Blog Category: News


All the latest news from the finance world, both UK and abroad. We keep an eye on all emerging stories which affect the general public.

Banks pay out another £327.9 million for mis-sold PPI

Banks pay out another £327.9 million for mis-sold PPI

New figures from the Financial Conduct Authority (FCA) show that Britain’s banks paid out another £327.9 million for mis-sold PPI in July.

That maintains the average £⅓ billion increase each month over the last year and brings the overall total paid out since January 2011 to £20.8 billionRead More


MP wants US government to scrap RBS £5 billion fine

MP wants US government to scrap RBS £5 billion fine

An influential British MP has claimed the Foreign Office should lobby the US government to get them to scrap a £5 billion ($8 billion) fine facing Royal Bank Of Scotland (RBS).

Jacob Rees-Mogg, a high profile member of the Treasury Select Committee, says Britain’s diplomats should be trying to get the US financial regulators to stop the litigation against the bank.Read More


Banks batten down the hatches as Plevin decision nears

Banks batten down the hatches as Plevin decision nears

Britain’s high street banks are battening down the hatches as they wait for regulators to decide how hard the Plevin case on PPI mis-selling is going to hit them.

Read More


UK housing market ‘dysfunctional’

UK housing market ‘dysfunctional’

A key figure in the UK housing market has branded it as ‘dysfunctional’ and claims just building more homes will fail to fix it.

Bob Pannell, chief economist at the Council of Mortgage Lenders (CML), described the market as ‘sluggish’ and argued sales levels were no higher than they had been in the mid 1990s.Read More


Co-op Group warns on profits

Co-op Group warns on profits

The Co-operative Group has warned that increased investment means profits for 2015 will be lower than last year.

The announcement came in spite of a pre-tax profit of £36 million for the first half of the year, compared to a £9 million loss for the same period last year.Read More


State pension age to hit 70 by 2050

State pension age to hit 70 by 2050

Experts are predicting that state pension age will continue to rise to 70 over the next 35 years as people continue to live longer.

Data from the Office for National Statistics (ONS) has shown that over the last century life expectancy has increased by nearly three years each decade.Read More


American banks bid for £13 billion worth of Northern Rock mortgages

American banks bid for £13 billion worth of Northern Rock mortgages

A consortium of American banks has come together to buy up a massive £13 billion worth of Northern Rock mortgages.

Banking giants Citi and Goldman Sachs have joined forces with Blackstone, TPG Capital and the Och-Ziff hedge fund to bid for Granite – the mortgage securitisation vehicle of the former Northern Rock Bank.Read More


Personality tests for borrowers?

Personality tests for borrowers?

If banks and building societies have their way you could soon be facing a personality test if you want to borrow money from them.

Applicants for loans, credit cards and even mortgages may soon have to face psychometric tests which lenders are considering employing to calculate the chances of you missing a payment.Read More


HSBC may drop Midland Bank re-brand

HSBC may drop Midland Bank re-brand

Midland Bank is no longer the odds on favourite for the HSBC re-brand when the retail and investment divisions split under new banking regulations.

Chief executive Stuart Gulliver had previously floated the Midland name because that was the name of the bank HSBC took over when they moved their base of operations from Hong Kong to London in in 1992.  It was phased out in 1999.Read More


Urgent talks sought on EU bankers bonus rules

Urgent talks sought on EU bankers bonus rules

UK banks have joined their European colleagues in protesting about the new bonus rules which were finalised earlier this year.

The new rules were brought in following public anger at the size of bonuses paid to top bank officials while Britain was still struggling to climb out of the depths of the recession.Read More



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