Banking News

Faster internet and phone payment service on track

To coincide with today's (Monday 12 February 2007) publication of the OFT's final Payment Systems Task Force Report, the UK banking industry today confirms that they are on track to introduce the new faster payments system, agreed with the Task Force, by November 2007. They also announced that there are thirteen founding members of the new system.

British pensioners living abroad could be wasting millions

British citizens living abroad could be wasting over £300 million a year when simply claiming their state pensions, due to unnecessary bank charges and fluctuating exchange rates, according to HIFX, the foreign exchange broker.

Britannia members share £51million

900,000 members of Britannia Building Society will share more than £51 million in the coming weeks thanks to its unique profit-sharing scheme.

MasterCard and GSMA to pilot international mobile money transfer program

MasterCard Worldwide and the GSM Association (GSMA) have announced their joint intention to pilot a program to simplify international person-to-person money transfer.

Annual society appeal raises £90,000!

Yorkshire Building Society Charitable Foundation is delighted to announce the results of its recent fundraising appeal, with a £90,000 donation to CLIC Sargent, the UK’s leading children’s cancer charity.

Chelsea acquires Britannia Capital Securities

Chelsea Building Society, the UK’s 6th largest building society today announces that it has acquired Britannia Capital Securities LLP, an independent firm of secured loan and mortgage brokers, based in Swindon.

HBOS acquires additional 5% in Sainsbury's Bank

HBOS announces that it has bought an additional five per cent of the shareholding in Sainsbury’s Bank for £21 million from J Sainsbury plc.

Bank of England maintains interest rates at 5.25%

The Bank of England’s Monetary Policy Committee today voted to maintain interest rates at 5.25%.

Lloyds TSB comments in advance of base rate decision

Commenting in advance of tomorrow's base rate decision by the Bank of England Monetary Policy Committee (MPC), Trevor Williams, chief economist, Lloyds TSB Corporate Markets said:

Bank rate rise hangs in balance

Quarterly inflation report and Consumer Price Index (CPI) hold key to rise or freeze. Ray Boulger, senior technical manager of John Charcol comments:

Groundhog day?

Today is ‘Groundhog Day’, a traditional festival celebrated in the US Canada immortalized by Bill Murray in the film of the same name, in which he relives the same day again and again. John Kelly, Head of Client Investment at Abbey wonders if we are reliving some of the economic conditions of 1990.

Citizens advice response to insolvency figures

Senior debt policy officer Sue Edwards said: “These figures are not surprising to us as last year (2005/06), bankruptcy accounted for 65,000 of the debt problems handled by CAB advisers. Our bureau network also dealt with an estimated 7,000 enquiries concerning IVAs.