Banking News

How to avoid getting ripped off when buying your holiday money

Lisa Taylor from Moneyfacts.co.uk investigates: “With the children’s summer holidays well underway and the UK weather showing little sign of improvement, many of us will be jetting off overseas in the next few weeks.

EU making life easier for firms at the expense of customers

The Financial Services Consumer Panel today is calling on the EU to simplify the system for consumers buying financial services across the EU, by allowing them to claim for redress through their home regulatory system.

Halifax steps up efforts to find lost accounts

Halifax, the only UK bank to launch a dormant accounts reunification scheme, today announces that it will shortly be writing to around 20,000 of its customers to help reunite them with funds held in lost accounts.

Consumers see no end to rate hikes

July's hike did little to reassure consumers that Bank of England base rates have peaked, despite five increases in less than a year, according to the latest Consumer Barometer from Lloyds TSB Corporate Markets.

Alliance & Leicester delivers continued strong growth

Alliance & Leicester today announces its Interim Results with profits for the first six months of the year totalling £295 million – 10% up on the first half of 2006 – slightly ahead of analysts’ expectations. The Board has declared an interim dividend of 18.8 pence per share, up 7%.

Moneyfacts.co.uk: Test case for unauthorised overdraft charges

Andrew Hagger, Head of News and Press at Moneyfacts.co.uk the money search engine, comments: “Hopefully this long overdue test case will bring this farcical situation to an end, however whether it will end up being a favourable decision for customers is in no way a foregone conclusion.

Growth strategy pays dividends for Alliance & Leicester Commercial Bank

Alliance & Leicester Commercial Bank, the corporate banking arm of the group, delivered a particularly strong performance, with core operating profit increasing by more than a third (39%) to £96 million (from £69 million in the first half of 2006).

moneysupermarket.com: OFT taking banks to the High Court

Commenting on the OFT taking banks to the High Court, Kevin Mountford, head of current accounts at moneysupermarket.com, said: “Although we have seen district judges making decisions in favour of the banks, a precedent is yet to be set.

Rain doesn’t stop Chelsea play

Chelsea Building Society staff have shown amazing determination over the last few days and have refused to let the unprecedented conditions in Gloucestershire dampen their spirits.

OFT court case may take ‘years’, says Defaqto

The Office of Fair Trading’s test case over overdraft charges may drag on for years with the “inevitable” result of the end of free banking, leading financial research company Defaqto believes.

FSA to grant waiver on complaints handling unacceptable, says Fool.co.uk

David Kuo, Head of Personal Finance at Fool.co.uk, says: “We are bitterly disappointed with the Financial Services Authority’s decision to grant a waiver that will effectively allow firms to wriggle free from handling complaints that apply to unauthorised overdraft charges.

Citizens Advice: Bank charges test case

Response to announcement from OFT and BBA on bank charges Friday 27 July 2007, Citizens Advice Director of Policy, Teresa Perchard, said: “Consumers desperately need clarity on whether the banks are acting legally in imposing these charges, and if they are, what is a fair level for the charges to be set at, so this action is welcome.