Industry News

New measures to make savings accounts easier to understand

The FCA has published new data on savings interest rates and announces new rules coming into effect

 
The Financial Conduct Authority (FCA) is undertaking work to “shine a light” on firms’ strategies and deals for their long-standing savings customers.  

Overhaul of UK payment systems

UK payments systems are due to see their biggest change in a generation according to the Payment Systems Regulator

Bank of England gives stark warning about household debt in the UK

The governor of the Bank of England, Mark Carney, has revealed that overall unsecured debt is rising at its fastest pace for 11 years

Reasons to avoid Black Friday

We all remember the scenes from years’ past; huge queues and shoppers wrestling TV’s from each other’s white-knuckled grips in the frenzy that was Black Friday

FCA imposes 1% cap on early exit pension charges

The Financial Conduct Authority has announced plans to cap early exit charges on personal pensions.

 
The regulator has released a statement which sets the rate of charges at a maximum of 1% of the value of benefits being taken or transferred from existing personal pensions, including workplace personal pensions.

Why do we spend so much on children’s birthday parties?

A new survey has highlighted the true cost of kid’s birthday parties, but do we really need to fork out so much?

 
According to a survey of 2,000 parents carried on behalf of Nationwide, the average cost of a children’s party is now £218, with entertainment and venue hire being the highest contributing costs.

RBS sets aside £400m after FCA investigation into treatment of SME’s

The Royal Bank of Scotland is expecting to spend £400m in operating costs and refunds after failing to ensure struggling SME customers were treated fairly.

Why are the number of people in IVAs on the rise?

New data shows the number of people entering into Individual Voluntary Arrangements (IVAs), a legally-binding insolvency solution, is increasing rapidly. 

 
The report, released by the Insolvency Service, covers bankruptcies, Debt Relief Orders (DROs) and Individual Voluntary Arrangements recorded in England and Wales between July 2016 and September 2016.  There are no official statistics for informal agreements such as debt management plans.

Are you repaying your mortgage arrears twice?

Concerns have been raised that those in mortgage arrears may not be being treated fairly 

 
The Financial Conduct Authority has identified that some mortgage firms have included customers’ payment shortfalls when recalculating their monthly mortgage payments.

Total outstanding lending at the end of August reached £1.499 trillion

A report from The Money Charity has highlighted the rate that debt is increasing in the UK. 

 
People living in the United Kingdom owed £1.499 trillion at the end of August 2016, up from £1.445 trillion at the end of August 2015.