Banking
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.
Cash Generator and No1 Currency fill the service gap
It’s been four months since the Royal Mail announced the closure of 44 of its Post Offices and Bureau de Change outlets across Scotland, as it continues to downsize its retail network.
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.
Foreign currency coins to make a change for charity
The Post Office is urging people to donate their leftover foreign coins to Barnardo’s children’s charity, as it reveals that more than £510 million in unwanted foreign cash is lying around in UK homes – an average of £11.07 per adult.
Trading into multi currencies to buy property overseas
Baydonhill PLC, the FX, overseas property and international mortgage specialists, have highlighted the risk involved in trading Sterling into other currencies in order to buy property abroad.
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.
Charges for going into the red increase 20%
Bank customers who exceed their overdraft can expect an extra £5 in charges for every transaction which pushes them into the red this Christmas.
Emigrating to escape economic gloom?
The prospect of escaping to foreign climes and starting a new life abroad still holds real appeal for many people in the current economic climate but as the pound continues to be battered in the foreign currency markets, HiFX warn that British émigrés could be risking losing as much as £850 million a year when transferring their assets abroad.
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.
Other banks must follow RBS’ lead on lending to small businesses
Commenting on today's pledge by RBS to guarantee overdraft rates and contracts for its business customers for at least a year, Liberal Democrat Shadow Business Secretary, John Thurso said: "Today's announcement will come as welcome relief for RBS' small business customers who are struggling to cope with the worsening recession.
Boost for business as Natwest and RBS lay down price promise
NatWest and RBS has given the business market place a much-needed shot in the arm with a commitment not to increase overdraft pricing for small businesses, with effect from 1 December 2008.
PayPal urges Brits to beat phishers and 'get safe online'
As Get Safe Online Week 2008 (17th-21st November) draws to a close new research from PayPal, the way to pay and be paid online, reveals that half of Britons (50%) who shop online are concerned about protecting their details online and avoiding fraud or identity theft (49%).
Small business lending up in third quarter
Lending to small businesses grew by just under £1bn in the third quarter of 2008, according to the British Bankers’ Association (BBA).