Consumer Credit

People struggling to pay for food and bills caught in a payday loans debt trap

Fri, 18 May 2012 00:01:00 +0100

Over 60% of people who took out payday loans were using the money to pay for household bills or buying other essentials like food, nappies and petrol, a survey by Which? has revealed.

New car finance sales up by a third in March

Thu, 17 May 2012 16:58:08 +0100

New car finance sales were up 33% by value and 22% by volume in March compared with March last year, according to the latest figures from the Finance & Leasing Association (FLA), the trade body for the motor finance industry.

Bridgewater reveals customersâ partial reversion plans

Thu, 17 May 2012 10:34:19 +0100

Bridgewater Equity Release, the home reversion specialists, has today revealed the reasons given by customers for why they have taken out a partial reversion product.

CML News & Views: we need continuing commitment on arrears and possessions

Wed, 16 May 2012 16:10:47 +0100

A concerted effort by borrowers, lenders, government and debt advisers (all helped by historically low interest rates) has kept mortgage possessions in check. Possessions appear to have peaked in 2009 and are running at around half the level of the last market downturn.

Overview of Regional Labour Market Statistics Published on 16 May 2012

Wed, 16 May 2012 12:52:43 +0100

Figures released today by the Office for National statistics, show that the employment rate for those aged 16 to 64 for the three months to March 2012 compared to the 3 months to December 2011, showed a few large movements for the regions of the UK, with most movements reflecting the normal sampling volatility of the survey estimates.

The Housing Hub launched to promote wider access to home ownership

Wed, 16 May 2012 12:28:37 +0100

It is no surprise that 64 per cent of people who do not own their own home, but would like to, report that the biggest barrier they face is the need to raise a large enough deposit. The Building Societies Association (BSA), launching a new housing initiative today called The Housing Hub, believes that there is an opportunity for lenders and housing associations to co-operate more closely to bring alternative home ownership models into the mainstream to help consumers jump this hurdl ...

Comment from PPR Estates on the latest inflation data from the Bank of England

Wed, 16 May 2012 11:39:51 +0100

Nick Hopkinson, director of property company, PPR Estates, has commented on the latest inflation data from the Bank of England:

Stamp duty effect felt well beyond first-time buyer market

Wed, 16 May 2012 11:07:52 +0100

As expected, the end of the stamp duty concession led to a surge in activity in the mortgage market in March, according to new data released today by the Council of Mortgage Lenders (CML).

UK consumers adopt self-build but lag behind Europe

Tue, 15 May 2012 12:18:53 +0100

One in 10 new homes in the UK are self built and the market generates £3 billion annually for the UK economy, says the Building Societies Association (BSA) as it publishes a toolkit to provide information to encourage lenders not yet in this market to offer self-build mortgage finance.

First customer for Apprivo, a new mobile app from iState Systems and QTS

Tue, 15 May 2012 12:01:49 +0100

iState Systems, founded by Barry Yager and Nelson Wootton, has just launched its first product Apprivo. The launch is marked with the simultaneous announcement of its first customer and its first partnership deal with software provider Quality Technology Systems (QTS) which is supplying Apprivo to National Counties Building Society.

Wonga.com takes its automated loans service to South Africa

Tue, 15 May 2012 09:52:12 +0100

Wonga.com (UK) today announced the launch of its online, short-term loans service in South Africa. Early technical trials have shown South African consumers also like the fast, convenient and transparent nature of the service.

CFA responds to Bishop of Durham's comments about 'sinful' loans

Mon, 14 May 2012 16:37:55 +0100

The Bishop of Durham has criticised payday lenders, describing their interest rates as "a sin". The Consumer Finance Association (CFA), which represents the major payday lenders, has responded to the Bishop's comments and requested a meeting with him to discuss the matter in person.

Welsh Credit Union Veteran Appointed President of British Trade Association

Mon, 14 May 2012 11:48:59 +0100

One of the leading figures in the credit union sector in Wales has been appointed as President of the Great Britain’s leading trade association for credit unions.

Payday loans playing key role in Britons' financial management - survey reveals

Mon, 14 May 2012 10:16:45 +0100

Payday loans are playing an increasingly important role in Britons’ management of their financial affairs, a survey has revealed.

Landlords remain optimistic according to latest CHL survey

Fri, 11 May 2012 11:42:18 +0100

Property investors remain positive about the outlook for the buy-to-let market, according to the latest Landlord Survey conducted by specialist lender, CHL Mortgages.

Hondaâs Philip Ross appointed new FLA chairman

Thu, 10 May 2012 19:31:29 +0100

Philip Ross, General Manager of Honda Finance Europe, has been elected Chairman of the Finance & Leasing Association (FLA) with effect from 10 May. Philip takes over the Chairmanship from Chris Sutton, Managing Director of Black Horse Finance.

VocaLink Take Home Pay Index growth falters for public sector

Thu, 10 May 2012 16:55:31 +0100

The VocaLink FTSE 350 Take Home Pay Index stands at 1.8% during the three months to April 2012, only marginally improving from 1.7% in the three months to March. Despite the increase in the tax-free Personal Allowance, which rose by £630 to £8,105 this government financial year, the VocaLink Index shows that underlying pay growth remains very weak. Although this month’s private sector take home pay growth rate is in line with the rate seen in February, it remains below leve ...

Minister, Nick Hurd, supports Move Your Money UK's campaign to build a better banking system

Thu, 10 May 2012 15:06:56 +0100

Move Your Money UK is a new campaign encouraging people to move their money out of 'too big to fail' banks and into credit unions, building societies and ethical banks. The campaign aims to help build a better banking system - one which serves the needs of ordinary households, businesses and communities whilst protecting the environment.

Expansion report for credit unions welcomed

Thu, 10 May 2012 13:19:03 +0100

The Association of British Credit Unions (ABCUL) has welcomed the publication of the report from the Project Steering Committee which has provided recommendations for how the DWP Credit Union Expansion Project can help credit unions to sustainably provide affordable financial services to up to a million more people within five years.

Martin Wheatley addresses the Building Societies Associationâs Annual Conference

Thu, 10 May 2012 12:58:22 +0100

Martin Wheatley, managing director of the Financial Services Authority (FSA) and CEO designate of the Financial Conduct Authority (FCA), yesterday stressed that building societies must continue to be committed to their members, and that the regulator would “treat everyone the same, big or small, bank or building society”.

Comment from PPR Estates on today's CML mortgage arrears/repossession statistics

Thu, 10 May 2012 12:48:44 +0100

Nick Hopkinson, director of property company, PPR Estates, comments on today’s Council of Mortgage Lenders’ mortgage arrears and repossession statistics:

Unique Innovation From Touchstone Financial Analytics Empowers Financial Services Providers

Thu, 10 May 2012 12:31:07 +0100

Equifax’s Touchstone Financial Analytics has launched an innovative new solution for life, pension, investment, platform and mortgage providers. The next generation Touchstone solution, designed in partnership with Equifax’s award winning US wealth business, IXI, provides unprecedented insight into IFA distribution in the UK.

New BSA Chairman elected

Thu, 10 May 2012 12:09:22 +0100

David Webster, Chief Executive of the Hanley Economic Building Society, has been elected as Chairman of the Building Societies Association (BSA) for 2012/13. With immediate effect he replaces Peter Griffiths, Chief Executive of the Principality Building Society, who has held the post for the past year.

Buy-to-let in the first quarter of 2012

Thu, 10 May 2012 12:02:11 +0100

New buy-to-let lending in the first quarter of this year totalled £3.7 billion (32,300 loans), according to the Council of Mortgage Lenders (CML). This was 5% down on the fourth quarter of 2011. While 32% higher than in the first quarter of 2011, buy-to-let lending is still only around a third of its 2007 levels.

Retail sales dampened by dismal April

Wed, 09 May 2012 21:56:06 +0100

The British Retail Consortium (BRC) report that UK retail sales values were down 3.3% on a like-for-like basis from April 2011, when they were up 5.2% on a year ago. On a total basis, sales were down 1.0%, against a 6.9% increase in April 2011. Food sales fell back below their year-earlier level, when they had benefited from Easter buying. Record April rainfall and chilly temperatures hit clothing and footwear sales.

Paradigm launch product exclusives with Chorley Building Society

Wed, 09 May 2012 21:49:51 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today launched three new product exclusives with Chorley Building Society.

May Debt Statistics reveal that average household debt rose for the second time in three months

Wed, 09 May 2012 16:00:33 +0100

Credit Action’s latest Debt Statistics show that average household debt (excluding mortgages) increased for the second time in three months during March. This provides further evidence that a long-term trend of falling unsecured debt is coming to an end.

BRC Queenâs Speech reaction

Wed, 09 May 2012 13:13:36 +0100

Reacting to today’s Queen’s Speech, British Retail Consortium (BRC) Director General, Stephen Robertson, said: “In 2011 retailers were involved in negotiating a string of responsibility deals, were affected by changes to employment legislation and had to prepare for the implications of increased localism. For retail to contribute effectively to economic growth we need the Government to show considerably more restraint when it comes to red tape. Sadly the Queen’s Sp ...

Challenges ahead for consumers as financial services changes, warns BSA Chairman

Wed, 09 May 2012 13:01:43 +0100

Consumers will face increasing challenges as the fall-out from the financial crisis and economic pressures continue, warns out-going Building Societies Association (BSA) Chairman, Peter Griffiths. These factors, combined with ever more one size fits all regulation across the financial services sector are likely to prompt changes in product supply and an increase in the application hurdles facing consumers, adding to existing pressures on households.

FLA figures show signs of a gradual improvement in consumer credit markets

Wed, 09 May 2012 12:41:56 +0100

New figures from the Finance & Leasing Association (FLA), the trade body for the consumer credit industry, indicate a gradual improvement in the first quarter of 2012. Total consumer finance provided by FLA members grew by 9% in March, compared with March 2011.

Virgin Media launches mobile e-billing solution from ebpSource

Wed, 09 May 2012 12:32:04 +0100

Leading e-billing and payment specialist, ebpSource, is pleased to announce that one of its newest clients, UK-based Virgin Media, is already reaping the benefits of its new mobile e-billing service. The new ‘in-house’ solution was chosen by Virgin Media to improve customer satisfaction and improve operational efficiency.

NCI joins the astl

Wed, 09 May 2012 12:00:35 +0100

NCI, the UKs leading provider of specialised field services to lenders, today joins the Association of Short Term Lenders (astl) as an associated member after experiencing unprecedented growth this year.

NCI becomes latest associate member of astl

Wed, 09 May 2012 11:26:48 +0100

The Association of Short Term Lenders (Astl) has a new associate member. NCI joins the astl as an associate member bringing the total number to 20.

Two firms acquired by Perspective Financial Group

Wed, 09 May 2012 11:14:30 +0100

Perspective Financial Group Ltd, the national financial advisory group, has today made a further two advisory practice acquisitions bringing the number of new firms added to the Group up to four in 2012.

Bridgewater announce Equity Release Advice Masterclass

Tue, 08 May 2012 12:28:02 +0100

Bridgewater Equity Release, the home reversion specialists, has today announced an Equity Release Advice Masterclass designed for those advisers who want to be true experts in their field.

GE Money Home Lending and Phoebus Software celebrate 10 years

Tue, 08 May 2012 00:01:00 +0100

Phoebus Software is celebrating the tenth anniversary of their partnership with GE Money Home Lending (GEMHL) this month. Currently in excess of £10bn of GEMHL loans are under management on a Phoebus system. The consultancy provider’s software first went live assisting the servicing function on GEMHL’s mortgage book in March 2002.

Food inflation slows sharply

Tue, 08 May 2012 00:01:00 +0100

The British Retail Consortium (BRC) report that overall shop price inflation fell to 1.3% in April from 1.5% in March, food inflation slowed to 4.3% in April from 5.4% in March and non-food reported deflation of 0.5% in April from 0.9% in March.

Rebuilding trust and confidence

Fri, 04 May 2012 17:31:10 +0100

Martin Wheatley, managing director of the Financial Services Authority (FSA), told an audience last night there are still unresolved issues around how customers are treated across financial services and getting to grips with them is central to rebuilding confidence and trust.

Carcraft Statement re FSA Ruling

Fri, 04 May 2012 16:05:27 +0100

A Carcraft spokesperson said: “Carcraft is disappointed that the Financial Services Authority (FSA) has found it necessary to take action on an issue which occurred several years ago. However, Carcraft has fully cooperated with the FSA's investigation.

New Research Launching into Attitudes and Usage of the Mobile Wallet

Fri, 04 May 2012 15:59:30 +0100

Auriemma Consulting Group (ACG) is set to launch a comprehensive consumer study on the mobile wallet; it is designed to provide an overview of the current state of the UK mobile wallet space, and answer “What comes next?” after launch. To determine the next stage of the mobile wallet, this study includes an in-depth overview on the features and benefits consumers expect on mobile wallets, and potential ways to expand the mobile wallets’ capabilities.

FSA fines car supermarket for PPI sales monitoring failings

Thu, 03 May 2012 15:44:38 +0100

The Financial Services Authority (FSA) has fined UK Car Group Limited (UKCG), £91,000 for the failings of its appointed representative, CC Automotive Limited - trading as Carcraft - in respect of the monitoring of payment protection insurance (PPI) sales.

New advice guide explains credit card rights

Thu, 03 May 2012 09:26:02 +0100

The UK Cards Association has published a new plain English advice guide giving Britain’s 30 million credit card holders clear information about their rights when using their card.

Further growth in retail sales in Scotland

Wed, 02 May 2012 15:54:57 +0100

Both the volume and value of retail sales in Scotland grew in the first quarter of this year according to official statistics published today.

CML News & Views: flooding insurance

Wed, 02 May 2012 15:34:12 +0100

This week, we have written to the Department for Environment, Food and Rural Affairs calling for urgent talks on the future availability and cost of flood insurance. Existing arrangements, under which most households at risk of flooding have been able to continue to get cover, will come to an end in June 2013. That could begin to affect households trying to renew policies from this summer.

How to stem rising unemployment across Europe

Wed, 02 May 2012 12:14:59 +0100

A summary of a major speech given today by Robin Chater, Secretary-General of the Federation of European Employers (FedEE), entitled 'Unearthing the roots of unemployment'

Lending and approvals jump in March

Wed, 02 May 2012 11:04:36 +0100

Figures just released by the Building Societies Association (BSA) show that gross mortgage lending by building societies and other mutual lenders rose 58% in March 2012 compared to the same month last year, and by 40% in the first quarter of 2012 compared to the first quarter of 2011. Net lending by mutuals was positive for the sixth consecutive month.  

'Advisers should tackle common reversion misconceptionsâ, say Bridgewater

Wed, 02 May 2012 10:20:03 +0100

Bridgewater Equity Release, the home reversion specialists, has today urged advisers to tackle some of the common misconceptions often raised by customers when it comes to discussing home reversion plans.

Data centre move marks new beginning for Provident Financial

Tue, 01 May 2012 17:57:27 +0100

Consumer credit company Provident Financial has outsourced its data centre with Node4 in a move that will allow a more scalable solution as the company grows.

Latest ombudsman news 102 is out now - features credit complaints, money transfer mishaps and more

Tue, 01 May 2012 17:35:47 +0100

Money transfer complaints, section 75 case studies, and feedback from the frontline on how businesses handle complaint.

