Banking News
Consumers should be heard, says Which?
As the Government announces the formation of the UK Financial Investments Limited, to look after taxpayers' interest in Government-backed banks, Which? Head of Campaigns, Louise Hanson says: "Consumers have been knocked left, right and centre by higher mortgage costs, more expensive banking and worries about the security of their savings.
New company to manage Government's shareholding in banks
Arrangements for managing the Government's shareholding in banks subscribing to its recapitalisation fund have been announced by Chancellor of the Exchequer, Alistair Darling.
Merger of Skipton and Scarborough Building Societies
The boards of Skipton Building Society and Scarborough Building Society have announced that they have agreed heads of terms for a merger. It is anticipated that the merger will be completed in the first quarter of next year.
CIFAS celebrates 20 years of fraud prevention
CIFAS - The UK's Fraud Prevention Service - has been preventing fraud for 20 years. Established in November 1988, CIFAS was formed by five retail credit providers.
Prevention rather than cure over Lloyds/HBOS competition fears
As Business Secretary Lord Mandelson clears the merger of Lloyds TSB and HBOS, Which? chief executive, Peter Vicary-Smith, says: "The normal competition regime isn't sufficient to deal with the super-bank that's being created, otherwise the OFT would not have asked for the merger to be referred to the Competition Commission.
Lloyds TSB launches microsite ahead of proposed HBOS acquisition
Lloyds TSB has announced the launch of its new microsite for customers - lloydstsb.com/hbosacquisition - giving them up-to-date information on the proposed acquisition of HBOS.
Parents worried children will get into debt
Parents and teachers are worried about the level of financial awareness children have, according to research from Nationwide.
Nationwide launches 3 year partnership with Citizens Advice
Nationwide Building Society has announced a three year partnership with the national charity Citizens Advice. The Society's £3 million investment will fund the recruitment and training of 1,300 volunteers over the next three years who will provide financial education training and advice on money matters across the UK.
Consumers seek financial advice as fears of recession loom
As the UK continues to feel the effects of the global financial crisis over 125,000 consumers have sought guidance from an independent financial adviser in the last three months, according to figures from Unbiased.co.uk, the find an Independent Financial Adviser search.
Fraud cases up by 15%
At the end of the third-quarter of 2008, data provided by the 270 Members of CIFAS - the UK's Fraud Prevention Service - shows that recorded fraud cases are up by 15%.
Banks put the squeeze on overdrafts
Interest charges on authorised overdrafts have climbed by an average 1.35 per cent since June this year as banks put the squeeze on borrowers, analysis from MoneyExpert.com shows.
Banks shore up finances at expense of customers
Since the Bank of England announced its 0.50% reduction in base rate, 38% on savings provider have now announced a cut in rates compared to 44% of mortgage lenders.
Bank charges appeal is piling on the misery for consumers
As the Court of Appeal prepares for the bank charges test case between the OFT and the UK's leading high street banks to recommence tomorrow (28 October), Which? chief executive, Peter Vicary-Smith, says:
Tesco launches credit card and loan comparison services
Tescocompare.com has announced the expansion of its non-insurance based comparison services with the launch of its credit card and unsecured personal loans comparison channels. The two new channels allow consumers to search without having to fill in their personal details.
Not checking credit file a costly error
The best mortgage and credit card deals have become more difficult to get, but by spending just £6 checking their credit files people could improve their chances and potentially make big savings, says a new report from Which?