Women becoming savvier savers in 2010
by Richard Kilner
Story link: Women becoming savvier savers in 2010
Research commissioned by The Co-operative Bank reveals that three in four women will not embark upon impulse buying this year.
The findings also show that three in five women intend to spend less on clothing in 2010 and four in ten less on fashion accessories and eating out.
The continuing difficulties of the economy, which scraped out [...]
CFS reports strong first half banking sales
by Gill Montia
Story link: CFS reports strong first half banking sales
Co-operative Financial Services (CFS), now merged with Britannia Building Society, has reported pre-tax profit of £81.4 million for the 28 weeks to the 25th July, up from £73.4 million in the same period of 2008.
The £8 million increase represents a gain of 11% although profit from the group’s banking activities dipped to £41.7 million, compared [...]
Co-operative Bank reveals housing optimism
by Richard Kilner
Story link: Co-operative Bank reveals housing optimism
The Co-operative Bank has released research findings which suggest a further strengthening in the UK housing market.
Of those asked 35% of sellers would be unwilling to lower the asking price to would-be buyers hoping to acquire a bargain.
However, only 12% of buyers indicated they would be prepared to pay the full asking price for a [...]
Co-op and Britannia re-emerge as super mutual
by Gill Montia
Story link: Co-op and Britannia re-emerge as super mutual
Co-operative Financial Services (CFS) has completed its merger with Britannia building society to create a super mutual with assets of over £70 billion.
According to the parties, the move also delivers a “trusted and ethical alternative to shareholder-owned banks”.
The new business combines Britannia’s high street presence and savings and mortgage expertise with the banking, insurance and [...]
Profit up 70% at Co-operative Bank
by Gill Montia
Story link: Profit up 70% at Co-operative Bank
Co-operative Financial Services (CFS) has reported that its banking division posted a 70% rise in underlying profit in 2008.
Underlying earnings increased to £85.6 million in the year to 10th January, up from £50.4 million in the previous twelve months.
CFS accounted for the impressive result by referring to its “cautious and responsible” approach to business.
This, [...]
Encouraging trading up date from Co-op Bank
by Gill Montia
Story link: Encouraging trading up date from Co-op Bank
The Co-operative Bank has issued a trading update in which it reveals that profit for the second half of 2008 has continued to rise, despite difficult market conditions.
Compared with the same period of 2007, income has increased while costs and bad debt charges have declined.
The bank makes mention of investment writedowns at its wholesale business [...]
Co-op and Henderson sponsor National Ethical Investment Week
by Gill Montia
Story link: Co-op and Henderson sponsor National Ethical Investment Week
Co-operative Financial Services (CFS), Henderson Global Investors and CCLA have joined forces to sponsor the UK’s second National Ethical Investment Week (NEIW).
The event, which is organised by sustainable investment and finance association, UKSIF, will be held between 8th and 14th November and the NEIW website gives full details of participation.
Last year’s NEIW attracted over 100 [...]
Abbey Zero credit card best product of the year
by Gill Montia
Story link: Abbey Zero credit card best product of the year
Abbey’s Zero credit card has been named Best New Credit Card Product of the Year at the annual Cards Awards ceremony.
Cardholder benefits include: 0% on balance transfers for the first six months; 0% on purchases for the first six months; 0% balance transfer fee (typically 3%); 0% fee on cash withdrawals (typically 3%); 0% fee [...]
Co-op bank forges ahead on ethical stance
by Gill Montia
Story link: Co-op bank forges ahead on ethical stance
Ethical principles have cost the Co-operative Bank a potential £1 billion in lost business over the past 15 years.
However, clients turned away because of practices the bank considers to be unethical have been replaced by a flood of individual savers, with deposits increasing by 40% between 2007 and 2008.
In addition, the banking crisis and the [...]
Competition Commission ban PPI sales alongside credit agreements
by Gill Montia
Story link: Competition Commission ban PPI sales alongside credit agreements
The Competition Commission has announced a ban on the sale of Payment Protection Insurance (PPI) during the sale of a credit product, and for a period of seven days thereafter.
However, consumers initiating contact with their loan providers after 24 hours will be able to buy the cover and lenders can still sell PPI to their [...]
