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Mortgage approvals rise in March as lending to businesses falls
The number of mortgage approvals rose in March as the Government's controversial lending scheme continues to assist homebuyers over small businesses. According to the Bank of England, 53,504...
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Bank of Ireland defends tracker mortgage hikes
The Bank of Ireland has claimed that customers were warned in the small print about possible rate increases, as it hiked its tracker rates overnight for thousands of customers. Typical rates on the...
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Payday loan complaints to Ombudsman up by 75%
Complaints about payday loans have almost doubled over the past year, in what the Financial Ombudsman Service (FOS) described as a "growing area of concern". In the latest edition of Ombudsman News,...
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First-time buyer activity increases in 2013
First-time buyer mortgages accounted for 43% of all approved mortgage loans during the month of February, according to the Nationwide Building Society. The mutual’s latest House Price Index revealed...
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Jobs to go as Nationwide integrates mutuals under one brand
Up to 500 hundreds are at risk after Nationwide announced that it would be integrating the Cheshire, Derbyshire and Dunfermline Building Societies into its main brand. Nationwide, the UK's largest...
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Investment ISA deposits halved in latest tax year
Demand for investment ISA funds shrank by half in March from the previous year, figures have shown, raising further concerns that struggling households are unable to fill their yearly tax-free...
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31 credit unions join expansion scheme to thwart payday lenders
A plan to expand the UK's network of credit unions is taking shape after 31 groups joined a government project designed to curb the influence of payday lenders. The Association of British Credit...
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With bonus rates go savers' chances of beating inflation
Just two standard savings accounts now protect savers from the rising cost of living, as the demise of introductory bonus rates threatens to rid the market of any meaningful returns. Only the cash...
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European Commission wants bank account reform across Europe
The European Commission is planning an overhaul that will allow European residents the right to open a basic bank account in any EU country and compare the costs. Only a few EU countries currently...
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Sainsbury's to gain control of its bank after buying out Lloyds
Sainsbury's shrugged off the news of falling pre-tax profits by announcing that it was buying up the remaining half of its banking operation from Lloyds Banking Group for £248 million. Sainsbury’s...
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European Commission proposals could end free banking
New proposals drafted by the European Commission that would allow Europeans to switch bank accounts across borders without charge might bring an end to free bank accounts in the UK, experts are...
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Co-op chief quits after bank’s debt rating downgraded to junk
The chief executive of the Co-operative Bank has resigned after its debt was reduced to ‘junk’ status by a leading credit ratings agency. It is understood that Barry Tootell, the bank's chief...
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Boost in credit card spending aids recovery
A spring bloom in credit card spending has revitalised consumer spending in April, figures show, suggesting that there may be signs of growth in the economy. Spending on debit and credit cards leapt...
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Payday loans industry appoints expert to improve practices
Payday lenders have appointed a former standards committee chief to help them tighten up their act, but the voluntary nature of the compliance board will see many firms continue to act outside of its...
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Post Office trials three new current accounts in East Anglia
The Post Office has launched its three new current accounts today, two of which carry a monthly fee. The new bank accounts are being trialled across 29 branches in East Anglia ahead of a nationwide...
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New schemes raising interest in home buying
The number of people interested in buying a home has hit its highest level since November 2009, according to the Royal Institute of Chartered Surveyors (RICS). Inquiries and sales rose last month, it...
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HMRC publishes second list of tax dodgers
HMRC has published its second list of tax dodgers, three months after the first, in its attempt to deter companies from escaping tax. Like the first list published in February, which received...
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An embarrassment of no riches: the demise of savings accounts
It has to be said, it’s more than a little embarrassing to witness the dregs served up by the current savings market, with so little available to match inflation. Rates on fixed-rate bonds have...
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Banks spared further investigation into current accounts
Banks and building societies will be spared an investigation by the Competition Commission into their provision of current accounts. The Office of Fair Trading has been investigating whether banks...
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Secured lending reaches three-year high
The value of secured loans reached a three-year high in April, according to the Loans Warehouse – a further sign that confidence may be returning to the economy. A 15% rise in April from the previous...
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