Poor Administration Dogs Pension Providers
by Gill Montia
Story link: Poor Administration Dogs Pension Providers
The Pensions Advisory Service (TPAS) has published its 2006/07 annual report in which it highlights a substantial increase in the number of complaints received.
The service is an independent non-profit making organisation that provides information, advice and guidance across the whole spectrum of pensions. In all 6,821 complaints were made during the year, a 15% […]
Chinese Government Disciplines HSBC
by Gill Montia
Story link: Chinese Government Disciplines HSBC
The Chinese Government has taken steps to reprimand HSBC and Standard Charter, along with 27 other international and domestic banks.
The State Administration of Foreign Exchange (Safe) has disciplined 19 domestic and ten overseas banks because it believes they have been instrumental in allowing speculative foreign investors to enter China’s stock and property markets and […]
ID Theft Poorly Understood
by Gill Montia
Story link: ID Theft Poorly Understood
Capital One, the credit card provider, has published research carried out by YouGov, showing that over 42 million adults in the UK do not understand how to establish whether or not they have been a victim of identity theft. Whilst 99% of those surveyed were aware of the problem, only one in ten knew what […]
OFT Encourages Transparency in Credit Card Terms
by Gill Montia
Story link: OFT Encourages Transparency in Credit Card Terms
The Office of Fair Trading (OFT) wants to encourage credit card companies to be more transparent about their interest rate charges. Earlier this year Which?, the consumer group, asked the OFT to investigate the market after revealing that the top 20 providers charge interest in 12 different ways. In a survey of the market Which? […]
ATM Reaches 40th Birthday
by Gill Montia
Story link: ATM Reaches 40th Birthday
The cash machine was 40 years old on the 27th June. The first ATM appeared at Barclays’ Enfield branch and was described as a mini-bank, simply because customers could access their cash 24 hours a day, a great improvement on the restrictive opening times of banks during the 1960s.
The ATM was conceived by John Shepherd-Barron, […]
Abbey Launches 8% Current Account
by Gill Montia
Story link: Abbey Launches 8% Current Account
Abbey has put itself ahead of the market with the introduction of a current account that offers an eight percent rate of interest. The account will be available to new customers from July 2 and will pay eight percent credit interest on balances of up to £2,500, for one year only. This is conditional on […]
FSA Reviews Independent Financial Advice
by Gill Montia
Story link: FSA Reviews Independent Financial Advice
The Financial Services Authority (FSA) has plans to review the investment advice sector and take a look at its level of remuneration. The Authority is keen to improve the advice offered to consumers, particularly with regard to life and pensions products, and is considering rating advisers according to their qualifications and the level of advice […]
Base Rate Rise Essential to Prevent Downturn
by Gill Montia
Story link: Base Rate Rise Essential to Prevent Downturn
The deputy governor of the Bank of England, Sir John Gieve, has warned that interest rates need to rise in early July to ward off the prospect of an over inflated property marked and to slow the growth in borrowing for buyout and private equity takeovers.
Sir John believes that failure to act could endanger […]
Further Delays for Barclays’ ABN Takeover
by Gill Montia
Story link: Further Delays for Barclays’ ABN Takeover
Barclays’ proposed takeover of ABN Amro, the Dutch bank, may face further difficulties because uncertainty still exists over the sale of ABN’s US business, LaSalle. Despite the Dutch Advocate General’s ruling that the sale can go ahead without a shareholder vote, the actions of ABN’s board of directors could have been unlawful: it announced it […]
Strong Growth in Offset Mortgage Market
by Gill Montia
Story link: Strong Growth in Offset Mortgage Market
According to Yorkshire Bank, four million borrowers in the UK could collectively save over £29 billion if they switched their mortgage, savings and current accounts to an offset mortgage.