House prices up for second month in a row

Mon, 30 Apr 2012 00:01:00 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

ABCUL supports campaign against unscrupulous claims management companies in PPI claims

Fri, 27 Apr 2012 16:45:30 +0100

ABCUL has welcomed the launch this week of a campaign by consumer champions Which? and MoneySavingExpert.com which seeks to raise awareness of the fact that claims for compensation in respect of mis-sold Payment Protection Insurance (PPI) are as easy and quick to complete privately as they are through a fee-charging claims management company.   

Polls apart on payday

Thu, 26 Apr 2012 00:01:00 +0100

One of the largest ever pieces of research into the payday loan industry, conducted by international research agency, YouGov, has revealed a massive gulf in attitudes between payday loan customers and politicians.

Retail jobs fragile in face of recession

Thu, 26 Apr 2012 00:01:00 +0100

Figures released today by the British Retail Consortium (BRC) show that in the first quarter of 2012, retail employment rose by 0.4% compared with the same quarter a year earlier, the equivalent of 3,011 more full-time jobs according to our sample. The overall increase in the equivalent number of full-time workers was driven predominately by food retailers, the largest boost coming from part-time workers. During the same period the number of retail outlets grew by 4.9%, a net increas ...

Double dip a blow to consumer mood

Wed, 25 Apr 2012 15:43:34 +0100

The UK’s return to recession is a blow to the retail sector at a time when a boost to consumer confidence is desperately needed, the British Retail Consortium (BRC) says.

Salaries down by an average of Â£121 per month compared to three years ago

Wed, 25 Apr 2012 12:50:09 +0100

Average monthly salaries across the VocaLink Take Home Pay Index sectors have experienced ongoing decline since 2009, with monthly take home pay down in real terms by an average of £121 in February 2012, compared to February 2009, according to the latest data from the VocaLink Take Home Pay Index. The manufacturing sector is the worst affected, experiencing a reduction in average monthly take home pay of £148 since February 2009.

MPâs attack on payday lenders branded âmisleadingâ by Ferratum UK

Tue, 24 Apr 2012 18:19:13 +0100

An MP’s concerted campaign against payday lenders in the UK has been labelled “misleading” by Europe’s biggest online payday lender.

Household income stretched too far?

Tue, 24 Apr 2012 16:33:08 +0100

With the latest employment and wage figures from the Office of National Statistics showing only a slight improvement on last quarter, and the cost of living continuing to escalate, MoneySave Solutions is reminding those already financially stretched to tackle the issue sooner rather than later. MoneySave Solutions is financial services specialist established specifically for those in financial difficulty or with a poor credit history.

Firm offers paid time-out... for staff who get stuck in

Mon, 23 Apr 2012 17:24:30 +0100

Staff at The Funding Corporation are to be paid and thanked for not turning up to work - so long as they spend the day with their sleeves rolled up helping a national or local charity.

Stamp duty deadline boosts March lending for house purchase

Mon, 23 Apr 2012 10:36:24 +0100

Gross mortgage lending in March was an estimated £13.4 billion, according to the Council of Mortgage Lenders (CML). This represents a 30% rise from £10.3 billion in February and a 17% rise from March 2011 (£11.4 billion).

BRC release - Retail conditions remain tough despite March boost

Fri, 20 Apr 2012 13:04:08 +0100

Official retail figures released today by the Office for National Statistics (ONS) confirm retailers benefited from increased sales in March compared with the same month a year earlier. Disregarding the exceptional circumstances that boosted fuel sales, the British Retail Consortium (BRC) says the lift was chiefly because of the early warm weather which encouraged consumers to buy summer clothes and things for the garden.

New mortgage rules set to âtrapâ borrowers

Fri, 20 Apr 2012 12:47:58 +0100

One in three interest-only mortgage holders could see their repayments double when new FSA regulations come into force next summer.

MAT comments on misleading trading names

Fri, 20 Apr 2012 12:15:06 +0100

Commenting on the OFT crackdown on misleading trading names, Joanna Elson, Chief Executive of the Money Advice Trust (MAT) – which runs National Debtline – said:

Enness Private Clients enjoys strong first quarter due to overseas investment

Fri, 20 Apr 2012 11:06:18 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has today revealed its substantial increase in average loan size during the first quarter of 2012.

OFT issues guidance on misleading trading names

Fri, 20 Apr 2012 10:46:16 +0100

The OFT has today issued guidance misleading or otherwise undesirable trading names to businesses offering credit services or products.

Treasury Committee publishes report into 2012 Budget

Fri, 20 Apr 2012 10:44:32 +0100

Following a number of evidence sessions prior to the Easter recess, including one with the Chancellor of the Exchequer, George Osborne, the Treasury Select Committee today publishes its report into the Budget 2012.

CML News & Views: what's happening to "mortgage prisoners"?

Thu, 19 Apr 2012 18:32:31 +0100

There has been a lot of media coverage recently about the plight of “mortgage prisoners,” those with loans now outside responsible lending criteria who find it difficult to remortgage. The FSA is proposing transitional arrangements to help these customers refinance.

CHAPS Co appoints new Managing Director

Thu, 19 Apr 2012 15:23:29 +0100

CHAPS Co is pleased to announce today the appointment of Phil Kenworthy as its new Managing Director.

Shawbrook Bank transitions to managed service on Sopraâs Mortgage Savings Suite

Thu, 19 Apr 2012 13:20:21 +0100

Sopra Group Solutions UK formerly Tieto Financial Solutions - the market leading provider of mortgage and savings software, today announced that Shawbrook Bank, one of the UK’s newest specialist savings and lending banks, has taken the Mortgage and Savings Suite (MSS) into production to manage a key element of its business. The institution has deployed MSS deposit servicing and the E-Savings module to support its personal and business banking clients’ domestic holdings. ...

SRC-KPMG Scottish Retail Sales Monitor: Sun coaxed out reluctant Scottish shoppers

Wed, 18 Apr 2012 17:42:04 +0100

The changing timing of Easter always makes analysis difficult in March and April. Easter fell in April 2011 but in March in 2010, meaning March last year looks exceptionally weak.

www.tcfinfo.co.uk delivers 2697 completed questionnaires to FSA as collective broker feedback on MMR

Wed, 18 Apr 2012 16:58:43 +0100

Following a campaign to encourage mortgage brokers to ‘Join the debate’ www.tcfinfo.co.uk has delivered the collective results of 2697 questionnaires to the FSA on their latest proposals in CP11/31. The move was prompted after research taken by the website last year, showed that 92.47% of brokers had not responded to the FSA or a trade body and 60.27% had no plans to do so.

New discount site to point low income households towards Credit Unions

Wed, 18 Apr 2012 16:43:33 +0100

A unique discount deal website for essential household items will offer social housing residents an alternative to high interest stores and loan sharks. Smarterbuys will instead signpost shoppers to local credit unions as a source of responsible finance.

Calls to National Debtline about telephone debts have increased 150 per cent since 2007

Wed, 18 Apr 2012 00:01:00 +0100

Debt advice charity the Money Advice Trust is reporting that its National Debtline has seen a sharp rise in calls from people with debts for their phone. In 2007 the debt advice helpline took 5,830 calls from people with telephone debts – representing 3.9 per cent of all calls, but last year that figure had ballooned to 14,651 – representing 7.4 per cent of all calls. In the first three months of this year the problem has further accelerated, as the service has received over 4 ...

BRC-Google Online Retail Monitor Q1 2012: retail searches from overseas up 57 per cent

Mon, 16 Apr 2012 16:12:20 +0100

Total retail search volumes grew 11% in the first quarter of 2012 compared with the same quarter a year earlier. The increase was driven by a rise in mobile/tablet search volumes which grew by 132% year-on-year.

First-time buyer numbers increased in February

Mon, 16 Apr 2012 10:16:24 +0100

Lending to both first-time buyers and home movers increased in February with first-time buyers taking the bigger increase, according to figures released today from the Council of Mortgage Lenders (CML). 14,100 loans worth £1.7 billion were taken out by first-time buyers, up 8% by number and 6% by value from January and up 18% by number and 21% by value on last February.

Hometrack looks beneath the headlines of the rental market

Mon, 16 Apr 2012 00:01:00 +0100

Hometrack’s latest insight paper, published today, takes an in-depth look at the private rental market. Its key findings show:

Online retail searches from overseas up 57 per cent

Mon, 16 Apr 2012 00:01:00 +0100

Figures released today by the British Retail Consortium (BRC) show that total retail search volumes grew 11% in the first quarter of 2012 compared with the same quarter a year earlier. This increase was driven by a rise in mobile/tablet search volumes which grew by 132% year-on-year. Total search volumes from overseas consumers rose by 57% in Q1 compared with the previous year.

Government approach to tobacco regulation 'crazy'

Fri, 13 Apr 2012 11:54:42 +0100

Confirmation that the Government is to consult on legislation that would require tobacco products to be sold in plain packaging shows a crazy lack of co-ordination and ignores the Government’s own principles on Better Regulation.

One arrested as FSA continues to clamp down on unauthorised business

Thu, 12 Apr 2012 18:45:04 +0100

With the assistance of the City of London Police, the Financial Services Authority (FSA) today executed a search warrant at one address in East London in connection with an investigation into a suspected unauthorised foreign exchange trading scheme.

Ikano Provides Even More Comfort for DFS Customers

Wed, 11 Apr 2012 12:30:34 +0100

Ikano Financial Services, the retail finance specialist, is now providing consumer finance on behalf of leading UK furniture retailer, DFS.

New national board will uncover scams and rogue traders

Wed, 11 Apr 2012 12:13:13 +0100

New proposals to make the Citizens Advice service a champion for consumer information across a range of sectors and a new National Trading Standards Board were announced today by the Department for Business, Innovation and Skills.

Credit Actionâs April Debt Statistics reveal stalling of household debt

Wed, 11 Apr 2012 11:28:08 +0100

Average household debt (excluding mortgages) fell by an average of £18.50 per month from February 2011 to December 2011. In January 2012 our figures reveal the trend was reversed with an increase of £532. This month’s statistics, confirm that the decline has stalled as average household debt (excluding mortgages) fell by just £3 in February.

Retail sales warmed by March sun

Wed, 11 Apr 2012 11:16:05 +0100

Figures released today by the British Retail Consortium (BRC) show that UK retail sales values were up 1.3% on a like-for-like basis from March 2011, when they were down 3.5% on a year ago.

Demand grows as stamp duty holiday ends

Tue, 10 Apr 2012 12:54:13 +0100

Potential buyers continued to test the market during March as the stamp duty holiday finally came to an end, says the latest Royal Institution of Chartered Surveyors (RICS) UK Housing Market Survey (9 April 2012).

Engagement model between regulators and the financial industry is broken, according to JWG report

Tue, 10 Apr 2012 12:40:27 +0100

A recent report by JWG has found that the majority of industry professionals believe that the regulatory rush from consultation to law severely limits their ability to provide operational insight. That’s according to 25 firms attending a recent regulation debate organised by JWG and Interxion. EMIR’s most recent iteration, which added 100 pages of changes, is one of many examples of the speed at which this process is surging forward, giving an indication of what the futur ...

Debt charity extends helpline hours and announces free calls from mobile phones

Tue, 10 Apr 2012 12:28:28 +0100

Debt charity Consumer Credit Counselling Service (CCCS) has announced an extension to its helpline opening hours and free calls from mobile phones in order to make its service more available to people struggling to cope with problem debt. The CCCS freephone helpline will now be open between 9am and 3pm every Saturday and will be free to call from UK mobiles.

Enness Private Clients respond to MMR HNW proposals

Thu, 05 Apr 2012 18:34:56 +0100

Enness Private Clients, the large mortgage and high net worth (HNW) specialist, has formally responded to the latest FSA Mortgage Market Review (MMR) paper, CP11-31, outlining its views on the HNW proposals contained within it.

Rockstead appoints new sales & marketing director

Thu, 05 Apr 2012 16:32:49 +0100

Rockstead, the financial services risk advisers and due diligence company, has announced the appointment of another high profile executive as it continues its expansion into Europe.

â¨Credit markets still fragile, says FLA

Thu, 05 Apr 2012 16:19:42 +0100

Consumer credit lending grew by 7% in February compared with the same month the year before, according to the latest figures from the Finance & Leasing Association (FLA), the trade body for the consumer credit industry. While this is the strongest growth in more than a year, the FLA has warned that the recovery remains fragile.

Pricey tobacco display rules are the worst of both worlds

Thu, 05 Apr 2012 09:38:01 +0100

Tobacco products are being hidden from view in large shops in England from tomorrow (Friday) at an estimated cost of £15.6 million to retailers who’ve had to install new display units. The new law has been brought in even though the Government is likely to consult on requiring plain packaging for all tobacco products. The display ban is due to apply to smaller stores from April 2015.

April VocaLink Take Home Pay Index

Thu, 05 Apr 2012 00:01:00 +0100

As the 2011/12 tax year closes, the VocaLink FTSE 350 Take Home Pay Index shows stronger pay growth during this tax year than during 2010/11. During the 2010/11 tax year, the private sector saw an average growth rate of 0.9% compared to 2.3% in 2011/12. Similarly, average take home pay in the public sector was 0.5 percentage points stronger in the 2011/12 tax year than the previous year.

Credit unions welcome Big Society Capital announcement

Wed, 04 Apr 2012 18:52:20 +0100

ABCUL has welcomed today’s launch of Big Society Capital by the Government and is pleased that organisations engaged in financial inclusion, such as credit unions, have been identified as potential beneficiaries of the new bank.

Non-food prices: fastest fall for over 2 years

Wed, 04 Apr 2012 12:23:32 +0100

The BRC-Nielsen Shop Price Index for March 2012 shows that overall shop price inflation increased to 1.5% in March from 1.2% in February, food inflation increased to 5.4% in March from 4.2% in February, and non-food reported deflation of 0.9% in March from 0.7% in February.

Incentives lead to another record month for dealer motor finance

Wed, 04 Apr 2012 11:56:32 +0100

This is a record figure from the Finance & Leasing Association (FLA), the motor finance trade body, which also revealed that sales of new cars were up by 15% in February compared with February 2011.

Bridgewater extends State Benefits seminar tour

Wed, 04 Apr 2012 11:15:01 +0100

Bridgewater Equity Release, the home reversion specialist, has today revealed the date of its latest State Benefits Update seminar for advisers, in association with Ferret Information Systems.

Perspective announces second acquisition of 2012

Tue, 03 Apr 2012 11:27:39 +0100

Perspective Financial Group Ltd, the national financial advisory group, has today announced its second acquisition of 2012 with the purchase of advisory practice, Financial Connection.

Nearly two thirds of the 38 budget changes 'will have a detrimental effect'

Mon, 02 Apr 2012 15:57:59 +0100

Credit Action has released its Tax & Benefits Report 2012 which highlights 38 changes that will come into effect during the month of April. Of these, only 13 were deemed positive or beneficial, 21 were found to have an overall negative effect and 4 had mixed outcomes.

BBA chief executive Angela Knight to step down â¨

Mon, 02 Apr 2012 11:33:12 +0100

Angela Knight has announced her intention to step down as the chief executive of the British Bankers’ Association (BBA) in the summer. Angela said she will be staying on while the search for her successor is concluded.

The BSA has today submitted its response to the FSA's final Mortgage Market Review proposals

Fri, 30 Mar 2012 11:23:53 +0100

BSA raises concerns on consumer control and intrusive questioning in its response to the FSA's Mortgage Market Review

CML response to FSA Mortgage Market Review consultation

Fri, 30 Mar 2012 11:20:59 +0100

To avoid causing problems in the mortgage market, the FSA needs to make some further amendments to its proposed package of regulatory reforms, says the Council of Mortgage Lenders (CML) in its consultation response submitted today.

