Banking News
The Impact of the Financial Market Disruption on the UK Economy
In a meeting with the London Chamber of Commerce and Industry, John Gieve – Deputy Governor of the Bank of England – discussed the recent financial market disruption, its impact on the UK economy, and the increase in immediate inflation pressures from energy and food.
Financial Services just got sexier
Two dramatic new film clips have been launched this week that elegantly integrate images of Olympic hopefuls with those of the famous Scottish Widow.
Beat the credit crunch by shopping around for financial products
Moneyextra.com’s latest quarterly review of financial services highlights the savings available just by making the right financial decisions.
FSA fines HFC Bank £1.085 million for PPI failings
The Financial Services Authority (FSA) has fined HFC Bank Ltd (HFC) £1,085,000 for failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate systems and controls for the sale of PPI.
Credit crunch making us smarter
The credit crunch is starting to have a positive effect on the loan and card applications and credit ratings of many Brits.
Need for free Generic Financial Advice service
The need for national provision of a Generic Financial Advice (GFA) service has been supported in evidence from a pilot project linking Independent Financial Advisers (IFAs) with Citizens Advice Bureaux across the UK.
Heads I win, tails you lose
David Kuo, Head of Personal Finance at Fool.co.uk, says: “The test case brought by the OFT against seven banks and one building society is supposed to bring an end to the disputes between customers and their banks over penal charges when current-account holders go overdrawn without authorisation.
Annual society appeal tops £100,000
Yorkshire Building Society Charitable Foundation is delighted to donate £108,000 to Macmillan Cancer Support following its recent ‘Give a Gift’ fundraising appeal.
Time for banks to be called to account, says NCC
Commenting on the Office of Fair Trading (OFT) High Court case this week to rule whether bank charges over £30 are unfair and illegal, National Consumer Council finance expert, Carl Belgrove said: ‘NCC is calling for justice for all.
Rate hold will ease pressure on sterling
The Bank of England has decided to leave interest rates unchanged at 5.5% offering some much needed respite for Sterling according to currency specialists HiFX.
UK interest rates held at 5.5%
The Bank of England’s Monetary Policy Committee today voted to maintain interest rates at 5.5%.
Savers and borrowers still waiting to see if their rates will be cut
Julia Harris, analyst at Moneyfacts.co.uk investigates: “Five weeks on from Decembers shock reduction in base rate, many experts are predicting yet another cut tomorrow.
Dreading the Christmas credit card bill?
Lee Barnes, a 25 year old from Halifax, Yorkshire, knows more than most the strain that an excessive Christmas can have on your finances – he is currently £60,000 in debt.
Barclays Stockbrokers predicts the MPC will cut rates
Henk Potts, Investment Analyst, Barclays Stockbrokers, comments on the forthcoming interest rate announcement: “The pressure has been building and building on the Bank of England to cut interest rates this week.
Forthcoming changes to the Banking Code
Commenting on the upcoming change to the Banking Code, which will transfer the responsibility for dealing with debt from borrowers to lenders, Tim Moss, head of debt at price comparison site moneysupermarket.com, said: