Banking News
Access to financial advice now urgent as well as important
AEGON UK chief executive, Otto Thoresen, has called for the government to make wider access to professional financial advice part of its policy response to the current economic crisis.
Goldman Sachs and Morgan Stanley conversion
Commenting on the conversion of Goldman Sachs and Morgan Stanley from investment banks into retail banks, Kevin Mountford, head of banking at moneysupermarket.com, said: "This move by Goldman Sachs and Morgan Stanley reinforces the fact that retail savings are now king.
Mum knows best in the credit crunch?
At a time when it is arguably more important than ever to make sure your finances are ship-shape, 21% of people would prefer to seek money advice from their parents or family members than from a financial adviser - according to a survey by Norwich and Peterborough Building Society (N&P).
"Gordon Brown effect" hits borrowers
Gordon Brown's Premiership has seen consumers hit hard with people paying more for credit cards, loans and mortgages and getting less for their savings since the Prime Minister stepped into no.10 Downing Street, according to MoneyExpert.com.
AMI welcomes extension of Special Liquidity Scheme
The Association of Mortgage Intermediaries (AMI) comments on the extension, until the end of January, of the Bank of England's Special Liquidity Scheme (SLS).
Consumer choice to suffer from HBOS Lloyds TSB merger
Andrew Hagger of Moneynet.co.uk comments on what the Lloyds TSB takeover of HBOS will mean for consumers.
Financial markets are experiencing momentous events
Comment from the Council of Mortgage Lenders (CML): Where as in the US the authorities have intervened decisively and directly in rescuing institutions, in the UK the private sector has grappled to find solutions.
Lloyds TSB and HBOS merger
Commenting on the merger of Lloyds TSB and HBOS, Kevin Mountford, head of banking at moneysupermarket.com, said: "This opportunistic high-brow marriage of HBOS and Lloyds TSB that has been waved through by the Government will lose us valuable choice and competition on the high street and consumers will be the poorer for it.
Lloyds TSB announces HBOS takeover
Lloyds TSB and HBOS announce that they have reached agreement on the terms of a recommended acquisition by Lloyds TSB of HBOS.
FSA statement on Lloyds TSB and HBOS merger
As previously stated, the FSA is satisfied that HBOS is a well-capitalised bank that continues to fund its business in a satisfactory way.
Kublax revolutionises personal money management
Kublax has launched a revolutionary new online service - free of charge - to give Britons an unprecedented ability to see and understand their full financial picture quickly, effortlessly and all in one place.
CML welcomes extension of Bank of England SLS
The CML welcomed the announcement by the Bank of England that the drawdown facility for its Special Liquidity Scheme (SLS) is being extended until the end of January.
Alliance Trust: UK banking sector
Commenting on the current UK banking sector, Tim Gibbens, Global Financials Analyst at Alliance Trust, said: "The key point to take away from the failure of Lehmans is that the Fed is not prepared to prop up every institution which has taken on too much risk or been too highly geared and then run into difficulties.
FSA statement re: HBOS
FSA: Since the beginning of the current extreme difficulties in the financial markets, the Financial Services Authority has worked intensively with all major UK banks to ensure they have credible capital and liquidity plans.
It's not all doom and gloom
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "With Lehman Brothers filing for bankruptcy, all we have seen reported are bad news stories. However, there is some glimmer of hope in the personal finance world as in the last few days we have seen some positive moves by providers.