Retailers urge greater ambition to save our High Streets

Fri, 30 Mar 2012 11:05:33 +0100

The Government’s response to the Mary Portas’ Review includes positive steps but doesn’t live up to her bigger ambition to revitalise our high streets.

February mortgage lending shows healthy trend for 2012

Thu, 29 Mar 2012 11:46:45 +0100

Gross mortgage lending by building societies and other mutual lenders rose 28% in February 2012, compared to the same month last year.

Exact Wins Another Servicing Contract

Thu, 29 Mar 2012 11:20:47 +0100

Hot on the heels of Exact's recent announcement that they are servicing a mortgage book for a well-known mutual lender they have today confirmed that they have won a new contract to service a book of second charge loans which adds approximately another 6000 customers to its platform.

Credit card holders to get a different kind of statement hitting their doormat this year

Wed, 28 Mar 2012 16:05:15 +0100

The nation’s 31 million credit cardholders can expect to start seeing a new type of credit card statement land on their doormat for the first time. The new annual statement, which has been developed by The UK Cards Association in partnership with the Department for Business, Innovation and Skills, will help customers see at a glance how they have used their credit card over the previous 12 months, as well as any fees and costs incurred.

Trading Standards to have more clout to protect consumers

Wed, 28 Mar 2012 13:43:08 +0100

The Department for Business, Innovation and Skills (BIS) today launched a consultation on proposals to make it easier for Trading Standards officers to tackle rogue traders across local authority boundaries.

FSA bans and fines directors a total of Â£600,000 for publishing misleading data about Cattles plc

Wed, 28 Mar 2012 13:36:05 +0100

The Financial Services Authority (FSA) has fined and banned two former directors of Cattles plc (Cattles) and its subsidiary Welcome Financial Services Limited (Welcome) for publishing misleading information to investors about the credit quality of Welcome’s loan book and acting without integrity in discharging their responsibilities. The FSA has also publicly censured Cattles and Welcome for publishing misleading information.

FSA publishes six-monthly firm complaints data for the second half of 2011

Wed, 28 Mar 2012 13:31:17 +0100

The Financial Services Authority (FSA) has today published two sets of complaints data, covering the second half of 2011.

CML News & Views: interest-only, solar panels, and the Budget

Wed, 28 Mar 2012 13:27:38 +0100

Is interest-only borrowing really a ticking time-bomb? Market and regulatory changes have made it less common, although it remains an appropriate choice for some borrowers. Our data shows that most interest-only mortgages have a comfortable equity cushion by the time they mature. And lenders are looking at what can be done to help the minority who have not saved enough to pay off the capital they borrowed at the outset.

FSA bans NI adviser and fines him Â£95,200 over mortgage fraud

Wed, 28 Mar 2012 08:27:59 +0100

The Financial Services Authority (FSA) has banned and fined Londonderry-based mortgage adviser Gareth Flanagan £95,200 for personal mortgage fraud and regulatory failings.

BRC plans DG succession

Wed, 28 Mar 2012 00:01:00 +0100

The director general of the British Retail Consortium (BRC), Stephen Robertson, has confirmed this will be his fifth and final year at the helm of the organisation.

Planning changes will boost town centres

Tue, 27 Mar 2012 15:38:03 +0100

Changes to the National Planning Policy Framework for England which have been announced today should do a lot to boost the country’s high streets and encourage vibrant town centres as part of the right package of measures.

Ikano makes it even easier for consumers to choose Paul Simon

Mon, 26 Mar 2012 17:57:38 +0100

Retail finance specialist Ikano Financial Services has announced that it will be handling the consumer finance offer of home furnishings retailer Paul Simon.

FSA publicly censures two Glasgow credit unions

Mon, 26 Mar 2012 17:42:43 +0100

The Financial Services Authority (FSA) has publicly censured two Glasgow based credit unions. Pollok Credit Union jeopardised its own solvency, and therefore the interests of its members, by making large loans to a non-member while Shettleston and Tollcross Credit Union made loans to its directors on terms better than those available to its wider membership.

Positive London Expo survey results set up return of Mortgage Business Expo Manchester

Mon, 26 Mar 2012 17:19:17 +0100

Mortgage Business Expo Manchester 2012, one of the biggest events for financial intermediaries based in the North West, will take place on the 23rd May at the Lancashire County Cricket Ground.

Retailers commit again on public health - BRC

Sat, 24 Mar 2012 00:08:34 +0100

A list of retailers signing up to the latest part of the Public Health Responsibility Deal has been unveiled today (Saturday) by the Department of Health, evidence of the sector’s on-going commitment to helping consumers make healthier choices.

pancredit awarded Open University Student Loans Contract

Fri, 23 Mar 2012 16:00:41 +0100

Leeds based software publisher pancredit has been awarded a 10 year contract to supply its market leading loans platform to The Open University. The change in the fees regime for university students has made the availability of affordable loans for students all the more important as a means of paying for course fees and The Open University needed to replace its existing loans software with a solution that was more flexible.

Phoebus Software comment on Land Registry House Price index

Fri, 23 Mar 2012 15:56:22 +0100

Commenting on Land Registry House Price index, Paul Hunt, managing director of Phoebus Software said: “The modest rise in house prices last month is a vindication of the proactive approach mortgage lenders have taken over the last few months. The CML announced recently that gross mortgage lending has risen for seven consecutive months as the combination of low interest rates and steady house prices have provided an opportunity to lenders to make highly affordable finance available t ...

FSA publishes Business Plan for 2012/13

Thu, 22 Mar 2012 17:03:40 +0100

The Financial Services Authority (FSA) has published its business plan setting out its priorities for 2012/13, and the implications for the FSA’s budget. The document outlines the FSA’s specific initiatives for the year ahead, which reflect the continuing challenges facing the financial services industry. This is likely to be the FSA’s final business plan before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in 2013. ...

Supporting consumers and economic growth underpin the OFT's Annual Plan

Thu, 22 Mar 2012 16:48:55 +0100

Supporting consumers and economic growth through difficult times remain central priorities, the OFT stated in its Annual Plan published today.

DRF still concerned at OFT attitude to internet marketing by debt companies

Thu, 22 Mar 2012 16:29:45 +0100

The Office of Fair Trading (OFT) today issued its revised guidance for fee-charging debt management companies.

Fee-charging debt management trade body, DRF, welcomes new OFT guidance

Thu, 22 Mar 2012 16:20:59 +0100

Debt Resolution Forum (DRF), the training, monitoring and representational body for fee-charging debt resolution companies today welcomed the OFT's publication of its revised Debt Management Guidance.

Grocery retailers having impact on traditional high street providers for loans, online

Thu, 22 Mar 2012 15:21:41 +0100

Research from leading independent digital marketing agency Greenlight, reveals that the majority of UK online consumer searches for retail banking-related products in January pertained to loans, with grocery retailers taking two of the top three spots in terms of visibility for loan-related products.

Budget may not do enough for sluggish retail sector - BRC

Thu, 22 Mar 2012 15:11:27 +0100

Official retail figures reported today by the Office for National Statistics (ONS) confirm spending is growing more slowly than inflation, meaning people are cutting back on purchases.

Smartphones and tablet PCs drive demand for Ferratum payday loans

Thu, 22 Mar 2012 14:48:25 +0100

The growing use among consumers in the UK of smartphones and tablet computers is helping to fuel the demand for the products of Europe’s biggest online payday loan lender.

OFT issues new debt management guidance

Thu, 22 Mar 2012 10:23:44 +0100

The Office of Fair Trading (OFT) has today published revised guidance on the standards it expects from businesses offering debt management advice or credit repair services to consumers.

Crown Mortgage Management comments on today's Budget

Wed, 21 Mar 2012 18:40:34 +0100

Commenting on today’s Budget and confirmation of extra funding to help construction firms build new homes, Eric Stoclet, chief executive for Crown Mortgage Management, said: “The chancellor today confirmed the Government would expand the Get Britain Building Fund which provides upfront finance to construction companies creating new build homes.

BSA comments on Budget 2012

Wed, 21 Mar 2012 18:32:43 +0100

Commenting on The Budget delivered this afternoon by Chancellor, George Osborne MP, Adrian Coles, Director General of the BSA said:

Bridgewater Equity Release comments on the Budget and the impact on retired homeowners

Wed, 21 Mar 2012 15:08:30 +0100

Peter Welch, Head of Sales & Distribution at Bridgewater Equity Release, commented: “We will need some time to digest the detail, but at first sight the retired seem to be one of the groups to lose out from the Budget.

BRC senses carbon tax victory - Budget reaction

Wed, 21 Mar 2012 14:58:16 +0100

Reacting to the Budget today, British Retail Consortium (BRC) Director General Stephen Robertson said:

MAT comments on the Budget

Wed, 21 Mar 2012 14:27:18 +0100

Commenting on the 2012 Chancellor’s Budget, Joanna Elson OBE, Chief Executive of the Money Advice Trust (MAT), said:

March VocaLink Take Home Pay Index mid-month alert

Wed, 21 Mar 2012 11:01:24 +0100

Average annual salaries in the last 12 months are £487 less in real terms than in the previous 12 months, according to the latest data from the VocaLink Take Home Pay Index.

Enness Private Clients comments on possible Budget measures

Wed, 21 Mar 2012 10:48:22 +0100

Enness Private Clients comment on the rumoured changes to the 50p tax rate and the possible implementation of increased Stamp Duty on high net-worth properties in today’s Budget.

Credit Action participates in its first ever âchallenge dayâ

Tue, 20 Mar 2012 12:58:13 +0100

Credit Action along with The Cumberland Building Society and Cumbria County Council, will be participating in a cross-school challenge aimed at enhancing financial capability and promoting the value of saving to young people in Cumbria on 21st March.

Gross mortgage lending unchanged in February

Tue, 20 Mar 2012 12:54:23 +0100

Gross mortgage lending held steady in February and was an estimated £10.7 billion, according to the Council of Mortgage Lenders (CML). This is almost identical to January’s gross lending total of £10.65 billion and 14% higher than February last year (£9.4 billion).

Retailers welcome sensible minimum wage increase - BRC Release)

Mon, 19 Mar 2012 18:02:47 +0100

The 1.8 per cent increase in the adult National Minimum Wage rate is a wise move that strikes the right balance between helping retailers to maintain and create jobs and supporting low income households.

New figures reveal another big jump in Faster Payments

Mon, 19 Mar 2012 17:54:07 +0100

Britons sent two-thirds more money through Faster Payments in the last three months of 2011 compared to the previous year, according to the Payments Council’s latest quarterly statistical report. More than £76 billion was sent during 2011’s fourth quarter (up from £46 billion in Q4 2010) and the number of transactions increased by 23% year-on-year. 144 million Faster Payments were made in the last three months of 2011.

Stonebridge announce strategic â¨partnership with SFS Recruitment

Mon, 19 Mar 2012 17:49:50 +0100

Stonebridge Group, the mortgage and insurance network, has today announced a new strategic partnership with SFS Recruitment, specialists in adviser placing and appointed representative (AR)/network matching services.

Consumers' views on housing market brighten but job fears increase says BSA

Sat, 17 Mar 2012 00:01:00 +0100

The results of the BSA's Property Tracker, which takes the views of over 2,000 consumers as a market temperature check every three months, has identified some improvements in consumer sentiment in its March survey, offset by rising fears over job security.

FSA chief executive to leave organisation at the end of June

Fri, 16 Mar 2012 12:28:06 +0100

Hector Sants, chief executive (CEO) of the Financial Services Authority (FSA), has announced his intention to leave the organisation at the end of June 2012, having completed the fundamental design and delivery of the changes needed to achieve the Government’s plan to separate prudential and conduct financial regulation in the UK.

Target Group secures funding to support growth strategy

Fri, 16 Mar 2012 12:16:42 +0100

Target Group Limited has secured investment from the RBS Special Opportunities Fund, a discreet £1.1 billion third party fund that provides a broad range of supportive capital and is managed by the Equity Finance division of RBS Asset Management Limited.

Exact Servicing for Mutual Lender

Thu, 15 Mar 2012 10:57:27 +0100

Exact has won a contract to service mortgages for a well known mutual lender with the boarding of a pool of £200 million having taken place earlier this month. Exact now has eleven clients including four tier one investment banks and several investment funds.

BSA Welcomes Ownership Commission Report

Wed, 14 Mar 2012 17:35:20 +0100

The Building Societies Association (BSA) warmly welcomes the publication today of the report of The Ownership Commission. Commenting, Adrian Coles, Director-General of the BSA said:

CML News & Views: NewBuy, and borrowing costs

Wed, 14 Mar 2012 17:28:00 +0100

NewBuy was successfully launched by the prime minister earlier this week. Five lenders have already declared their support, and more may follow in the coming weeks. Today’s issue of CML News & Views looks at some of the key issues for lenders and borrowers, including the valuation of properties sold under the scheme. We agree with the government that NewBuy has the potential to increase housing supply and contribute to economic growth.

Co-operatives UK responds to today's launch of the Ownership Commission's report

Wed, 14 Mar 2012 17:20:44 +0100

In response to the launch today of the Ownership Commission’s report - Plurality, Stewardship and Engagement - Ed Mayo, Secretary General of Co-operatives UK, said:

FICO Data Shows Two-Year Peak in Average UK Card Sales

Wed, 14 Mar 2012 15:49:52 +0100

FICO, the leading provider of analytics and decision management technology, today released data showing that average sales per card rose to a two-year high of just over £600. At the same time, more UK cardholders are current in their card payments than at any point in the last two years.

Lancashire company director disqualified for giving banned father directorâs duties

Wed, 14 Mar 2012 15:06:33 +0100

Matthew Richard Sixsmith of Whittle le Woods in Lancashire has been disqualified from being a director for eight years by Bolton County Court following an investigation by the Company Investigations North team of The Insolvency Service.

Government announces first LEP retail pathfinder

Wed, 14 Mar 2012 14:49:30 +0100

Business Minister Mark Prisk has today named Gloucestershire Local Enterprise Partnership (LEP) as a flagship trailblazer for retail.

Credit unions welcome initial results of Government study

Wed, 14 Mar 2012 11:09:57 +0100

The Association of British Credit Unions Limited (ABCUL) has welcomed a Government announcement of initial results from a feasibility study carried out last year to examine the options for the modernisation and expansion of credit unions.

FSA report suggests an encouraging increase in those who 'shop around' for financial products

Wed, 14 Mar 2012 10:57:57 +0100

The Retail Conduct Risk Outlook 2012, published by the Financial Services Authority (FSA) suggests that being financially capable is set to become even more crucial for those wanting to stay on top of their finances in the next 12-18 months.

Moneycorp joins LINK ATM scheme

Tue, 13 Mar 2012 17:38:00 +0100

Today LINK, the UK cash machine network, announced that Moneycorp, the currency specialist, has joined the LINK ATM Scheme.

Phoebus Software comments on CML lending data

Tue, 13 Mar 2012 13:08:19 +0100

Paul Hunt, managing director of Phoebus Software, commenting on CML lending data, said: “The month on month fall in first time buyer lending might seem worrying, but the real story lies in the sizeable annual rise.

FSA Statistics on Mortgage Lending:March 2012 Edition

Tue, 13 Mar 2012 13:04:07 +0100

Since the beginning of 2007, some 300 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending & Administration Return (MLAR) each quarter, providing data on their mortgage lending activities. We published the first set of statistics based on these data in August 2008.

FSA publishes an analysis of the main risks facing consumers

Tue, 13 Mar 2012 12:52:15 +0100

The Financial Services Authority (FSA) has published an analysis of the main risks which potentially face consumers in the financial services sector over the next 12 to18 months.

