Banking News

Simeon Linstead, Head of Personal Finance at uSwitch.com, the independent price comparison and switching service, comments on the judgement today that the Office of Fair Trading (OFT) can apply consumer contract regulations to decide if bank overdraft charges are fair or not.

The High Court has confirmed the OFT's view that personal current account unarranged overdraft charges can be assessed for fairness.

Seven banks and one building society (the "Banks") are engaged in a High Court test case with the Office of Fair Trading ("OFT") to decide the legality of unauthorised overdraft charges.

Responding to the joint HM Treasury, FSA and Bank of England consultation paper on financial stability and depositor protection, the Investment Management Association (IMA) is calling for a £50,000 compensation limit for bank depositors in the interest of restoring confidence amongst the public and market.

The Financial Services Authority (FSA) is urging firms to change their attitude to data security and do more to help prevent their customers falling victim to identity fraud and other types of financial crime.

Heritable Bank, the UK incorporated bank established over 130 years ago, has switched the administration and back office processing of its current and new savings book to Newcastle Building Society in a planned strategic overhaul.

Members of Britannia Building Society have helped to raise more than £43,500 by voting at its Annual General Meeting (AGM).

Members of Skipton Building Society have again shown their support for the mutual as 20% (around 94,000 members) voted in its Annual General meeting yesterday.

March’s net mortgage lending weakened and all forms of mortgage approvals declined, according to figures from the British Bankers’ Association (BBA).

Coventry Building Society is delighted to announce that from 1 May, Macmillan Cancer Support has been chosen as its new ‘Charity of the Year'.

The Bank of England is today launching a scheme to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills.

James Caldwell, director at FairInvestment.co.uk comments on the Government's proposal to transfer mortgage-based assets into Government bonds: "At a time where the private sector is not prepared to put any liquidity into the market, the Government has stepped up to try and ease the crisis.

A good credit rating should be the must-have accessory of 2008 but it seems Brits are relying on their horoscopes to get them through instead.

Abbey has announced changes to its savings and mortgages range following the Bank of England's decision on base rate last week.

The feeling will be mutual in the West Midlands this year as Yorkshire Building plans to open two new branches.