At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected [...]
With immediate effect, motorists will be forced to declare if their car is off the road if they want to avoid buying insurance. The measures are part of the Government’s efforts to clamp down on uninsured motorists. In the past, drivers had to be caught driving with no insurance to be charged and prosecuted. From [...]
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 [...]
New legislation to be introduced in the Finance Bill 2011 will remove pension tax rules that currently mean members of defined contribution pension schemes are forced to buy an annuity by the age of 75. The new rules, which will take effect from 6th April 2011, allow the decision to be deferred indefinitely and also [...]
The Council of Mortgage Lenders (CML) is warning that new measures proposed by the Financial Services Authority (FSA) could result in the demise of the interest-only mortgage. The FSA is currently consulting with lenders and other interested parties on the future regulation of the UK mortgage market, and the CML claims that interest-only home loans [...]
Proposed new rules on mortgage lending from the Financial Services Authority (FSA) have received broad comment. The regulator claims that almost half of new mortgages approved between 2007 and the first quarter of 2010 were provided without verification of income. It therefore wants to impose affordability tests for all mortgages, making lenders ultimately responsible for [...]
The Financial Services Authority (FSA) has published new rules aimed at protecting vulnerable customers in arrears on their mortgages. From 30th June, homeowners in arrears must be treated fairly by lenders and the following key areas have been confirmed: Firms must not apply a monthly arrears charge where an agreement is already in place to [...]
Lone-parent campaign group Gingerbread has said new rules mean unemployed single parents are facing severe pressure to return to work by the Government. According to the charity, new regulations means almost 70,000 single parents with a child aged 10 to 16 will now receive jobseekers’ allowance instead of income support. Currently, single parents aged over [...]
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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