23% more first-time buyers in January 2012 than January 2011

Tue, 13 Mar 2012 10:56:10 +0100

Both house purchase and remortgage lending fell in January, according to new data released today from the Council of Mortgage Lenders (CML).

Residential values around Olympic site underperform relative to rest of London

Tue, 13 Mar 2012 10:30:04 +0100

With the 2012 Olympics a matter of months away, new research by Hometrack shows that on a £ per sq ft (£psf) basis, residential capital values in Stratford (E15), adjacent to the Olympic site, have for the last four years underperformed relative to the rest of London.

Credit Action Celebrates National Student Money Week

Mon, 12 Mar 2012 11:51:04 +0100

Credit Action welcomes the second annual National Student Money Week hosted by the National Association of Money Advisors (NASMA) which kicks off Monday 12th March. The aim of the week is to make sure that students know about the resources are available to them to manage their finances in the best way possible.

NewBuy scheme launches - CML publishes crystal marked consumer guide

Mon, 12 Mar 2012 11:35:53 +0100

The Council of Mortgage Lenders (CML) is today publishing a crystal marked consumer factsheet to help home buyers decide whether the NewBuy scheme, launched today, can be of value to them.

Paradigm announce new strategic relationship with Redstone Wills

Mon, 12 Mar 2012 11:23:39 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today announced a new strategic relationship with Will-writing company, Redstone Wills.

CML comment on NewBuy

Mon, 12 Mar 2012 11:15:13 +0100

The Council of Mortgage Lenders (CML) is pleased that NewBuy will be launching with the underpinning of government support to supplement the builder-funded scheme. The scheme will make a welcome contribution to increasing the flow of house-building, supporting jobs in the economy, and opening up access to mortgage finance for new build property to creditworthy borrowers who simply lack a large deposit.

Enness Private Clients dismiss âMansion Taxâ proposals

Fri, 09 Mar 2012 12:35:55 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has today dismissed the potential introduction of a ‘Mansion Tax’ on properties worth over £2 million in this month’s Budget.

Mortgage rates - background information from CML

Fri, 09 Mar 2012 12:29:21 +0100

Information from the Council of Mortgage Lenders (CML): "Mortgage rates are in the news. We thought it would be helpful to pull together some information as background for media use. I hope this helps".

OFT acts to revoke Yes Loans' licence

Thu, 08 Mar 2012 12:47:14 +0100

The OFT has decided that Yes Loans Limited, one of the UK's largest brokers of unsecured credit, is unfit to hold a consumer credit licence, as are two associated businesses, Blue Sky Personal Finance Limited and Money Worries Limited.

Bridgewater launch fourth âjust a thought...â adviser sales aid

Thu, 08 Mar 2012 10:07:31 +0100

Bridgewater Equity Release, the home reversion specialists, has today launched the fourth in its series of sales aids for advisers entitled, ‘Just a thought...’

The VocaLink Take Home Pay Index shows continuing decline in private sector pay growth

Thu, 08 Mar 2012 00:01:00 +0100

This month’s VocaLink FTSE 350 Take Home Pay Index reveals that private sector take home pay growth continues to decrease in 2012, slowing to 1.8% for the three months to February. This prolongs the slowdown in private sector earnings growth seen since the high of 3.3% in June 2011, and reflects the ongoing weak economic conditions. The growth rate is at its lowest since May of last year.

'Greater urgency' needed on single market for online retail

Thu, 08 Mar 2012 00:01:00 +0100

The British Retail Consortium’s (BRC) Multichannel Retailing conference taking place today is a timely reminder to the Government to keep the pressure on Europe over the creation of a true single European online retail market.

MAT Comments on BIS Select Committee report

Wed, 07 Mar 2012 13:45:37 +0100

The Department of Business, Innovation and Skills (BIS) has today issued its Debt Management Report.

BIS Debt Management report welcomed by CFA

Wed, 07 Mar 2012 13:34:05 +0100

The Consumer Finance Association (CFA), the trade body that represents some of the largest payday lenders in the UK, has welcomed the latest Business, Innovation and Skills Committee report into Debt Management which looks at payday loans and commercial debt management companies.

To buy or not to buy? CML research looks at the question

Wed, 07 Mar 2012 12:06:29 +0100

New CML research published today looks at the comparative costs of owning and renting, and seeks to address one very real question that faces the would-be home-owner: "To buy, or not to buy?"

DEMSA responds to BIS committee report on Debt Management

Wed, 07 Mar 2012 09:47:39 +0100

Commenting on the publication of the Debt Management report, Melanie Taylor, Director of External Relations at the Debt Managers Standards Association (DEMSA) stated:

FLA responds to Commons Committee report on Debt Management

Wed, 07 Mar 2012 08:09:29 +0100

Responding to today’s House of Commons Business, Innovation and Skills Committee report on Debt Management, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), commented:

Debt Resolution Forum welcomes BIS Select Committee report on Debt Management

Wed, 07 Mar 2012 00:02:00 +0100

The trade association, training and monitoring body for fee-charging debt resolution companies, Debt Resolution Forum (DRF), today cautiously welcomed the House of Commons' Business Innovation and Skills Select Committee report on Debt Management.

Charity warns of personal debt problems facing public sector dominated UK regions

Wed, 07 Mar 2012 00:00:01 +0100

Research from the Money Advice Trust (MAT) has shown that regions which have a high proportion of public sector employment are facing large rises in debt problems over the next couple of years. Unemployment is a major driver of financial difficulty, and areas such as Northern Ireland, the North East and Wales, where public sector job cuts are likely to been most keenly felt, will see sharp increases in debt problems.

Lowest shop price inflation for nearly two years

Wed, 07 Mar 2012 00:00:01 +0100

The British Retail Consortium (BRC) report that overall shop price inflation fell to 1.2% in February from 1.4% in January, food inflation increased to 4.2% in February from 3.7% in January and non-food reported deflation of 0.7% in February.

Equifax enables banks to improve PPI claims procedures

Tue, 06 Mar 2012 16:47:48 +0100

It has been reported that, today, banks will be sending out letters to thousands of customers who may have been mis-sold PPI. Leading consumer credit and analytics expert, Equifax, is offering these organisations crucial insight to give them a clear picture of PPI claims entitlement amongst their customers.

FSA publishes guidance consultation to help firms provide redress to victims of PPI mis-selling

Tue, 06 Mar 2012 15:30:39 +0100

The Financial Services Authority (FSA) today published proposed guidance for firms that sold payment protection insurance (PPI) and are beginning to contact customers who may have been mis-sold a policy but have yet to complain.

Investec to finance high end vehicles

Tue, 06 Mar 2012 12:37:04 +0100

Investec Asset Finance plc (“Investec”), a wholly owned subsidiary of Investec Bank plc, an international specialist bank, has entered into a venture with London Asset Finance, specialists in prestige, sports and luxury vehicles to provide financing solutions to private individuals and businesses.

BSA Budget Submission and comment on bank rate third anniversary

Mon, 05 Mar 2012 13:09:25 +0100

In its Budget Submission made to HM Treasury today, the Building Societies Association (BSA), calls on the Chancellor to provide more support to savers as well as borrowers. Savers in particular have been experiencing the perfect storm of an all time low bank rate, coupled with relatively high inflation. This has led to real hardship for many who rely on their savings for income.

Paradigm offers free lead generation tool to member firms

Mon, 05 Mar 2012 10:37:31 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today agreed a twelve-month deal with Assureweb offering a free protection quotation 'plug-in' service to those partner firms with their own website facility.

New Mortgage for the Self Employed supports UK enterprise

Mon, 05 Mar 2012 10:31:11 +0100

Kent Reliance have today announced the launch of a flexible new mortgage for the self employed, giving practical help to UK entrepreneurs struggling to qualify for competitive lending products.

One week to wait for ABCULâs Annual Conference and AGM

Fri, 02 Mar 2012 17:20:34 +0100

ABCUL’s Annual Conference and AGM takes place next weekend, 9-11 March, at the Royal York Hotel, York. Over 350 delegates will be treated to a packed agenda of training, workshops and top expert speakers.

MPs debate Jam Jar accounts and role of credit unions

Fri, 02 Mar 2012 17:16:17 +0100

Tuesday (28 February) saw MPs explore the need for Jam Jar budgeting accounts in Westminster Hall in a debate secured by Damian Hinds MP, Chair of the All-Party Parliamentary Group on Credit Unions. The debate saw the work ongoing between Government and the credit union sector to potentially develop a cost-effective Jam Jar product cited by Assistant Whip, Chloe Smith MP.

Cestria signs up to tackle loan sharks

Fri, 02 Mar 2012 12:01:42 +0100

A County Durham housing association has proved it is committed to tackling loan sharks by joining a national campaign.

Paradigm appoints new Group Finance Director

Fri, 02 Mar 2012 09:50:11 +0100

Paradigm Group, the IFA and mortgage partnership proposition, has appointed Noel Stubley to the newly-created position of Group Finance Director.

300 broker milestone for market leading premium finance system

Thu, 01 Mar 2012 12:57:37 +0100

 A new online premium finance reporting system which offers improved efficiency and functionality for brokers has reached a unique milestone – with 300 brokers having successfully migrated in less than three months.

Coventry Building Society announces strong growth in 2011

Thu, 01 Mar 2012 12:24:08 +0100

Coventry, the UK’s third largest building society, has announced its results for the year ended 31 December 2011. Highlights include:

Phoebus comment on Bank of England lending to individuals

Wed, 29 Feb 2012 15:38:33 +0100

Paul Hunt, managing director of Phoebus Software, commenting on Bank of England lending to individuals, said: “When one looks at the growth rate of mortgage lending over a long period, the current figures look positively anaemic – but in the context of the current economic situation the fact lending is increasing at all is very encouraging.

CML News & Views: Our Budget 2012 submission

Wed, 29 Feb 2012 13:24:25 +0100

In today’s News & Views, we publish our Budget submission highlighting issues on mortgage funding, stamp duty, welfare reform and use of housing stock that we hope the Chancellor is considering.

Lending and approvals by mutuals rise year on year in January

Wed, 29 Feb 2012 10:07:53 +0100

Building societies and other mutual lenders continued to increase their lending in January 2012, compared to the same month in 2011. Gross mortgage lending was up 32% and mortgage approvals increased by 54% on January 2011.

Referrers benefit from buyers bounced by banks

Tue, 28 Feb 2012 17:15:31 +0100

ACF Car Finance says the percentage of customers accepted for car-buying loans after being referred to them by finance companies, brokers and motor dealers has reached a ten-year high.

Phoebus Software comment on Land Registry HPI

Tue, 28 Feb 2012 13:05:57 +0100

Paul Hunt, managing director of Phoebus Software said: “Rising house prices show the importance of mortgage lending in supporting the property market. As lenders have taken advantage of the low Base Rate to offer finance which is more affordable than ever, buyers have taken the opportunity to lock themselves into the market at favourable rates.

Money and unemployment issues top enquiries to CABA

Tue, 28 Feb 2012 12:40:14 +0100

Issues with money and unemployment topped the list of initial enquiries to Chartered Accountants’ Benevolent Association (CABA) during 2011 as the difficult economic conditions continued to take their toll.

Ombudsman releases latest complaints data on individual financial businesses

Tue, 28 Feb 2012 09:56:42 +0100

The Financial Ombudsman Service today releases its latest set of six-monthly complaints data relating to individual financial businesses – including banks, insurance companies and investment firms.

Seasonal jump in demand but headline prices static

Mon, 27 Feb 2012 16:44:27 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Increase in house purchase loans for only Northern Ireland at end of 2011

Mon, 27 Feb 2012 16:28:12 +0100

Northern Ireland was the only area of the UK to experience an increase in house purchase loans in the final quarter of 2011, according to new figures released today from the Council of Mortgage Lenders (CML) in Northern Ireland.

Ikano named âone to watchâ in Sunday Times Best Companies

Mon, 27 Feb 2012 14:22:21 +0100

Ikano Financial Services, the retail loyalty and finance specialist, has been described as ‘One to Watch’, in the Sunday Times Best Companies to Work For listing 2012.

Phoebus reports turnover up 17%

Mon, 27 Feb 2012 14:03:11 +0100

Sales at Phoebus Software rose 16.5% in the year to December 2011. The company said the recovery of the mortgage lending industry – illustrated by six consecutive months of increased mortgage lending – helped drive sales.

Conveyancing Alliance yearly activity on the rise

Mon, 27 Feb 2012 11:30:19 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today announced strong year-on-year increases for both its purchase and remortgage instruction levels.

Responsible lender Ferratum welcomes OFT payday loan investigation

Fri, 24 Feb 2012 17:20:07 +0100

Europe’s largest provider of payday loans today welcomed the decision by the Office of Fair Trading (OFT) to launch a review of the fast growing sector in the UK.

CFA welcomes OFT Review into Payday lending

Fri, 24 Feb 2012 16:18:12 +0100

Following today’s announcement by the Office of Fair Trading (OFT) that it is commencing an extensive review of the payday lending sector, the Consumer Finance Association (CFA) has responded by welcoming the announcement.

MAT comments on payday lending compliance review

Fri, 24 Feb 2012 15:07:52 +0100

The Office of Fair Trading (OFT) has today announced a review of the payday lending industry's compliance with its Irresponsible Lending Guidance.

OFT launches review into payday lending

Fri, 24 Feb 2012 10:33:05 +0100

The OFT has today launched an extensive review of the payday lending sector. This is in part prompted by concerns that some payday lenders may be taking advantage of people in financial difficulty.

Scottish first-time buyers spend less on monthly mortgage payments than rest of UK

Fri, 24 Feb 2012 09:41:15 +0100

The average first-time buyer in Scotland spent 11.1% of their income on mortgage interest payments in the last quarter of 2011, lower than anywhere else in the UK, according to new figures released today by the Council of Mortgage Lenders in Scotland. First-time buyers in Scotland typically borrowed 79% of their property’s value in the final quarter of the year, compared to 80% for the UK as a whole.

2011 market for first-time buyers in Wales more positive than UK as whole

Fri, 24 Feb 2012 09:39:13 +0100

Lending to Welsh first-time buyers grew by 4% in 2011, compared to a drop of 4% UK-wide, according to new figures released today by the Council of Mortgage Lenders in Wales. There were 8,400 loans taken out by first-time buyers in Wales in 2011, compared to 8,100 in 2010.

January 2012 figures for the main high street banks

Fri, 24 Feb 2012 09:33:43 +0100

Annual growth of 1.3% in the banks’ net mortgage lending continues to outstrip annual growth of 0.8% across the whole lending market in 2011.

OFT chief to step down later this year

Thu, 23 Feb 2012 13:41:15 +0100

The OFT today announced that its Chief Executive, John Fingleton, is to step down later in 2012, after seven years in the role.

CashplusÂ® âThe Best Business Card in the UKâ

Thu, 23 Feb 2012 13:36:23 +0100

The Cashplus® Business card Account, offered by Advanced Payment Solutions (APS), has won ‘Best Business Card Programme’ at The Card Payments Awards 2012.

FSA announcement relating to suspension of shares by CPP Group Ltd

Thu, 23 Feb 2012 13:21:07 +0100

CPP Group PLC (CPP) this morning announced the suspension of the listing of its shares with immediate effect, following discussions with the Financial Services Authority (FSA) around the sale of the Group's card protection and identity protection products in the UK.

