Banking News

Hundreds of charities and community groups across the nation could soon be benefiting from a cash boost as the Yorkshire Building Society Charitable Foundation invites people to nominate good causes to share in its tenth anniversary charity give-away!

The global borrowing benchmark BBA LIBOR is to be strengthened by reinforcing the scrutiny of its contributor banks and expanding the membership of its governing body and its panels.

More than half of banking customers pay bank charges, research from FairInvestment.co.uk has revealed.

APACS, the UK payments association, has confirmed the start of the Faster Payments Service for standing order payments.

Citizens Advice, the charity which helps people resolve their legal, money and other problems by providing free information and advice, is working with National Debtline and Advice UK on a major project looking at people's experience of dealing with their own debt problems.

The Bank of England left interest rates on hold today. It is the second month in succession that the Monetary Policy Committee has chosen to sit on its hands.

Action to protect people whose financial difficulties may make them prey to ‘get out of debt free' promotions was welcomed by the British Bankers' Association.

The OFT is warning consumers to be careful before responding to unsolicited mailings which advise them to cancel existing individual voluntary arrangements (IVAs) and which suggest they opt for an alternative debt management solution such as bankruptcy instead.

Commenting on the Competition Commission's findings into PPI, Stuart Glendinning, managing director of price comparison site, moneysupermarket.com, said: "You reap what you sow.

It is important that customers do not find themselves short of valuable protection and so new proposals on the selling of Payment Protection Insurance (PPI) must be considered carefully, the British Bankers' Association (BBA) said today.

The Bank of England's Monetary Policy Committee today voted to maintain interest rates at 5.0%.

In response to the report from the Competition Commission on PPI (Payment Protection Insurance) the new Chairman of the Financial Services Consumer Panel, David Lipsey, a crossbench peer, said: "PPI, both products and sales, has been a source of inexcusable scandals for too long.

Commenting on publication of the Competition Commission's latest report on Payment Protection Insurance (PPI), Nick Starling, the ABI's Director of General Insurance and Health, said: "We acknowledge that there have been problems in the PPI market and we have done a lot to change that; these changes now need time to bed in.

Companies face little or no competition when selling Payment Protection Insurance (PPI) to their credit customers and as a result customers appear to be overcharged by over £1.4 billion a year, the Competition Commission (CC) has said in its provisional findings report into the sale of PPI in the UK.

Maxine Taylor, corporate affairs director at Nationwide Building Society, comments on the launch of the Financial Services Authority's new website, 'What About Money' which provides personal finance advice to young adults.