (FSA), said Barclays and Santander were second and third in the complaints league, with 250,667 and 244,978 complaints respectively. The Royal Bank of Scotland (RBS), which like Lloyds [...]
The Council of Mortgage Lenders (CML) has warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, will cause house price falls. The City Watchdog has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already proposed affordability tests for all mortgages to ensure [...]
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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