'Cameron has abandoned the pretence that he will tackle irresponsible capitalism'

Thu, 23 Feb 2012 13:13:44 +0100

Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on David Cameron’s about turn on the need for a more responsible capitalism in a speech to Business in the Community today, said: “We agreed with Mark Price, Chairman of Business in the Community, when he said last year that those of us who believe in market capitalism must recognise the extent of public concern and distrust in the system.

'This Governmentâs disastrous economic failure is creating a jobless generation'

Thu, 23 Feb 2012 13:11:56 +0100

Karen Buck MP, Labour’s Shadow Education Minister, responding to the NEET figures published by the Department for Education today, said: “This Government’s disastrous economic failure is creating a jobless generation.

PPR Estates comment on today's BBA lending data

Thu, 23 Feb 2012 12:55:45 +0100

Nick Hopkinson, Director of Property firm PPR Estates, commenting on today’s latest High Street Bank lending data from the British Bankers Association (BBA), said:

Bridgewater announce further State Benefits Update seminar

Thu, 23 Feb 2012 09:30:57 +0100

Bridgewater Equity Release, the home reversion specialist, has today revealed the date of its latest State Benefits Update seminar for advisers, in association with Ferret Information Systems.

Money Advice Service reveals its new approach to help people in debt difficulty

Wed, 22 Feb 2012 17:34:03 +0100

Today the Money Advice Service outlined its objectives for co-ordinating personal debt advice services from 1 April. This follows the Government’s request to the Service to initiate a new era of free advice provision.

New Â£60,000 Community Challenge Prize now open to applications

Tue, 21 Feb 2012 11:11:05 +0100

As new figures show that over eight million people - almost a fifth of people in the UK - buy in bulk co-operatively, a new £60k community buying innovation challenge opens to applications today.

Santander fined Â£1.5 million for failing to clarify FSCS cover on structured products

Mon, 20 Feb 2012 21:40:08 +0100

The Financial Services Authority (FSA) has fined Santander £1.5 million for failing to confirm under which circumstances its structured products would be covered by the Financial Services Compensation Scheme (FSCS). Customers began to query the extent of FSCS cover towards the end of 2008, but it was January 2010 before Santander clarified the position.

Gross mortgage lending 10% stronger than a year ago

Mon, 20 Feb 2012 11:51:02 +0100

Gross mortgage lending declined to an estimated £10.5 billion in January. Lending fell by 14% from £12.2 billion in December but was 10% higher than the total of £9.5 billion in January 2011, according to the Council of Mortgage Lenders (CML).

Comment on Greek debt finally being resolved; the euro well supported

Mon, 20 Feb 2012 10:23:50 +0100

Commenting on Greek debt finally being resolved, the euro well supported in Asia and a bumper week for equity markets, Lee McDarby, Investec Corporate Treasury, said: “The day has finally arrived when Greece’s debt talks might finally be resolved.

Riding high - mountain biker who scaled exam peak

Mon, 20 Feb 2012 10:21:15 +0100

A Chester mountain bike enthusiast who put the brakes on his pastime to study for a top accountancy qualification has seen his sacrifice pay dividends.

Tiuta announce winner of âTrip to New Yorkâ competition

Mon, 20 Feb 2012 10:15:21 +0100

Tiuta PLC, the short-term loan lender, has today announced the winner of its ‘Trip to New York’ competition.

Bridgewater Equity Release launch technical helpline for advisers

Fri, 17 Feb 2012 10:07:31 +0100

Bridgewater Equity Release, the home reversion specialist, has today launched a new technical helpline for advisers.

Lawson comments betray Tories' complacency on Britain's jobs and growth crisis

Thu, 16 Feb 2012 15:55:40 +0100

Cathy Jamieson MP, Labour's Shadow Economic Secretary to the Treasury, said in response to remarks this afternoon by Lord Lawson on the economy in the House of Lords:

Rise in employment and vacancies shows a stabilising labour market

Thu, 16 Feb 2012 15:51:56 +0100

New figures published by the Office for National Statistics today, show that despite continuing economic challenges the labour market is stabilising.

Bankrupt jailed for six months for asset disposal

Thu, 16 Feb 2012 15:49:50 +0100

Mohammed Modhu, a bankrupt, has been sentenced to six months in prison by Luton Crown Court for removing £23,000 from his estate while undergoing bankruptcy proceedings, and failing to account for the same.

Competition in UK Banking

Thu, 16 Feb 2012 15:43:14 +0100

John Fingleton, Chief Executive, Office of Fair Trading - Speech at the seminar on 'A competitive banking sector: Challenges in a post-crisis environment' organised by MLex in association with Lloyds Banking Group

Student loan early repayment penalty: a dangerous lesson in finance set to be abandoned

Thu, 16 Feb 2012 12:03:49 +0100

Credit Action welcomes plans to abandon early repayment charges for student loans. An early repayment penalty would lock students into long term debt and contribute to the normalisation of only making minimum payments on loans.

Enness Private Clients Launch 'Enness Introducers' Online System

Thu, 16 Feb 2012 11:30:06 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has today launched ‘Enness Introducers’ – the online system for introducers using its referral system.

Comment on the euro having a rough ride, an unsurprising Bank of England Inflation Report

Thu, 16 Feb 2012 10:03:05 +0100

Commenting on the euro having a rough ride, an unsurprising Bank of England Inflation Report and Nationwide consumer confidence at its highest level since August 2011, Lee McDarby, Investec Corporate Treasury, said: “The euro has had a bit of a rough ride as concerns around the delays in agreeing Greece’s second bailout persisted. It’s been like a merry go round with increasing talk of a Greek exit from the euro sitting alongside talk that the bailout might even be delayed unti ...

FSA managing director, Margaret Cole, to leave this year

Wed, 15 Feb 2012 16:45:29 +0100

The Financial Services Authority (FSA) today announced that managing director and Board member, Margaret Cole, will leave the organisation later this year, after nearly seven years at the UK regulator.

Government's economic strategy isn't working - Ed Miliband

Wed, 15 Feb 2012 16:39:34 +0100

Ed Miliband MP, Leader of the Opposition and Leader of the Labour Party, said: "Month after month unemployment goes up.

CCCS appoints Marketing Director to its leadership team

Wed, 15 Feb 2012 10:58:38 +0100

National debt charity Consumer Credit Counselling Service (CCCS) has appointed Anne Somers as its Marketing Director. The position is newly created and will sit on the charity’s leadership team alongside its Chief Executive, Chief Operating Officer, Chief Financial Officer and External Affairs Director.

Success in on the cards for Cardiff & Vale Credit Union, thanks to Boston Marks

Wed, 15 Feb 2012 10:27:29 +0100

Cardiff & Vale Credit Union is expanding its service portfolio after launching a prepaid Visa card for members, facilitated by leading prepaid card specialist in the Credit Union sector - Boston Marks.

Banks boost UK jobs with new apprenticeships

Wed, 15 Feb 2012 09:17:58 +0100

The announcements were made at a financial services sector roundtable, held at HSBC in Canary Wharf, as part of National Apprenticeship Week. The focus was on the creation of new apprenticeship routes into employment.

First-time buyers begin to take advantage of last months of stamp duty concession

Tue, 14 Feb 2012 17:09:23 +0100

The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders.

Realex Payments Announces Managed Services Partnership with HSBC Merchant Services

Tue, 14 Feb 2012 15:21:30 +0100

Realex Payments announced today that it has been selected as the payment gateway partner for HSBC Merchant Services.

Consumer credit spending flat in 2011

Mon, 13 Feb 2012 15:58:43 +0100

New consumer credit spending in 2011 remained at 2010 levels, according to the latest figures from the Finance & Leasing Association (FLA).

Eurodebt partners with Responsible Equity Release

Mon, 13 Feb 2012 14:47:17 +0100

In a significant development for the debt management sector, the UK’s leading provider of face to face debt solution services and DEMSA member, EuroDebt Financial Services and equity specialists, Responsible Equity Release have joined forces in a reciprocal agreement to widen the scope of services available to the clients of each business.

BSA comments on further quantitative easing

Fri, 10 Feb 2012 10:19:23 +0100

Following the decision of the MPC today to increase quantitative easing further, Adrian Coles, Director-General of the Building Societies Association, said:

Financial education volunteers praised at royal reception

Fri, 10 Feb 2012 09:54:52 +0100

Today Citizens Advice volunteers are to be thanked at a celebration tea, hosted by HRH the Princess Royal, Princess Anne, for their role giving money management training as part of MoneyActive, a national project funded by Nationwide Building Society.

BBA calls for a better national banking debate

Fri, 10 Feb 2012 09:49:20 +0100

On her blog today BBA chief executive Angela Knight calls for the public debate on banking to focus on the real issues, reflecting the progress already made, and not to descend to personal attacks on individuals.

Bidgewater launch series of sales aids

Fri, 10 Feb 2012 09:36:52 +0100

Bridgewater Equity Release, the home reversion specialists, has today (10th February 2012) launched a series of sales aids for advisers entitled, ‘Just a thought...’

PPR Estates comment on todayâs CML buy-to-let and arrears/possession data

Thu, 09 Feb 2012 16:04:56 +0100

Nick Hopkinson, director of property company, PPR Estates, comments on today’s Council of Mortgage Lenders (CML) buy-to-let and arrears/possession data.

Second charge mortgage repossessions fall again in 2011

Thu, 09 Feb 2012 15:46:44 +0100

In 2011, second-charge mortgage lenders repossessed 827 properties, 4.3% down on 2010’s total, according to figures released today by the Finance & Leasing Association (FLA), the trade body for the second-charge mortgage market.

Number of buy-to-let properties up by 84,000 in 2011, says CML

Thu, 09 Feb 2012 15:42:12 +0100

The number of properties being bought with buy-to-let mortgages increased by around 84,000 in 2011, modestly helping to increase the supply of private rented housing in the UK, according to latest data from the Council of Mortgage Lenders (CML).

2011 repossessions lowest since 2007, says CML

Thu, 09 Feb 2012 12:30:33 +0100

The total number of properties taken into possession by first-charge mortgage lenders in 2011 was 36,200, according to new data from the Council of Mortgage Lenders (CML). This was the lowest annual total since 2007.

Tiuta extends large loan funding line

Thu, 09 Feb 2012 12:16:00 +0100

Tiuta PLC, the short-term loan lender, has today announced a significant extension of its large loan funding line.

Results of the latest VocaLink FTSE 350 Take Home Pay Index

Thu, 09 Feb 2012 00:00:01 +0100

The VocaLink FTSE 350 Take Home Pay Index, which measures private sector pay growth slowed to 2.0% for the three months to January, down from 2.6% for the three months to December. This represents the largest percentage point decrease in take home pay growth seen since the three months to December 2010.

New Cheaper and Easier Alternative to âFreeâ Banking

Wed, 08 Feb 2012 13:13:50 +0100

The first fundamental change to the way Direct Debits can be set up and managed in 40 years has been launched today. The new service offered by Cashplus® provides consumers with a cheaper, transparent and easier to manage alternative to traditional banking. Cashplus® could save customers more than £400million a year as it doesn’t charge penalties if Direct Debit payments would send the account into overdraft.

Retailers back new alcohol unit displays

Wed, 08 Feb 2012 12:28:13 +0100

Major retailers are demonstrating their on-going commitment to selling alcohol responsibly by adopting new displays to help shoppers understand how many units are in their drinks.

Stonebridge Group launches protection â¨panel for Active Lending Solutions

Wed, 08 Feb 2012 12:21:29 +0100

Stonebridge Group, the mortgage and insurance network, has today announced a new strategic relationship with mortgage club, Active Lending Solutions, which allows access to Stonebridge’s limited life and protection panel.

Advisers confident about equity release market growth, reveals Bridgewater research

Wed, 08 Feb 2012 12:09:03 +0100

Equity release advisers are confident about the growth prospects for the sector in 2012, according to research by home reversion specialists, Bridgewater Equity Release.

Leading payday loan firm warns consumers against rogue operators

Tue, 07 Feb 2012 13:24:28 +0100

Consumers need to be on their guard against unscrupulous payday loan lenders who are stealing money from people’s accounts.

Customers signal tough year ahead

Tue, 07 Feb 2012 13:12:05 +0100

The British Retail Consortium (BRC) and KPMG Retail Sales Monitor for January 2012 shows that UK retail sales values were down 0.3% on a like-for-like basis from January 2011, when sales had risen 2.3%, picking up after December 2010’s snow disruption. On a total basis, sales were up 2.1%, against a 4.2% increase in January 2011. On both measures it was the second-worst January, after January 2010, since the survey began in 1995.

Conveyancing Alliance announce new BDM appointment

Tue, 07 Feb 2012 00:00:01 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today announced the appointment of a new Business Development Manager (BDM).

Shop vacancies â urgent action needed

Tue, 07 Feb 2012 00:00:01 +0100

Reacting to new figures from The Local Data Company, published today which show shop-vacancy rates still high in many towns, the British Retail Consortium (BRC) said long-term plans for reviving high streets are good but recent retail failures show real damage is being done now.

Delivering a twin peaks regulatory model within the FSA

Mon, 06 Feb 2012 18:10:27 +0100

In a speech to the British Bankers’ Association, Hector Sants, chief executive of the FSA, gave an update on the progress of the regulatory reform programme. He announced a major milestone in the regulatory reform programme, namely the introduction of a ‘twin peaks’ model operating within the FSA from 2 April 2012.

GE Money Home Lending added to Paradigm lender panels

Mon, 06 Feb 2012 13:03:17 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added specialist intermediary lender, GE Money Home Lending, to its main lender panels for directly authorised (DA) firms plus that of Paradigm Financial Advisers (PFA), the network service for appointed representatives (AR).

Keep putting retail criminals in the dock

Mon, 06 Feb 2012 00:00:01 +0100

Six months since the first night of violence which began the August riots, the British Retail Consortium (BRC) says the increased use of the courts to punish those involved in retail crime should be maintained as a deterrent.

Central action on high streets must back-up local Portas pilots

Sat, 04 Feb 2012 00:00:01 +0100

The announcement today (Saturday) of a pot of funding to enable twelve towns to try out some of the key recommendations from the Mary Portas Review is a good start towards meaningful action which could help our high streets.

MAT comment on the 'temporary closure' of sale and rent back

Fri, 03 Feb 2012 17:33:27 +0100

Commenting on the ‘temporary closure’ of the sale and rent back market, Joanna Elson, Chief Executive of the Money Advice Trust (MAT) said:

Government states its commitment to supporting credit unions in Lords

Fri, 03 Feb 2012 16:53:49 +0100

Welfare Reform Minister, Lord Freud, made clear the Government’s commitment to supporting the growth of credit unions as Peers from all parties called for more to be done to develop the sector in the House of Lords yesterday (2 February).

Tackling Numbers Scoops Top Industry Award

Fri, 03 Feb 2012 16:16:09 +0100

MBNA and Premiership Rugby’s ground-breaking Tackling Numbers programme has been named the Best Corporate Social Responsibility (CSR) Programme at a national awards ceremony.

Field agent firm distribution system goes live

Fri, 03 Feb 2012 12:47:56 +0100

The Charlbury Group today announced that following a three month pilot their AMS: Field Agent system will now be launched to the entire mortgage market.

The Debt Advisor teams up with SimplyBiz

Wed, 01 Feb 2012 11:48:50 +0100

Award-winning, Manchester-based debt management company, The Debt Advisor, has joined forces with SimplyBiz Mortgages.

Enness Private Clients announce new commercial relationship appointment

Wed, 01 Feb 2012 11:37:26 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has today announced the appointment of Jaime Harris as its new commercial relationship manager.

