A recent report by uSwitch.com, the price comparison website, suggests that a large number of consumers who pay off their credit card debts at the minimum rate could take 30 years to clear the loan. According to uSwitch, the average credit card provider requires a minimum monthly repayment of 2.65% of the total balance. Around [...]
The recently published minutes of the July meeting of the Monetary Policy Committee (MPC) show signs of a rift between policymakers at the Bank of England, who are disagreeing about the economic outlook for the UK. The MPC voted six to three in favour of the July rise in the base rate, from 5.5% to [...]
A growing number of UK holiday makers are becoming victims of credit card fraud, according to APACS, the payments services body. Levels of credit card fraud have fallen to their lowest levels in the UK for three years, largely because of chip and PIN technology. In the UK, the amount of money lost to card [...]
Leading economists are expecting the cost of borrowing to increase by a quarter of a per cent in August. If predictions are correct, it will be the sixth rise since August 2006, and will and take the Bank of England’s base rate from 5.75% to 6%, its highest level since February 2001. Latest figures show [...]
The Financial Services Authority (FSA) has published new guidance on the fair treatment of customers by providers and distributors of products and services. The Guidance has been developed from the FSA’s Treating Customers Fairly initiative and is based on the regulator’s view that a customer should receive the same fair treatment regardless of whether their [...]
MoneyExpert, the price comparison website, has published research showing that UK credit card holders have been charged around £50 million in the last six months, in addition to interest payments. The fees have been charged as a result of missed credit card payments; approximately 4.1 million payments were either missed completely or paid late during [...]
The Financial Services Authority (FSA) has appointed a new chief executive who will replace John Tiner, in late July. The new regulator, Hector Sants, is currently Managing Director, Wholesale and Institutional Markets at the FSA. As such he has responsibility for all regulated markets, the operation of the UK Listing rules and regulation of firms [...]
Halifax will be the first UK bank to make use of Experian’s new Unclaimed Assets Register, which can help to locate the holders of dormant accounts. Earlier this year members of the HBOS group including Halifax, Bank of Scotland and Birmingham Midshires, announced that they would be making renewed efforts to trace customers with accounts [...]
In the latter part of last week, Abbey experienced some difficulties with its online banking, which meant that some of its account holders logged on to see details relating to other customers. Site users were shown their own name but with the account details of an entirely different customer. Some reported that they could see [...]
APACS, the UK trade association for payments and for those delivering payment services to customers, is not able to meet its deadline to introduce a new faster payments system for money transferred via the Internet and by telephone. The new system, which will provide for same-day transfers, should be operational by the end of this [...]
Following the Chancellor of the Exchequer’s recent pledge to encourage the provision of long-term fixed-rate mortgages, Nationwide has relaunched its 25-year fixed-rate mortgage. The relaunch aims to provide a mixture of stability and flexibility for borrowers who will be able to fix their interest rate at 6.39% for the full 25-year term. Currently short-term fixed-rate [...]
The Association of Consulting Actuaries (ACA) has issued a report stating that at least eight out of 10 final salary pension schemes have closed to new joiners. In addition, the number of schemes which are closed to contributions from members has increased 40%, since 2005. Employers are closing the schemes because they are regarded as [...]
The Ethical Investment Research Service (EIRS) is advising consumers to take care in assessing the details of the various eco-friendly financial products available. Stephen Hine, head of international relations at the EIRS believes that consumers need to ensure that they have found a bona fide package and not one that is simply cashing in on [...]
A member of the Bank of England’s Monetary Policy Committee (MPC) has made a speech which could indicate that interest rates will rise again in the near future. Andrew Sentance, a leading member of the MPC and former chief economist to British Airways, has spoken of strong global demand putting upward pressure on a wide [...]
NatWest is supporting new businesses with the launch of its Start-Up service which promises entrepreneurs free banking for two years, plus support from a network of over 1,700 locally based business managers, who will be advising clients face-to-face. The offer is aimed at businesses that have begun trading within the last 12 months and the [...]
According to research undertaken by Tesco Savings, millions of UK savers are experiencing a decline in confidence as a result of recent interest rate rises not having been passed on to savers. Of those questioned in the Tesco survey, less than 30% reported an increase in rates on their savings accounts since the Bank of [...]
Lloyds TSB has published its Corporate Markets Barometer, which indicates that in June businesses in the UK were less confident about their trading prospects than at any time since February 2006. The number of companies expecting their level of business activity to increase (rather than decrease) over the next 12 months fell 16% to 45%, [...]
