Consumer group Which? is calling for unfair overdraft charges to be stopped after finding that charges are too complicated and impossible to compare. Which? asked a number of volunteers to calculate how much an unauthorised overdraft would cost at RBS-NatWest, HSBC/First Direct, Lloyds, Barclays, Halifax, Nationwide and Santander. The volunteers, who included a maths PHD [...]
A leading financial regulator has blamed the ‘illusion’ of free banking for leading to some products being mis-sold. Andrew Bailey, director of banking services at the Financial Services Authority, said that “free-if-in-credit” current accounts have distorted the market. He said that ‘free banking’ means that “charges are levied inconsistently across products supplied by banks, with [...]
Santander has announced plans to charge customers up to £50 per month for using their unauthorised overdraft. The £5 per day charge, capped at a maximum of £50 in any one month, will apply to new current accounts opened from December. Customers who use their authorised overdraft will be charged 50p per day, up to [...]
Royal Bank of Scotland (RBS), which is 70% owned by the Government, has slashed its overdraft charges – ahead of the decision by the Supreme Court over whether or not the Office of Fair Trading (OFT) can regulate these charges. The changes, which come into effect on October 1, will also affect NatWest customers and [...]
Banks are under pressure to back down from their multi-million pound court appeal in favour of overdraft charges. The banks are currently appealing a High Court ruling from last April that allowed the Office of Fair Trading (OFT) to determine the fairness of bank charges. Some banks were known to charge customers up to £39 [...]
The Royal Bank of Scotland (RBS) has pledged to small and medium sized enterprises (SMEs) who are suffering as a result of the economic slump. Rising borrowing costs has had an affect on many firms and the new measures will see RBS freeze overdraft charges for its business customers for at least a year, commencing [...]
Consumers who are looking to reclaim unfair overdraft charges will now have to wait a further six months after the Financial Services Authority (FSA) announced today that it is extending the waiver that allows banks not to pay out on claims. The FSA explained that it was extending the suspension of its normal rules, which [...]
Last month saw the eight banks, who include Abbey, Barclays, Clydesdale, Halifax Bank of Scotland, HSBC, Lloyds TSB, RBS NatWest and Nationwide Building Society, lose the first stage of the legal battle against the unfair charges case. However, it has now emerged that Barclays is to cut its overdraft charges. According to the bank, it [...]
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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