Stem the customer churn before it gathers momentum

Wed, 01 Feb 2012 11:00:32 +0100

A recent customer insight report from Professor Hugh Wilson, of Cranfield School of Management, and SAS, the leader in business analytics, identified that relevance and impact of marketing communications is critical to customers yet many banks are still failing to capitalise on the big data that they hold.

New lending code provides new rights and protections for borrowers

Wed, 01 Feb 2012 00:00:01 +0100

The FLA Lending Code, which has been protecting borrowers for twenty years, has been relaunched today with a range of new protections for borrowers in financial difficulty, and new rights for users of store cards and short-term credit.

Oil distributors call to customers to get prepared for January winter weather

Tue, 31 Jan 2012 17:12:10 +0100

Oil distribution industry trade association, Federation of Petroleum Suppliers (FPS) is urging homeowners and businesses that use oil for heating to get themselves prepared as the first of the winter snow seems set for this week as weather forecasters say the country is set to have a cold spell lasting the whole month.

Lending and savings up at mutuals in 2011

Tue, 31 Jan 2012 11:58:42 +0100

Gross lending by building societies and other mutuals in 2011 was £23.6 billion which is up 16% compared to 2010 (£20.4 billion), bucking the trend across much of the rest of the market. Gross lending by mutuals in December was £2.1 billion, up 15% compared to December 2010 (£1.8 billion).

Payday loans help consumers survive January cash shortfall

Mon, 30 Jan 2012 14:52:54 +0100

A surge in the number of people applying for payday loans has helped many consumers get through January.

Perspective acquire Vivienne Shepherd Limited

Mon, 30 Jan 2012 11:55:38 +0100

Perspective Financial Group Ltd, the national IFA group, has today announced the acquisition of Gateshead-based IFA practice, Vivienne Shepherd Limited.

Slow start to 2012 as supply tightens and demand weakens No increase in house prices for 18 months

Mon, 30 Jan 2012 11:39:57 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

FLA response to Financial Services Bill announcement and the transfer of consumer credit regulation

Fri, 27 Jan 2012 13:58:07 +0100

Responding to the Treasury announcement that consumer credit regulation will be transferred to the new Financial Conduct Authority, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said,

The UK Cards Association publishes 2012 annual report

Fri, 27 Jan 2012 13:46:46 +0100

Today The UK Cards Association publishes its 2012 Annual Report, highlighting its key activities.

Payday loans do not trap people in debt

Thu, 26 Jan 2012 22:03:06 +0100

Following today’s publication of research by Payplan on behalf of the ITV Tonight programme, the Consumer Finance Association (CFA) – which represents the major payday lenders - has emphasised that responsible lending and transparent information is the key to ensuring consumers can manage their debts.

Food retailers drive jobs growth

Thu, 26 Jan 2012 00:00:01 +0100

A summary of the BRC - Bond Pearce Retail Employment Monitor Q4 2011 shows that in the fourth quarter of 2011, retail employment rose by 0.5% compared with the same quarter a year earlier, the equivalent of 4,074 more full-time jobs according to our sample. During the same period the number of retail outlets grew by 1.0%, an additional 528 shops.

PPR Estates comment on today's BBA lending data and impact of falling GDP on the housing market

Wed, 25 Jan 2012 17:54:22 +0100

Nick Hopkinson, Director of property company, PPR Estates, comments on today’s BBA lending data and the impact of falling GDP on the housing market:

Blake Lapthorn provides consumer credit advice to automotive sector client BVRLA

Wed, 25 Jan 2012 17:46:48 +0100

Blake Lapthorn, one of the leading law firms in the UK, has assisted the British Vehicle Rental and Leasing Association (BVRLA), in helping redraft its Consumer Credit Act (CCA) guidance.

If you share finances â donât keep debts secret

Tue, 24 Jan 2012 18:10:43 +0100

Leading instant online credit information provider, Equifax, has released new research on the ‘money secrets’ partners and spouses keep from each other as it reminds couples that shared finances can have an impact on their ability to get credit.

Tiuta launch iphone and ipad app

Tue, 24 Jan 2012 18:05:05 +0100

Tiuta PLC, the short-term loan lender, has today launched a brand new Loan Calculator app for iphone and ipad users.

New research shows proposed account switching service will be a major improvement

Tue, 24 Jan 2012 17:51:43 +0100

Today the Payments Council published the findings from qualitative market research aimed at assessing customers’ reactions to the proposed new current account switching service, due to launch in September 2013.

Year-on-year increase in gross mortgage lending data

Mon, 23 Jan 2012 12:52:53 +0100

Gross mortgage lending in December was an estimated £11.7 billion, according to the Council of Mortgage Lenders (CML). This represents a 12% drop from £13.2 billion in November but a 12% rise from December 2010 (£10.5 billion). December was the fifth month in a row of higher year-on-year lending.

It's time to close the gap between rich and poor

Fri, 20 Jan 2012 13:23:53 +0100

The winter issue of SPARK, the newsletter produced by Church Action on Poverty, is now available, and includes the 2011 annual review.

Christmas cheer for retailers wonât shift wider gloom

Fri, 20 Jan 2012 10:53:52 +0100

Official retail figures reported today by the Office for National Statistics (ONS) confirm that the festive season gave the sector a boost during December after a tough 2011.

Bridgewater outline range of 2012 adviser support

Thu, 19 Jan 2012 13:35:34 +0100

Bridgewater Equity Release, the home reversion specialist, has today announced a range of support resources for advisers which it intends to roll out throughout the rest of the year.

Enness Private Clients launch referral service

Thu, 19 Jan 2012 13:14:46 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has today launched its referral service for brokers, IFAs and wealth managers.

Callcredit whitepaper takes a positive look at PPI claims management

Wed, 18 Jan 2012 13:30:45 +0100

As the Financial Ombudsman Service reports a significant rise in the number of PPI complaints, Callcredit Information Group today publishes a thought-provoking whitepaper outlining how banks who handle cases in a positive and proactive way can reap the commercial benefits.

UK unemployment rises to 8.4%

Wed, 18 Jan 2012 10:22:36 +0100

According to figures just released by the Office for National Statistics (ONS), the unemployment rate was 8.4 per cent, up 0.3 on the previous quarter. There were 2.68 million unemployed people, the highest since 1994 and up 118,000 on the quarter.

Unemployment figures due out tomorrow

Tue, 17 Jan 2012 16:36:56 +0100

The Office for National Statistics will release the latest unemployment figures on 18th January, and indications are that the number of those seeking employment continues to rise and there will be a decline in both long-term jobs and temporary contracts.

CCA is the right starting point for future consumer credit regulation - FLA responds to FSCP

Tue, 17 Jan 2012 13:18:54 +0100

The Finance and Leasing Association (FLA), which represents consumer and small business finance providers, has given its support to the Financial Services Consumer Panel (FSCP), which today called for the Consumer Credit Act (CCA) to form the basis for any new regulatory regime.

Financial Ombudsman publishes latest quarterly complaint data

Tue, 17 Jan 2012 12:58:20 +0100

The Ombudsman Service today publishes it latest quarterly complaints data in Ombudsman News.

UK CPI inflation rate falls to 4.2% in December

Tue, 17 Jan 2012 10:01:32 +0100

Information released today by the Office For National Statistics (ONS), shows that the rate of Consumer Prices Index (CPI) inflation in the UK fell to 4.2% in December, down from 4.8% the month before.

Consumers cautious with credit in run-up to Christmas

Mon, 16 Jan 2012 13:42:49 +0100

New consumer credit fell by 2% in November as shoppers remained cautious in the run-up to Christmas, according to the latest figures from the Finance & Leasing Association. Spending through store cards, store instalment credit, personal loans and credit cards all fell, leading to an overall drop in lending by FLA members in November compared with the same month a year before.

Growth returned to mortgage lending in November

Mon, 16 Jan 2012 13:39:37 +0100

House purchase lending in November experienced a year-on-year rise for only the second time in 2011, according to the Council of Mortgage Lenders (CML). 

Retailers publish Christmas trading statements

Thu, 12 Jan 2012 16:07:25 +0100

Today, Tesco revealed their Christmas sales performance, which showed a decline in sales. Other top British retailers have also posted lacklustre results over the festive period. These poor results came despite heavy discounting in the run up to Christmas.

VocaLink Take Home Pay Index shows challenging year ahead for UK wages

Thu, 12 Jan 2012 11:14:05 +0100

Private sector take home pay growth, as measured by the VocaLink Take Home Pay Index, remains unchanged this month sitting at 2.6% in the three months to December 2011 and well below the 4.8% consumer price index (CPI) inflation. Meanwhile, public sector take home pay growth continues to sit at a lower growth rate than the private sector, at 2.0% for the corresponding period. Both the public and private sector growth rates remain unchanged compared to the three months to November, sugge ...

Lowest shop price inflation for 16 months

Wed, 11 Jan 2012 12:11:14 +0100

The British Retail Consortium (BRC) have commented on latest figures showing that overall shop price inflation fell to 1.7% in December from 2.0% in November, food inflation rose to 4.2% in December from 4.0% in November and non-food inflation fell to 0.3% in December from 0.8% in November.

Retail sales up but difficulties for high street plague January

Tue, 10 Jan 2012 15:57:30 +0100

Heavy discounting over Christmas helped to reverse the fortunes of many retailers who had faced a tough trading climate in preceding months. Figures released today by the British Retail Consortium show retail sales were 2.2% higher on a like-for-like basis from December 2010, when sales had fallen 0.3%, hit by snow.

Stronger December reflects one-off factors

Tue, 10 Jan 2012 15:51:54 +0100

The BRC-KPMG Retail Sales Monitor December 2011, which covers the five weeks 27 November to 31 December 2011, shows that UK retail sales values were 2.2% higher on a like-for-like basis from December 2010, when sales had fallen 0.3%, hit by snow. On a total basis, sales were up 4.1%, against a 1.5% increase in December 2010. On both measures and excluding Easter distortions, sales performance was the best since January.

Paradigm add Engage Mutual Assurance to protection panel

Tue, 10 Jan 2012 12:09:19 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today added protection specialist, Engage Mutual Assurance, to its protection panel.

Customer data vital to avoid FOS penalties over delayed PPI claims

Mon, 09 Jan 2012 16:58:07 +0100

A new report from the Financial Ombudsman Service (FOS) suggests that banks are still struggling to manage PPI mis-selling cases. At the weekend FOS said that it is receiving around 3,000 fresh cases per week from customers who have not received a response or are unhappy with the decision.

FSA appoints new Board Chairman for Financial Services Compensation Scheme

Mon, 09 Jan 2012 11:52:11 +0100

The Financial Services Authority (FSA) today announced the appointment of Lawrence Churchill CBE as the new Chairman of the Board of the Financial Services Compensation Scheme (FSCS) for three years. He will take up his appointment on 1 April 2012, succeeding David Hall CBE.

Tiuta offer brokers ongoing âcashback incentiveâ

Mon, 09 Jan 2012 11:22:52 +0100

Tiuta PLC, the short-term loan lender, has today launched a brand new ‘cashback incentive’ which will reward all brokers and introducers when their clients’ loans are redeemed.

Enness Private Clients outline ambitions for 2012

Mon, 09 Jan 2012 09:45:37 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has today outlined its ambitions for 2012 following an extremely successful 2011 which included a significant increase in placed business compared to 2010.

Barnardoâs calls for credit union services to be made available through the Post Office

Fri, 06 Jan 2012 16:56:14 +0100

A report from the respected children’s charity, Barnardo’s, has highlighted the plight of low income families forced to take out high cost credit agreements and calls for credit union services to be made available through the Post Office network.

FLA credit figures show pre-Christmas growth in consumer markets

Fri, 06 Jan 2012 13:42:03 +0100

Consumers used 5% more credit in October than in the same month in 2010, according to the latest figures from the Finance & Leasing Association. Car purchases played a big part, with increases seen in credit for both new and used cars. Growth was also seen in personal loans, credit cards, and store cards.

âA Defining Year of Changeâ - a New Yearâs message from chief executive, Angela ...

Fri, 06 Jan 2012 13:39:10 +0100

I am starting this New Year message somewhat strangely by looking back at 2011. The reason, of course, is that 2011 was a defining year of change.

Financial Ombudsman consults on plans for dealing with record complaints workload

Fri, 06 Jan 2012 13:36:27 +0100

The Financial Ombudsman Service today publishes for consultation its proposed plans and budget for the next financial year (2012/2013) – together with an update on the numbers and workload for the current financial year (2011/2012).

Interim Report on Armed Forces Covenant published

Thu, 05 Jan 2012 17:39:03 +0100

A series of 'top tips' offering Service personnel practical advice on financial issues has been produced by the Government and representative bodies from the financial sector.

Mortgage lending by mutuals grows by almost a quarter in November

Wed, 04 Jan 2012 11:26:07 +0100

Gross lending by building societies and other mutuals was £2.5 billion in November, up 24% compared to November 2010 (£2.0 billion), and a new high since the Buildings Societies Association (BSA) started reporting on the current basis in January 2010. Savings balances held by mutuals increased by £0.5 billion in November, compared to an increase of £0.6 billion in November 2010.

New powers allow credit unions to offer more services to many more people

Tue, 03 Jan 2012 15:30:15 +0100

From 8 January 2012, new powers will allow credit unions in England, Scotland and Wales to begin to deliver a wider range of financial services to many more members, communities and businesses.

The UK Cards Association responds to Treasury announcement on excessive surcharging

Fri, 23 Dec 2011 11:28:27 +0100

Melanie Johnson, Chair of The UK Cards Association, says: "This is a terrific Christmas gift for consumers. The UK Cards Association fully supported Which? and the OFT on this issue and we’re delighted that the Treasury has decided to bring into line those few businesses who continue excessively charging us all for using our cards.

CML responds on Right to Buy consultation

Thu, 22 Dec 2011 11:47:30 +0100

Responding to today's announcement by the government of its consultation on a revitalised Right to Buy (RTB) programme, Council of Mortgage Lenders (CML) director general Paul Smee says:

Payday loan applicants increase four-fold as Christmas nears

Thu, 22 Dec 2011 11:30:23 +0100

More than four times as many people applied for a payday loan in the last two weeks than in the whole of November.

Experian welcomes end date for SEPA migration

Wed, 21 Dec 2011 19:51:38 +0100

Experian®, the global information services company, today welcomed the announcement of 1 February 2014 as the end date for SEPA migration.

FLA credit figures show pre-Christmas growth in consumer markets

Tue, 20 Dec 2011 13:07:58 +0100

Consumers used 5% more credit in October than in the same month in 2010, according to the latest figures from the Finance & Leasing Association (FLA). Car purchases played a big part, with increases seen in credit for both new and used cars. Growth was also seen in personal loans, credit cards, and store cards.

Crown Mortgage Management comments on interest-only mortgages

Tue, 20 Dec 2011 13:04:15 +0100

Commenting on the MMR consultation paper by the FSA on interest-only mortgages, Jane Manning, Head of Compliance at Crown Mortgage Management comments:

FLA: Financial Services Bill Joint Committee report response

Tue, 20 Dec 2011 12:59:08 +0100

Responding to the Financial Services Bill Joint Committee report, published yesterday, the Director General of the Finance & Leasing Association (FLA), Stephen Sklaroff, said:

Stonebridge Group completes series of regional AR meetings

Tue, 20 Dec 2011 11:43:06 +0100

Stonebridge Group, the mortgage and protection network, has today completed a series of regional meetings designed to help its appointed representative (AR) firms make the most of their opportunities and plan for the year ahead.

