Blog Category: News
In January 2014 the Financial Ombudsman Service (FOS) produced a budget based on the number of cases they expected to deal with in the coming year.
PPI remains the largest single source of complaints for FOS, who adjudicate on cases which have previously been rejected by the banks. Each case generates a fee.Read More
Britain’s banks and building societies granted more mortgages in July than any other time in the last 18 months, according to new figures from the British Bankers’ Association (BBA).
Approvals rose from 44,802 in June to 46,033 in July – 11% up year on year – and re-mortgaging rose by 30% to its highest level for four years.Read More
Lloyds Bank could be re-privatised by the end of 2015 says Chancellor George Osborne.
He was speaking after the government reduced its stake in the bank to less than 13% by selling off a further 1% of its holding, valued at around £500 million, to institutional investors.Read More
The Financial Ombudsman Service (FOS) is still receiving more than 3,600 new PPI complaints every week, according to figures released today.
But they are just the claims appealed by consumers after being rejected by the banks. Many thousands more are successful and are paid out each week.Read More
UK lenders are agreeing record numbers of deals for struggling borrowers who have run into arrears according to new Bank Of England figures.
But it’s not all good news. Tenants are being evicted at seven times the rate of home repossessions.Read More
Financial experts are speculating that Britain’s banks are on the verge of being hit by another £40 billion bill for mis-selling and manipulation of a number of exchange rates.
The number of new buyers seeking 30 year + mortgages has more than doubled in the last year as they strive to keep repayments low before interest rates start to rise.
The traditional British mortgage term is 25 years, but buyers are becoming increasingly concerned to make sure their repayments are affordable even after the expected rise in interest rates predicted for early next year.Read More
A new mis-selling scandal could cost the UK’s banks millions of pounds after a redress scheme was agreed between the banks, credit card companies and insurance provider Affinion International.
An estimated 2 million card holders who were sold unnecessary card protection for fraudulent use of stolen or lost cards can now claim compensation for the useless cover which cost up to £25 a year.Read More
The Co-operative Bank has almost tripled its losses for the first half of the year – from £77 million in 2014 to £204 million this year – and says it could be another two years before it is back in the black.
The bank has been under siege since nearly going under two years ago when it had to be rescued by a consortium of investors after a £1.5 million ‘black hole’ was discovered in its balance sheet.Read More
The troubled Co-op Bank has dodged a possible £120 million fine for the failings which led up to its virtual collapse in 2013 after a £1.5 billion ‘black hole’ was found in its balance sheet.
The bank has been under intense scrutiny from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for the last two years after it had to be rescued by a consortium of investors led by American hedge funds. The Co-operative parent company now owns just 20% of the bank.Read More