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Whistleblower claims Barclays miscalculated PPI figures

Whistleblower claims Barclays miscalculated PPI figures

Barclays has launched an investigation after a whistleblower claimed they have been miscalculating the amount of money paid out on successful PPI claims.

The bank has confirmed the investigation began after a former contractor alerted the Financial Conduct Authorities whistleblowing hotline of serious errors in the way compensation was being calculated.

Shocking rise in numbers using food banks

Shocking rise in numbers using food banks

A food bank charity has handed out almost a million food parcels to needy families in the last year.

But that’s not the full picture of hunger in the UK today, say the Trussell Trust, because it doesn’t include people who are too ashamed to use food banks and others who are cutting down the size of meals.

Ex Co-op Bank chairman charged with drug offences

EX Co-op Bank hairman charged with drug offences

Ex Co-op Bank chairman the Rev Paul Flowers has been charged with two drug offences.

The Rev Flowers was arrested last November and has been bailed to appear at Leeds Magistrates’ Court on May 7th.

UK house prices still accelerating – ONS

UK house prices still accelerating - ONS

The rate at which UK house prices are rising is still accelerating, according to the Office for National Statistics (ONS).

Prices across the UK rose by 9.1% in the year to February 2014, up from just 6.8% in January.

Shelter: Almost 4m families living ‘on a financial knife edge’

Almost 4 million families living on a financial knife edge

 

High housing costs and stagnating wages means 3.8 million families in the UK are living on a financial knife-edge says the housing charity, Shelter.

They would not have enough money to pay their rent or mortgage for a month if they come out of work because they have no savings.

‘Real’ wages set to rise for the first time in six years

Reql wages set to rise for the first time in six years

Wages are set to rise above inflation for the first time since the crash, claims an economic forecaster.

The EY Item Club believes low inflation and a strong pound will keep interest rates unchanged until the end of 2015 at least.  At the same time they expect spending power will be boosted by average wage increases of 1.7%, slightly ahead of the inflation forecast of 1.6%.

The Co-op – where did it all go wrong?

The Co-op - where did it all go wrong?

The Co-op seems to be reeling from one crisis to the next with problems and bad news assailing it from all sides.

But where did it all go wrong? And what of the future?

Co-op Bank apologises to customers for losing £1.3 billion

Co-op Bank apologises to customers for losing £1.3 billion

The Co-op Bank has apologised to its customers and stakeholders for running up losses of £1.3 billion in 2013.

Announcing their annual figures the bank also admitted they don’t expect to make any profit in either 2014 or 2015.

Barclays settle interest rate swap claim out of court

BArclays settle interest rate swap claim out of court

Barclays have reached an out of court settlement with a UK care home over an interest rate swap claim and avoided a court appearance by their former chief executive, Bob Diamond.

The settlement means Mr Diamond and two other top Barclays executives – Jerry del Missier and Rich Ricci – will not have to appear as witnesses in a hearing scheduled for later this month.

We have an exit strategy for Help To Buy 2 – Treasury

We have an exit strategy for Hdelp To Buy 2

The Treasury has assured mortgage lenders that they already have an exit strategy in place for the end of the second phase of Help To Buy.

The industry has been expressing concerns for some time that mortgage finances could fall over a cliff edge when the government scheme ends in 2017

Nine million UK consumers in serious debt

Nine million UK consumers in seriouxs debt

An estimated nine million UK consumers are in serious debt according to the government’s Money Advice Service.

The size of the problem has put a review of the whole UK credit system at the top of the agenda for the Financial Conduct Authority who have just taken over the regulation of 50,000 firms offering credit to UK consumers.

RBS to close more branches

RBS to close more branches

Royal Bank of Scotland (RBS) has announced it is going to close another 44 branches as part of a continuing cost cutting exercise.

In February RBS announced plans to cut costs by around £5 billion over the next three or four years.  It closed 18 branches at the time and a further 26 in March.

Debt could rocket by 43% in five years as house prices soar

Debt could rocket by 43% in  five years as house prices soar

Households could see their debt levels rocket by 43% in the next five years, suffering from the double whammy of rising house prices and decreasing savings.

The Money Charity says that the latest forecasts by the Office of Budget Responsibility (OBR) show that the average household debt in the UK, including mortgages, is expected to jump from the current £54,472 to £85220 in Spring of 2019.

House purchase approvals rocket by a third year on year

House purchase approvals rocket by a third year on year

House purchase approvals in February rocketed by a third from the same period in 2013.

They rose from 52,537 to 70,309, though they were down slightly on pre previous month’s figure.

Britain needs a million new houses

Breitain needs a million new houses

Britain  needs to build a million new houses a year to plug the gap caused by a shortfall in building over the last 10 years.

The Home Builders Federation (HBF) also believes the new homes are needed to improve the housing market.