Holiday money charges to be made clearer

Tue, 20 Dec 2011 00:07:01 +0100

Measures to provide customers with clearer information about using credit and debit cards abroad were announced by The UK Cards Association and the British Bankers’ Association (BBA) today. These changes have been achieved working with the OFT, following Consumer Focus’ super complaint.

Enness Private Clients 'Support MMR high net worth proposals'

Mon, 19 Dec 2011 18:23:16 +0100

Enness Private Clients, the large mortgage and high net worth specialist, has offered broad support for the FSA’s proposals in the Mortgage Market Review (MMR) in particular a more tailored approach for high net worth (HNW) borrowers.

BSA responds to statement by the Chancellor on the ICB

Mon, 19 Dec 2011 18:17:00 +0100

Adrian Coles, Director General of the Building Societies Association (BSA), said: "We are pleased that the Government is standing by its initial statement on the Vickers report and plans to legislate to ring-fence the retail operation of banks. We remain hopeful that the implementation of these measures is proportionate to the risks posed.

FLA: Financial Services Bill Joint Committee report response

Mon, 19 Dec 2011 18:07:42 +0100

Responding to the Financial Services Bill Joint Committee report, published today, the Director General of the Finance & Leasing Association (FLA), Stephen Sklaroff, said:

FSA puts common sense at the heart of mortgage lending

Mon, 19 Dec 2011 00:00:01 +0100

The Financial Services Authority (FSA) today announced plans to prevent a return of the risky mortgage lending seen in boom times, by ensuring that common sense standards continue to apply in future.

BSA comment on the mortgage regulation proposals

Mon, 19 Dec 2011 00:00:01 +0100

Commenting on the mortgage regulation proposals published today by the FSA, Paul Broadhead, Head of Mortgage Policy at the Building Societies Association (BSA), said:

Mortgage reforms will be better as FSA has listened, says CML

Mon, 19 Dec 2011 00:00:01 +0100

The Council of Mortgage Lenders (CML) welcomes and broadly supports the revised package of proposed reforms published in a consultation paper by the Financial Services Authority (FSA) today.

Phoebus Software Comments on FSA Mortgage Market Review

Mon, 19 Dec 2011 00:00:01 +0100

Paul Hunt, managing director of Phoebus Software said: “In its analysis of the market for first-time buyers, the FSA’s Mortgage Market Review shows the proportion of lending to First Time Buyers (FTB) is actually higher than it was before the financial crisis.

PPR Estates comment on yesterdayâs lending data from the CML

Fri, 16 Dec 2011 13:04:25 +0100

Nick Hopkinson, director of property company, PPR Estates, comments on yesterday’s lending data from the Council of Mortgage Lenders (CML).

Consumers take home less pay in 2011 compared to 2010

Fri, 16 Dec 2011 12:57:47 +0100

Throughout the course of 2011 take home pay growth has edged up on both the VocaLink FSTE 350 Take Home Pay Index and the Public Sector Index. Private sector pay has grown at a faster rate than public sector pay, with a year on year increase of 0.9% percentage points - from January’s low of 0.6% growth - to reach 2.6% growth in November.

Phoebus Software comments on CML lending and 2012 forecast

Thu, 15 Dec 2011 19:07:10 +0100

Paul Hunt, managing director of Phoebus Software said: “We haven’t seen four consecutive months of annual growth in gross lending since the end of 2007 and the fact that this strengthening has occurred against an increasingly stormy backdrop in the eurozone is a sign of remarkable confidence among UK lenders.

CML forecasts for 2012

Thu, 15 Dec 2011 18:49:04 +0100

Gross mortgage lending in November totalled an estimated £13.0 billion, with the monthly figure showing its fourth consecutive year-on-year rise, according to the Council of Mortgage Lenders (CML). This is 5% higher than in October, and 13% higher than in November 2010.

BSA comment on Co-op being announced as preferred bidder in Lloyds Project Verde

Wed, 14 Dec 2011 21:20:50 +0100

Commenting Adrian Coles, Director General of the BSA said: "The BSA welcomes this expansion of the mutual sector in the banking market. Quoted banks often put the interests of shareholders above those of customers.

CML News & Views: Affordability for first-time buyers

Wed, 14 Dec 2011 19:11:17 +0100

Today, we update our analysis of the extent to which first-time buyers get help from their families with their mortgages. One important finding is that, almost without exception, the proportion of first-time buyers who do not receive some kind of help with their mortgage has declined dramatically in every part of the UK over the last six years.

Survey reveals consumers attitudes to finance

Wed, 14 Dec 2011 18:45:38 +0100

New research undertaken by Hitachi Capital Consumer Finance shows that just over half of Brits (51%) have never taken out Point of Sale (PoS) finance before, but 70 per cent of consumers would use finance for a purchase in the future, presenting great opportunities for the retail industry this Christmas.

Cash demand remains up in 2011

Wed, 14 Dec 2011 18:40:14 +0100

Today, LINK, the UK cash machine network reported that the value of LINK cash withdrawals[1] for the first eleven days of December has risen by 6.6% to £3,992 million (£4 billion) when compared to the same period last year.

FSA: Statistics on Mortgage Lending: December 2011 Edition

Tue, 13 Dec 2011 18:25:31 +0100

The Financial Services Authority (FSA) today published its latest Mortgage Lending Data <http://www.fsa.gov.uk/Pages/Library/Other_publications/statistics/index.shtml> for the United Kingdom covering the period Q3 2011.

Stonebridge Group outlines wealth management proposition details

Tue, 13 Dec 2011 18:16:36 +0100

Stonebridge Group, the mortgage and protection network, has today outlined details of its wealth management proposition, Cathesis Wealth Management, a joint venture with Moneygate.

Financial literacy essential for future business leaders

Mon, 12 Dec 2011 23:30:09 +0100

The Financial Skills Partnership is encouraged by the recommendations of the All Party Parliamentary Group on Financial Education for Young People report 'Financial Education and the Curriculum.'

Government support credit unions as report shows 3.5 million to take out Pay Day Loans

Fri, 09 Dec 2011 16:57:31 +0100

A report from R3, a trade body for insolvency professionals, has found that 45% of the population struggle to make it to pay day each month before running out of cash and that 3.5 million adults are considering taking out a pay day loan in the next six months.

Cyber street v high street â consumers should not put all their eggs in one basket, warns FPB

Fri, 09 Dec 2011 16:34:17 +0100

Festive shoppers should refrain from purchasing all their Christmas shopping online this year and instead look to the high street, the Forum of Private Business (FPB) has said.

Appointment of Credit & Risk Director

Fri, 09 Dec 2011 15:49:01 +0100

BrightHouse, the UK rent-to-own retail specialist, today announces the appointment of Dave Poole as Credit & Risk Director.

FSA and HM Treasury confirm rules on transfer of regulatory responsibility for credit unions in NI

Fri, 09 Dec 2011 13:42:14 +0100

The Financial Services Authority (FSA) and HM Treasury (HMT) have today jointly announced that Northern Ireland’s credit union customers will have their deposits protected to the value of £85,000.

Mortgages in October most affordable for almost eight years

Fri, 09 Dec 2011 12:34:43 +0100

The persistence of low interest rates has helped make monthly mortgage payments for first-time buyers the most affordable for nearly eight years, according to figures released today from the Council of Mortgage Lenders (CML).

VocaLink FTSE 350 Take Home Pay Index rises as Public Sector Index falls

Thu, 08 Dec 2011 16:08:21 +0100

· Annual growth of the VocaLink FTSE 350 Take Home Pay Index rises slightly to 2.6% for the three months to November – up from 2.5% for the three months to October · The VocaLink Manufacturing Index increases sharply from 2.7% for the three months to October to 4.1% for the three months to November · Three month annual growth o ...

Be Informed Before You Change Banks

Thu, 08 Dec 2011 12:57:48 +0100

Scott Taylor, Director of Corporate Finance at Hall Morrice, one of Scotland’s leading independent firms of chartered accountants, comments on changing bank accounts.

Government sidesteps debt issues of âiceberg Britainâ

Wed, 07 Dec 2011 16:24:57 +0100

Debt solutions expert and DEMSA member, Atlantic Financial Management is calling on the Government to tackle the root causes of people becoming more indebted, following last week’s Commons Debate on debt advice and debt management. The debate focused on pay day loans, debt advice and debt management services, but failed to acknowledge the current charges made by high street banks for unauthorised overdrafts. From Atlantic’s experience of helping indebted consumers ...

New software enables vehicle finance companies to keep close check on changing vehicle values

Wed, 07 Dec 2011 16:13:34 +0100

Leeds-based specialist software developer ATD Solutions has launched a new software package which provides vehicle finance companies with a quick and easy way of performing bulk revaluations of their vehicle portfolios and monitoring their exposure to changing vehicle values.

Working women helping to fuel microloan demand

Wed, 07 Dec 2011 16:03:49 +0100

The vast majority of people applying for a microloan in the UK are in full-time employment and often earning good salaries.

FSA sets out its expectations of non-executive directors in managing risks to retail customers

Wed, 07 Dec 2011 12:55:16 +0100

The Financial Services Authority (FSA) has today issued a consultation on guidance for non-executive directors (NEDs). Its aim is to assist NEDs understand their role in ensuring customers are treated fairly within their firms.

3.5 million reach for payday loans as âzombieâ debtors rise

Wed, 07 Dec 2011 10:38:45 +0100

As nearly half the population (45%) struggle to make it to ‘payday’, a payday loan will become a reality for many. New research by insolvency trade body R3 reveals that 3.5 million adults are considering taking out a payday loan over the next six months.

Payday loan explosion to meet the cost of Christmas

Tue, 06 Dec 2011 15:47:58 +0100

More people than ever before will buy Christmas presents for loved ones this year with the help of a microloan – otherwise known as a payday loan.

Credit Actionâs financial education project reaches over 10,000 students this year

Tue, 06 Dec 2011 13:22:11 +0100

The success of DebtCred, a project in which volunteers from financial organisations deliver money management presentations to pupils at secondary schools, has confirmed a significant gap exists in the national curriculum.

16 CHL staff achieve DipMAP qualification

Tue, 06 Dec 2011 13:18:31 +0100

Specialist lender, CHL Mortgages, has today announced that 16 members of staff have achieved the new Diploma in Mortgage Advice and Practice (DipMAP).

Equifax helps banks tackle PPI claims backlog

Mon, 05 Dec 2011 16:34:07 +0100

The latest report from the Financial Ombudsman Service (FOS) reveals that banks paid out £557m in the first half of this year for mis-sold payment protection insurance (PPI). Banks dealt with much of the 200,000 claims backlog by the end of August, the deadline set by the FSA. However, FOS has also reported an on-going flow of consumer complaints where claims have been rejected. It is clear, therefore, that the financial services sector faces continuing challenges to ...

RAC issues first UK approval for dealer inspection

Mon, 05 Dec 2011 16:16:29 +0100

ACF Car Finance has become the first car dealership in Britain to have its own pre-sale vehicle inspections process accredited by the RAC.

Massive cash boost in countdown to Christmas

Mon, 05 Dec 2011 16:07:11 +0100

Today, LINK, the UK cash machine network reported that the value of LINK cash withdrawals[1] during the week ending Sunday 4 December had risen by 11% to £2,592 million (£2.6 billion) when compared to the same week last year.

YES-wallet launches Pouch Mobile Wallet Services

Thu, 01 Dec 2011 18:42:54 +0100

YES-wallet.com successfully launched Pouch, a free Mobile and web Wallet Service, that in the future will also support NFC (Near Field Communication) based payments. With 71% of people (Source: Survey by YES-wallet.com of 116 executives at Pouch Launch Event, October 2011) mentioning they are currently exploring, evaluating and considering the idea of implementing wallet services in the upcoming years, YES-wallet.com took this opportunity to introduce its new Pouch mobile application, no ...

Lenders and advisers offer Christmas spending tips

Thu, 01 Dec 2011 16:43:11 +0100

Many people will be using credit cards and other forms of personal credit in the run-up to Christmas. At a time when most households are keeping a tight hold on their budgets, careful planning of Christmas spending is essential. These tips from the Consumer Credit Counselling Service and the Finance and Leasing Association may help:

Stonebridge Group celebrates first year as UKâs newest network

Thu, 01 Dec 2011 11:11:27 +0100

Stonebridge Group has today celebrated the anniversary of its first year as a mortgage and protection network after 23 years of previous success.

September consumer lending up, but not on the High Street

Wed, 30 Nov 2011 15:58:10 +0100

Lending to consumers by members of the Finance and Leasing Association (FLA) grew in September, according to the Association’s latest market statistics.

CML News & Views: the mortgage indemnity scheme

Wed, 30 Nov 2011 15:46:14 +0100

The recently announced mortgage indemnity scheme can contribute to the government’s agenda for growth. Although all the details of the scheme are not yet known, a number of lenders have already indicated they will participate. For some time, we had been working on a similar proposal with the Home Builders Federation, but government support will increase its scale.

Autumn Statement - BSA comments on stamp duty and NS&I

Tue, 29 Nov 2011 15:46:50 +0100

Commenting on today's Autumn Statement, Adrian Coles, Building Societies Association (BSA) Director-General, said:

Ending of stamp duty concession disappointing, says CML

Tue, 29 Nov 2011 15:05:15 +0100

Responding to today's announcement as part of the Chancellor’s Autumn Statement that the temporary first-time buyer stamp duty concession will end on 24 March 2012 as planned, Council of Mortgage Lenders (CML) director general Paul Smee said:

MarketInvoice comments on the credit easing plans announced in today's Autumn Statement

Tue, 29 Nov 2011 13:29:34 +0100

Anil Stocker, Co-Founder and Director of MarketInvoice comments on the credit easing plans announced in today’s Autumn Statement by Chancellor George Osborne:

MAT comments on the revised economic forecast from the OBR

Tue, 29 Nov 2011 13:11:15 +0100

Commenting on the revised Office of Budget Responsibility (OBR) economic forecast, Joanna Elson OBE, Chief Executive of the Money Advice Trust (MAT), said:

Mortgage lending by mutuals up 20% in October

Tue, 29 Nov 2011 11:02:53 +0100

Building societies and other mutuals continue to support homebuyers and savers in the face of the weak outlook for the economy.

Growing realism on pricing as sellers look to move before Christmas

Mon, 28 Nov 2011 00:00:01 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Young people still getting into more Christmas debt than the older generation

Fri, 25 Nov 2011 20:54:52 +0100

Nearly one in 10 (9%) people said they have already borrowed money to pay for Christmas, according to a recent survey by insolvency trade body, R3. 16-24 year olds were more likely to have borrowed money than any other group, with around one fifth (18%) already in Christmas debt, compared to 4% of over 65s. These figures are down slightly from 21% of young people and 6% of over 65s having borrowed money in the lead up to Christmas last year.

House of Commons Fair and Reception showcases credit unions

Fri, 25 Nov 2011 20:47:32 +0100

Credit unions and partners showcased their work to MPs and policy makers at an event at the House of Commons on Wednesday 23 November. The Credit Union Fair and Reception was organised by the All Party Parliamentary Group on Credit Unions and sponsored by Santander.

Youth Contract could help to tackle youth unemployment

Fri, 25 Nov 2011 12:01:37 +0100

Commenting on the announcement of the youth contract announced by the Deputy Prime Minister today (Friday), Dr Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC) said:

October 2011 figures for the main high street banks

Fri, 25 Nov 2011 11:57:23 +0100

Figures released by the British Bankers Association show that annual growth of the banks’ net mortgage lending was 1.5% in excess of the growth of 0.6% in September for overall mortgage lending.