The bank has estimated that four million people run their finances through one bank or building society, which could mean that they lose an average of £11,000 […]
Barclaycard Heads Fool Credit Card Survey
by Gill Montia
Story link: Barclaycard Heads Fool Credit Card Survey
According to Fool.co.uk, the price comparison website, the single biggest influence on the consumer’s choice of credit card is the reputation of the credit card provider. Fool’s research suggests that for eight out of ten credit card users the reputation of their provider and the brand they project are of paramount importance. Surprisingly, balance transfer […]
Fixed-rate Mortgages Increasingly Expensive
by Gill Montia
Story link: Fixed-rate Mortgages Increasingly Expensive
Moneysupermarket is concerned that fixed-rate mortgage agreements are becoming increasingly expensive. A survey by the price comparison website has found that since the Bank of England increased the base rate in May, the top ten mortgage lenders have all increased the interest rates on their fixed-rate products. At the same time, some lenders have made […]
Co-op Reports Increase in Ethical Concerns
by Gill Montia
Story link: Co-op Reports Increase in Ethical Concerns
Co-operative Financial Services is convinced that UK consumer awareness of environmental issues is increasing, leading to a rise in demand for ethical financial products. The Co-operative Bank has produced research showing that eight in ten consumers would opt for an eco-friendly product, given the choice. In the main, people are trying to do their bit […]
Rising Household Bills Hit Spending Power
by Gill Montia
Story link: Rising Household Bills Hit Spending Power
Ernst & Young has published a survey showing that increased mortgage payments and living expenses are leaving households with a smaller proportion of income to spend on discretionary purchases than at any time since 2002.
Rises in household costs have been running ahead of wage inflation, leaving the average family in the UK with 22% of […]
Woolwich Launches Fix and Track Mortgage
by Gill Montia
Story link: Woolwich Launches Fix and Track Mortgage
The Woolwich has launched a new mortgage aimed at helping buy-to-let investors whose fixed-rate mortgages are coming to an end. The group’s fix and track mortgage offers a 5.99% fixed-rate for a period of a year. After 12 months the mortgage reverts to a tracker rate, which is 0.69% over the base rate; this applies […]
Barclays Hit by Bear Stearns Crisis
by Gill Montia
Story link: Barclays Hit by Bear Stearns Crisis
Barclays Capital, the investment banking division of Barclays Bank, is likely to sustain losses as a result of difficulties in the US mortgage market, having been a key lender in Bear Stearns, the hedge fund manager.
Barclays Capital has lent approximately $300 million to a fund which invested in bonds backed by the US sub-prime […]
Credit Card Fraud Effectively Decriminalised
by Gill Montia
Story link: Credit Card Fraud Effectively Decriminalised
Following the implementation of the recommendations of the Fraud Review, this April, instances of credit card fraud are now handled by banks, which have to decide whether or not to involve the police.
The new measures, which apply to England and Wales, have been the subject of a BBC Newsnight investigation which has revealed that […]
Fears of Buy-to-Let Investment Crisis
by Gill Montia
Story link: Fears of Buy-to-Let Investment Crisis
Leading City analysts are warning of an impending crisis in the buy-to-let housing market. Whilst a substantial number of people have seen very good returns from buy-to-let, a recession in the housing market could lead to many wanting to cash in their investments.
Historically, buy-to-let investors have put a large proportion of their wealth into their […]
Missed Loan Repayments Increasing
by Gill Montia
Story link: Missed Loan Repayments Increasing
MoneyExpert.com, the price comparison website, has issued a report suggesting that each day thousands of loans are going unpaid, as consumers struggle with recent Bank of England interest rate rises.
According to MoneyExpert, over 1.3 million repayments on personal loans have been missed over the last six months. The research points to the situation worsening […]
Appeal for ATMs to Issue £5 Notes
by Gill Montia
Story link: Appeal for ATMs to Issue £5 Notes
Whilst speaking at a Mansion House dinner for bankers and city luminaries, the Bank of England’s Governor, Mervyn King, has put pressure on banks to distribute £5 notes from ATMs. Across the UK the pale turquoise notes are frequently found creased and grimy with use and with their image of Elizabeth Fry, the 19th century […]