Britannia and Co-op to merge
by Gill Montia
Story link: Britannia and Co-op to merge
The Britannia Building Society is pushing ahead with plans to merge with Co-operative Financial Services (CFS) which operates the Co-op’s insurance and banking arms, including Internet bank, Smile.
The mutuals first discussed the idea in October of last year but cannot complete a merger until the passing of the Butterfill Bill which will remove legislation [...]
Banks drop single premium PPI
by Gill Montia
Story link: Banks drop single premium PPI
Leading High Street banks have finally conceded to pressure over the sale of payment protection insurance (PPI) and will cease selling single premium PPI with their unsecured personal loans at the end of this month.
Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest will henceforth offer regular premium PPI instead.
Controversy over PPI sales [...]
UK credit unions launch current accounts
by Gill Montia
Story link: UK credit unions launch current accounts
The Association of British Credit Unions (ABCUL) has reported that seven of its members have launched current accounts.
Tower Hamlets, Shropshire-based Just, South Tyneside, Llandudno, Lewisham, Hartlepool and Newry are now providing the facility, bringing the total number of UK credit unions offering current accounts to 18.
The move has the support of the Department [...]
Britannia and Co-op snuggle up
by Gill Montia
Story link: Britannia and Co-op snuggle up
Britannia, the UK’s second-largest building society, is reported to be in merger talks with Co-operative Financial Services (CFS), which operates the group’s insurance and banking arms, including Internet bank, Smile.
Both the Times and Telegraph have reported that the parties could create a “super-mutual” that would be one of the largest financial services groups in [...]
Co-op launches lifestyle choice current accounts
by Gill Montia
Story link: Co-op launches lifestyle choice current accounts
The Co-operative Bank has launched two current accounts that allow customers to choose benefits to suit their lifestyles.
According to the bank, the new Privilege and Privilege Premier accounts are the first of their kind in the UK, providing a wide range of benefits that can save customers over £700 a year.
In addition to standard benefits [...]
Co-op Bank posts pofit rise while topping satisfaction tables
by Gill Montia
Story link: Co-op Bank posts pofit rise while topping satisfaction tables
The Co-operative Bank posted pre-tax profit of £46.2 million for the 28 weeks to 26 July, up from £45.5 million pounds in the same period of 2007.
The accounts included writedowns of £25 million in relation to market volatility and the bank’s structured investments.
Both bad debt and operating costs fell during the six months although bad [...]
Co-operative Bank’s platinum card undergoes relaunch with new competitive rate
by Richard Kilner
Story link: Co-operative Bank’s platinum card undergoes relaunch with new competitive rate
The Co-operative Bank’s unique fixed rate platinum credit card has been relaunched.
The card now has a competitive five year fixed rate of 9.9% APR, and offers up to 46 days of interest free credit.
No annual fee will be charged for the card, which allows 90 free days to acquire protection insurance and provides £100,000 travel [...]
Co-operative Bank’s ethical card has lowest rates
by Richard Kilner
Story link: Co-operative Bank’s ethical card has lowest rates
The think credit card’s rate is being reduced to 12.9% APR typical variable by the Co-operative Bank, effective from 1 April this year.
The rate reduction is designed to enable more consumers to benefit from the ethical think credit card offered by the bank, as its rate is now the lowest in the ethical credit card [...]
Co-op Financial Services posts 6% profit rise
by Gill Montia
Story link: Co-op Financial Services posts 6% profit rise
Co-operative Financial Services (CFS), which owns the Co-op Bank, has reported a 6% increase in pre-tax profit for 2007, to £155 million.
The result reflects a loss of £31.8 million by Co-op Bank, which has been forced to write down half of its £63 million investment in structured investment vehicles (SIVs) managed by Citigroup, HSBC and [...]
Co-operative Bank has something to Smile about
by Gill Montia
Story link: Co-operative Bank has something to Smile about
In a recent survey carried out by Watchdog, the BBC’s consumer affair programme, the Co-operative Bank and its online subsidiary, Smile, took third and second place respectively.
Over 13,000 viewers were asked to rate the current account and customer service standards of 45 different banks and building societies.
Respondents to the survey then named the bank which [...]
