Banking News
BSA: UK interest rate cut
Commenting on the announcement today by the Bank of England to cut the Bank Rate by 100 basis points to 2%, Adrian Coles, Director-General of the BSA said: "Homeowners will welcome the MPC's decision to cut the Bank Rate by 100 basis points to 2%.
Loan companies hiking rates in defiance of Bank of England
MoneyExpert.com is urging loan companies to stop hiking rates on loans and to pass on the most recent base rate cuts.
FSA consults on liquidity rules
The Financial Services Authority (FSA) has today published a consultation paper (CP) which proposes a far-reaching overhaul of the liquidity requirements for banks, building societies and investment firms.
Bank of England cuts interest rates by 1%
The Bank of England's Monetary Policy Committee today voted to reduce interest rates by 1% to 2%.
RBS/NatWest plan to proactively refund overdraft fees
Commenting on the RBS/NatWest plan to proactively refund overdraft fees to customers if it loses the OFT court case, Kevin Mountford, head of banking at moneysupermarket.com, said: "On the face of it this is a noble gesture by RBS, however it should really be common practice for all banks if it's ruled they have treated their customers unfairly.
Bank accounts for prisoners have positive impact
A pioneering scheme, which enables offenders to open a Co-operative Bank account whilst in prison, appears to be having an impact on the rate of re-offending and should be replicated by other banks.
Stop hiding behind Libor, says Which?
As the Bank of England considers whether to make another cut to the base interest rate, Peter Vicary-Smith, Which? Chief Executive, says: "Banks have been having their cake and eating it for too long.
Brits risk ID theft on social networking sites
Britons are displaying an alarmingly lax attitude to security when it comes to posting sensitive personal information online.
London Scottish Bank goes into administration
On 30 November, the FSA determined that London Scottish Bank plc should be prevented from accepting further deposits as it no longer met the FSA's threshold conditions for authorisation. It was placed into administration later that evening by the Court on the application of its directors.
FSA move allows separate deposit protection limits
The Financial Services Authority (FSA) is introducing a rule change which will enable a building society which merges with another society to keep its separate compensation limit.
A nation in financial denial?
Nearly a quarter (24%) of Brits are in financial denial, admitting that when it comes to managing their personal finances, they would rather ignore them, don’t have enough time, find it too boring, or don’t know how to go about it, according to new research by bettermoneyskills.com.
Putting the ‘independent’ back into IFA
As the Financial Services Authority publishes its Retail Distribution Review, Which? personal finance campaigner, Dominic Lindley, says: "We need to put the ‘independent' back into IFA.
FSA seek to establish new level of consumer trust and confidence
The Financial Services Authority (FSA) has published its Retail Distribution Review (RDR) feedback statement outlining proposals to give more consumers confidence and trust in the retail investment market, at a time when consumers need real help and advice with their retirement and savings planning.
While fraudsters watched your PIN last night!
It is frequently said that it is better to give than it is to receive. But, unless you are careful, you could be giving fraudsters a lot more than you bargained for.
Lloyds TSB shareholders approve HBOS acquisition
Following the shareholder meeting in Glasgow, Lloyds TSB shareholders have approved the proposed acquisition of HBOS. In addition to the acquisition, shareholders voted on a number of resolutions, including the bank's capital raising plans and the Placing and Open Offer.