Firms making even minor breaches of Financial Services Authority (FSA) rules could become liable to pay 100% redress to customers who suffer financial losses on an investment decision, whether or not the rulebook glitch resulted in faulty advice. The warning comes from Reynolds Porter Chamberlain (RPC), which claims that the FSA wants changes to the [...]
Royal Bank of Scotland (RBS) has launched RBS Maze, a multi-asset capital protected five-year note linked to equities, bonds, precious metals and commodities. The note has been designed to solve the asset allocation problem resulting from today’s troubled markets, on the basis that diversifying into multiple asset classes will provide return in bull, bear and [...]
The Co-operative Bank has launched a new Select Access Saver account, featuring a rate of 2.25% gross. All UK residents aged 16 and older are eligible, and a minimum deposit of £500 is required to open an account. The Co-operative Bank has designed the account to combine a high rate of interest with accessibility, as [...]
Halifax has surprised the savings market with the launch of the Halifax Savers Prize Draw. The scheme offers the chance of monthly cash prizes of £100 up to £100,000 to those with balances of £5,000 or more across a range of accounts offered by bank. The inaugural prize draw will take place in December, when [...]
July figures from the Investment Management Association (IMA) make uncomfortable reading, with net retail fund sales falling to their lowest level since October 2008. UK domiciled funds recorded sales of £936 million, compared with a previous 12 month average of £2.3 billion, and net ISA sales were at their lowest since February 2009, with a [...]
This week Nationwide Building Society launched a new online savings account, MySave Online, designed to complement the firm’s present MySave Online Plus account. MySave Online is a variable rate account paying 1.51% AER* (1.50% gross p.a.) on balances exceeding £1, and enables customers to make one free withdrawal per month. More than one monthly withdrawal [...]
The UK and Switzerland have agreed a deal whereby Swiss authorities will tax money and investments held by UK residents with Swiss banks, without revealing account details. HM Revenue & Customs expects to receive billions of pounds a year as a result of the agreement, starting with an upfront payment of SFr 500 million. Initially, [...]
Household finances deteriorated for almost 40% of UK households in August, according to the latest Markit Household Finance Index, with the rate of deterioration faster than at the height of the recession, in early 2009. Almost 34% of households reported a drop in their savings, compared to just 9% reporting an increase, signalling the steepest [...]
The average length of time a fixed-rate bond stays on the market has fallen to just 37 days, the lowest period since December 2008. Research from Moneyfacts.co.uk shows that since March 2009, when the base rate hit its all-time low of 0.5%, new bond offers typically spanned over 100 days, peaking at 133 days in [...]
Young savers are getting a raw deal from banks and building societies, claims Which? Money, having calculated the average rate for a children’s easy access savings account at just 1.01%. The consumer group found that half of easy access children’s savings accounts pay 1% AER or less, with First Trust Bank’s Junior Saver account offering [...]
New research from the Halifax has revealed that children in Harpenden have the highest savings in the country, with an average of £3,046 compared to the national average of just £1,296. Greater London dominates the top 10 towns for children’s savings, with eight of the top 10 spots located in the capital city. Only top-placed [...]
The Co-operative Bank has conducted research which reveals that four out of five Britons are worried about their finances. Personal debt and utility/energy bill price hikes are equal top of the list, with 21% of people concerned about them (each). The rising prices of fuel and food are also major concerns (15% and 11% respectively), [...]
HSBC and other depositories have agreed with the Financial Services Authority (FSA) to set up a £54 million package for investors in the CF Arch cru Investment Funds and the CF Arch cru Diversified Funds. Dealings in the funds were suspended on 13th March 2009 on grounds of insufficient liquidity and agreement has now been [...]
A new venture aimed at UK savers and mortgage borrowers is to be launched with the backing of US private equity firm, JC Flowers. According to reports, Castle Street will offer savings accounts with returns linked to UK house price inflation, alongside a mortgage range that allows depositors to borrow money without making monthly repayments. [...]
Scottish Widows has called for greater financial education in the workplace, in a bid to help close the savings gap. Significant workplace pension changes are already due in 2012, with the introduction of NEST and auto-enrolment, and Scottish Widows has called for a greater emphasis on workplace savings. John Taylor, Market Director for Pensions, has [...]
The Financial Services Authority (FSA) has secured a court order placing Southsea Mortgage and Investment Company into the Bank Insolvency Procedure. BDO LLP has been appointed as liquidator. According to the FSA, Southsea was a small bank with a portfolio of lending funding housing developments in the local area. Eligible depositors with balances up to [...]
UK savers are losing more than £36 billion a year as inflation erodes any interest earned on their savings and current accounts, according to new research from chartered accountants, UHY Hacker Young. Low interest rates combined with Retail Price Inflation at 5.2% means that the nation’s savings are gradually declining in value, with even traditionally [...]
The Co-operative Bank has announced that it has launched a pair of new accounts, in partnership with Chelsea Football Club. The Bank’s Current Account Plus has been created for Chelsea supporters and includes a fee-free overdraft, with no monthly subscription charge. Fans taking advantage of the account will also benefit from a gift card that [...]
