Unions have agreed to proposed changes to the Local Government Pension Scheme (LGPS), ending a long-running dispute with the government over the reforms. Members of Unison and Unite, two of the UK’s largest unions, voted in support of the reforms, with 84 per cent of Unite members voting to accept the changes and 90 per [...]
Talks over public sector pensions have now ended with the government producing a final set of proposals. While the Treasury said the talks were constructive, unions claim that ‘serious matters’ have been left unresolved, leading to the threat of further industrial action. The proposed changes to health, education and civil service pensions are designed to [...]
An independent pensions consultant claims that the government’s proposed reforms to public sector pensions will result in no cost savings whatsoever. John Ralfe says that the savings which will be made by increasing the public sector pension age to 67 will be cancelled out by the faster build up of pensions in the new schemes. [...]
Unions claim that the government is trying to mislead the public in order to gain support for its proposed changes to public sector pensions. Chief Secretary to the Treasury, Danny Alexander, said that the pension proposals could lead to some public sector staff receiving a higher pension than under the existing scheme. However, Unite’s assistant [...]
The total number of customer complaints about UK banks has soared, but many of the complaints relate to payment protection insurance (PPI) mis-selling. When PPI-related complaints are stripped out, many banks received fewer complaints in the first half of this year. Part state-owned banks Lloyds and RBS received 146 per cent and 128 per cent [...]
Ulster Bank announces compensation for IT errors
Ulster Bank has revealed details of a scheme to compensate customers who were left out-of-pocket following a major IT failure earlier this summer. The problem started on 19 June following a software update by parent company Royal Bank of Scotland which left thousands of customers without access to their accounts. Transactions were disrupted for NatWest [...]
House prices increased in August says Nationwide
House prices have made their biggest jump since January 2010, Nationwide Building Society reports. Despite the recession, the price of the average house in the UK increased to £164,729 in August, just 0.7 per cent lower than a year ago. However, with mortgage approvals at low levels, the building society warned against reading too much [...]
Building Society lending increased in July
Building Society lending is increasing as mutuals attract customers from high street banks. Lending from building societies increased to £3.1 billion last month, a 14 per cent increase from June, according to the Building Societies Association. Building Societies gained a 24 per cent market share of gross lending in July, an increase of 17 per [...]
Automatic insurance renewal costs motorists £3 billion
Automatic car insurance renewals are causing British drivers to be collectively out-of-pocket by £3.1 billion a year. Price comparison site MoneySupermarket.com claims that the 8 million drivers who remain with their existing insurer could save £404 each if they shopped around. More than one in five UK car owners automatically renew their motor insurance, according [...]
Couples unable to afford family homes
The state of the housing market is causing many couples to put off having children according to housing charity Shelter. A YouGov survey commissioned by the charity found that 20 per cent of childless couples between the ages of 31 and 44 are putting off starting a family because of high housing costs. Many couples [...]
Brits would trust retailers to provide current accounts
Consumers’ trust in UK banks has fallen to the extent that millions would trust high-street retailers with their current accounts, according to a poll by comparison site Uswitch.com. Public confidence in banks has been eroded by recent scandals, including Libor rate-fixing and the mis-selling of financial products, as well as by IT failures. In its [...]
Mastercard in contactless payment technology partnership
Mastercard has entered into a partnership with mobile network provider Everything Everywhere which is designed to boost the uptake of contactless payment technology in the OK. Under the five-year deal, MasterCard customers will be offered a range of new payment technologies, including a near field communication (NFC) service allowing them to make payments simply with [...]
Mortgages more affordable for new borrowers
Although mortgages are at their most affordable for 15 years, approvals are at an all-time low. A new report from the Halifax reveals that payments on mortgage loans now account for around a quarter of take-home pay, due to record low interest rates of 0.5 per cent and weak house prices in many areas. The [...]
Unions vote to accept public sector pension changes
Unions have agreed to proposed changes to the Local Government Pension Scheme (LGPS), ending a long-running dispute with the government over the reforms. Members of Unison and Unite, two of the UK’s largest unions, voted in support of the reforms, with 84 per cent of Unite members voting to accept the changes and 90 per [...]
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