Increase for Scottish mortgage lending in third quarter of 2011

Fri, 25 Nov 2011 11:50:12 +0100

House purchase lending in Scotland increased by 8% in the third quarter of 2011, according to new data published by The Council of Mortgage Lenders (CML) Scotland today. There were 12,400 loans for house purchase taken out, up from 11,500 in the previous quarter. In the UK as a whole, lending for house purchase increased by 16%.

CHL arrears show strength against industry average

Fri, 25 Nov 2011 11:34:09 +0100

Specialist lender, CHL Mortgages, has today confirmed further improvement in its buy-to-let mortgage book arrears levels, particularly when compared against the industry average.

Frances Coulson, R3 President, comments on retail sector following Arcadia results

Thu, 24 Nov 2011 17:59:56 +0100

“Following last week’s pick up in retail sales, the news of Arcadia’s 38% fall in annual profits brings us depressingly back down to earth. The group, which owns Burton, Dorothy Perkins and Miss Selfridge, is likely to be only one of many that is still struggling in the downturn.

Best law firm of the year award

Thu, 24 Nov 2011 11:06:50 +0100

Optima Legal has won the ‘Best Law Firm’ award at the Mortgage Finance Gazette annual awards 2012.

One in four âurgentlyâ need a financial plan, warns debt charity

Wed, 23 Nov 2011 15:08:14 +0100

Financial planning will be crucial for households if they are to avoid falling into difficulty in 2012 and beyond, debt charity Consumer Credit Counselling Service (CCCS) has warned. This follows a survey by the Institute of Financial Planning which revealed that one in four Britons (26 percent) are not setting themselves a clear budget to stick to each month.

Target rating upgraded to âabove averageâ by Standard & Poorâs

Wed, 23 Nov 2011 15:04:13 +0100

Target Servicing, the business process outsourcing subsidiary of Target Group, has achieved a Standard & Poor’s rating upgrade to an overall ranking of ‘Above Average’ as a primary servicer of residential mortgages and consumer finance loans in the UK.

Mortgage Business Expo 2012 heading to Excel

Wed, 23 Nov 2011 11:51:31 +0100

Mortgage Business Expo, the premier event for financial intermediaries, has today announced that the 2012 show will be taking place at the ExCeL exhibition and conference centre.

Car firm's banger puts rocket under charity appeal

Tue, 22 Nov 2011 17:38:20 +0100

Putting his foot down in a good cause has helped motor executive Leyton Cooper and his company to raise over £3,000 for a national auto charity.

New strategy to deliver homes and strengthen the economy

Tue, 22 Nov 2011 13:02:14 +0100

An ambitious new strategy to tackle the housing shortage, boost the economy, create jobs and give people the opportunity to get on the housing ladder was announced today (21 November 2011) by the Prime Minister and the Deputy Prime Minister.

CFA laments the loss of illegal loan shark policing scheme

Mon, 21 Nov 2011 22:16:26 +0100

The Consumer Finance Association (CFA) has voiced its concerns over the government’s decision to cut-back funding for the Labour government’s illegal money lender scheme. It says such action will leave many people at the mercy of loan sharks, without adequate protection.

BSA welcomes new build indemnity scheme

Mon, 21 Nov 2011 13:55:04 +0100

Commenting today on the Government’s announcement that it will support a new build indemnity scheme, Paul Broadhead, BSA Head of Mortgage Policy, said:

Millions of bank customers to benefit from improved current account measures

Mon, 21 Nov 2011 13:52:47 +0100

The Department for Business, Innovation and Skills (BIS) and HM Treasury have today published their response to the consumer credit elements of the Government’s Review of Consumer Credit and Personal Insolvency.

Electronic signature drives online sales this Christmas

Mon, 21 Nov 2011 13:48:19 +0100

New technology from Hitachi Capital Consumer Finance, the UK’s leading point of sale credit solutions provider, and IOCS Systems, a market leading e-agreement service, which enables shoppers to digitally sign finance agreements to purchase goods instantly via the Internet, is proving very successful for retailers as the busy festive season approaches.

New deal for store card customers

Mon, 21 Nov 2011 13:44:30 +0100

The Finance & Leasing Association (FLA) – which represents UK store card providers – has agreed a package of new measures which will benefit store card customers, working with the Government and the British Retail Consortium (BRC). These build on existing good practice in the market and will be implemented via the FLA’s Lending Code, which is binding on all its members.

CML welcomes government guarantee commitment to new build indemnity scheme

Mon, 21 Nov 2011 13:28:04 +0100

The Council of Mortgage Lenders (CML) today welcomed the promise of government backing for the new build scheme which it has been negotiating together with the Home Builders Federation.

Paradigm Mortgage Services announce new relationship with PAB

Mon, 21 Nov 2011 13:24:30 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today announced a new strategic relationship with tax mitigation specialists, Professional Advice Bureau (PAB).

October gross mortgage lending up 13% year-on-year

Fri, 18 Nov 2011 16:47:05 +0100

Gross mortgage lending was an estimated £13.1 billion in October, a 4% decrease from £13.7 billion in September and a 13% increase from £11.6 billion in October 2010, according to data published today by the Council of Mortgage Lenders (CML).

BSA comments on sale of Northern Rock

Thu, 17 Nov 2011 17:39:06 +0100

Commenting on the sale of Northern Rock to Virgin Money, Adrian Coles, Director-General of the Building Societies Association (BSA), said.

Chancellor announces sale of Northern Rock plc

Thu, 17 Nov 2011 13:00:00 +0100

The Government is selling Northern Rock plc to Virgin Money. It represents a significant step in returning public sector stakes in banks to the private sector. The sale is in the best interests of the taxpayer, secures the long-term future of the company and will increase competition in the banking sector. This is part of the Government's wider strategy for the banking sector with safer ring-fenced banks and more competition for customers.

Consumer Finance Association tackles short term borrowing myths

Thu, 17 Nov 2011 12:28:37 +0100

As canny consumers continue to shop around for the best deals, the Consumer Finance Association (CFA) has tackled some of the confusion that surrounds the short term lending sector.

HometownPlus welcomes Ethos public relations to its community

Wed, 16 Nov 2011 18:58:33 +0100

Manchester-based Ethos public relations has been handed the brief to raise the profile of HometownPlus, the organisation behind Wiganplus.

CML calls for first-time buyer stamp duty reprieve

Wed, 16 Nov 2011 18:52:55 +0100

The Council of Mortgage Lenders (CML) is calling on the government to announce a reprieve for the end of the first-time buyer stamp duty concession, currently due to end in March 2012.

CML News & Views: Prospects for buy-to-let

Wed, 16 Nov 2011 18:47:53 +0100

Buy-to-let lending has grown strongly in each of the last two quarters, although levels of activity remain significantly lower than the peaks of 2007. But what are the future prospects? Today’s issue of CML News & Views looks at what’s driving the buy-to-let market.

Draft OFT Annual Plan for 2012-13 focuses on vulnerable consumers and driving growth

Tue, 15 Nov 2011 17:48:39 +0100

The OFT is seeking comments on its draft Annual Plan for 2012-13, which sets out the organisation's proposed objectives and priorities for the next financial year.

Gap between inflation and take home pay growth has widened since June 2011

Tue, 15 Nov 2011 17:35:38 +0100

Payments provider, VocaLink, reveals that despite the pick-up in take home pay growth in recent months compared to most of 2009 and 2010, the gap between take home pay growth and inflation remains wide.

Credit Action appoints new chief executive

Tue, 15 Nov 2011 17:20:34 +0100

The board of national money education charity Credit Action has appointed Michelle Highman as the charity’s new chief executive.

CHL reveals strong complaints data

Tue, 15 Nov 2011 13:14:36 +0100

Specialist lender, CHL Mortgages, has today revealed its complaints data for the first half of 2011, up until 30th June 2011.

Two million people expected to take out payday loan this year

Mon, 14 Nov 2011 17:22:57 +0100

Europe’s largest online microloan lender says the number of people in the UK to have taken out increasingly popular short-term loans will have now exceeded two million.

PPR Estates comments on todayâs CML lending figures in its Regulated Mortgage Survey.

Fri, 11 Nov 2011 17:13:06 +0100

Nick Hopkinson, director of property company PPR Estates, comments on the latest mortgage lending data:

Small fall in lending for September

Fri, 11 Nov 2011 17:11:47 +0100

Loans for both house purchase and remortgage fell slightly in September, according to new data released today by the Council of Mortgage Lenders (CML).

Phoebus Software comments on latest CML arrears and possessions figures

Thu, 10 Nov 2011 17:29:09 +0100

Paul Hunt, managing director of Phoebus Software said: “Flat possessions over the last quarter are a triumph of clear and effective communication between borrowers and lenders.

CML arrears & possessions figures: LSL comment

Thu, 10 Nov 2011 17:25:35 +0100

LSL Property Services comments on the latest CML arrears & possessions figures.

Repossessions on the rise

Thu, 10 Nov 2011 17:21:33 +0100

Figures published today by the Council of Mortgage Lenders (CML) show that the number of repossessions in the third quarter of this year reached 9,200 up 100 from 9,100 in the second quarter of 2011. So far this year, a total of 27,500 properties have been taken into possession - 4% fewer than in the equivalent period last year. Levels of mortgage arrears remained reasonably stable over the same third quarter period.

Buy-to-let market continued to grow in third quarter

Thu, 10 Nov 2011 17:07:06 +0100

The number of new buy-to-let loans increased by 16% in the third quarter of 2011, according to data published today by the Council of Mortgage Lenders (CML). Over the same period, the value of mortgages advanced in the sector grew by 19%. The data shows that the pick-up in buy-to-let lending that began in the second quarter has continued.

Take Home Pay Growth on the VocaLink FTSE 350 Manufacturing Index Outpaces Services Sector

Thu, 10 Nov 2011 17:05:02 +0100

Private and public sector take home pay growth, as measured by the VocaLink Take Home Pay Index, has strengthened this month, bringing positive growth following a period of decline on both indices. Three month annual growth on the VocaLink FTSE 350 Take Home Pay Index has risen to 2.5% for the three months to October, up from 2.2% for the three months to September. The majority of this growth has been due to the pick-up in the manufacturing sector which has seen the largest increase ...

Arrears continue to fall and repossessions remain stable in the third quarter, says CML

Thu, 10 Nov 2011 15:59:30 +0100

The number of properties taken into possession by mortgage lenders in the third quarter of 2011 was 9,200, virtually unchanged from 9,100 in the second quarter, according to the latest survey data from the Council of Mortgage Lenders (CML).

Debt charity concerned about high number of redundancies

Wed, 09 Nov 2011 12:49:32 +0100

Consumer Credit Counselling Service (CCCS) has raised concerns about the number of redundancies reported by the Office for National Statistics (ONS) and said many of those affected will now struggle to repay their debts. The debt charity made the warning as the ONS published statistics on ‘Reasons for Leaving Last Job - 2011’ today which found that 43 percent (292,000) of those leaving their last job in 2011 did so as a result of redundancy.

Parliament approves changes to Credit Unions Act 1979

Tue, 08 Nov 2011 16:54:58 +0100

Credit unions across Britain have welcomed news that Parliament has today approved changes to legislation which will free up credit unions to reach many more members, including community groups and businesses.

'Landlords increasingly positive about buy-to-let' says CHL Mortgages' research

Tue, 08 Nov 2011 16:34:45 +0100

Landlords are increasingly positive about the outlook for the buy-to-let market in the UK, according to specialist lender CHL Mortgages’ latest Landlord Survey.

Macildowie supports Egg employees in Derby

Fri, 04 Nov 2011 15:21:17 +0100

Derby-based recruitment specialist Macildowie is hoping to find new positions for over 70 employees of credit card company Egg who face redundancy.

ABCUL calls for credit union alternative to NS&I at Post Offices

Fri, 04 Nov 2011 15:17:11 +0100

Following the announcement that people will no longer be able to use Post Office branches to manage their National Savings and Investments (NS&I) savings products, ABCUL has called for credit union services to be made available through the Post Office network.

Phoebus platform for GE Money

Fri, 04 Nov 2011 12:38:31 +0100

GE money Home Lending, which already has their iGroup portfolio on the Phoebus system, has completed the move off their two remaining legacy servicing platforms onto Phoebus.

Money Advice Trust warns that many insolvencies are âavoidableâ

Fri, 04 Nov 2011 12:19:57 +0100

Following today’s insolvency figures, The Money Advice Trust (MAT) is warning that many UK households face the prospect of insolvency unless they act now to get on top of their finances.

CML director general Paul Smee's speech on "road to mortgage market Nirvana"

Thu, 03 Nov 2011 14:44:53 +0100

Market forces and the government can both act as a catalyst to break the stalemate in the mortgage market and help to encourage conditions that are conducive to housing market sustainability, according to Council of Mortgage Lenders (CML) director general Paul Smee, speaking today at the lending industry's annual conference.

Government sets out its offer on public service pensions

Wed, 02 Nov 2011 19:53:25 +0100

The Government today set out details of its offer to workers on public service pensions. This new offer will mean that while most workers will still have to work longer and pay more, the pension that most low and middle earners working a full career will receive pension benefits at least as good, if not better, than they get now.

Bridgewater launch âState Benefits Updateâ seminars

Tue, 01 Nov 2011 12:39:48 +0100

Bridgewater Equity Release, the home reversion specialist, has today announced two new free ‘State Benefits Update’ seminars for advisers, in association with Ferret Information Systems.

September mortgage approvals at mutuals up 33%

Mon, 31 Oct 2011 12:34:31 +0100

Against the backdrop of continued economic uncertainty, building societies and other mutuals continue to support homebuyers and savers, according to the Building Societies Association (BSA).

FSA increases customer protection in packaged account market

Thu, 27 Oct 2011 11:13:11 +0100

The Financial Services Authority (FSA) has proposed new rules to make sure banks and building societies check customers are eligible to claim on insurance cover before selling them a packaged bank account.

MBE 2011 to tackle major European mortgage market questions

Wed, 26 Oct 2011 11:49:52 +0100

Mortgage Business Expo 2011, the UK’s biggest event for financial intermediaries, has today announced a strong focus on the European Commission’s Mortgage Directive at the event with a seminar presentation and debate dedicated to the issue.

Britainâs shopaholics 'turn to microloans to avoid missing out on a bargain'

Mon, 24 Oct 2011 12:03:59 +0100

Britain’s cash-strapped shopaholics are increasingly turning to microloans to ensure they don’t miss out on a bargain.

Consumer credit complaints

Fri, 21 Oct 2011 13:23:00 +0100

A speech by Natalie Ceeney, chief ombudsman, to the Finance and Leasing Association’s 8th annual consumer finance conference.

Facing the squeeze: what it's really like to be in financial difficulty

Fri, 21 Oct 2011 10:10:49 +0100

The Money Advice Trust today releases its report into how individuals and families across the UK are dealing with the harsh economic climate. Revisiting research from 2009, the charity has worked with The University of Bristol to get a picture of what difficulties people are facing, and found that households are struggling to make ends meet more than in the height of the recession.

Phoebus Software comment on CML gross lending

Thu, 20 Oct 2011 18:30:57 +0100

Commenting on The Council of Mortgage Lenders (CML) gross lending, Paul Hunt, managing director of Phoebus Software said: “Despite the modest fall in lending seen in September, the quarterly and annual improvement shows how resilient the market has been to the economic challenges it faces. There are plenty more economic hurdles to jump before we will see a significant and sustained recovery in lending.

BSA responds to Rt Hon Grant Shapps MP's call for long-term fixed rate mortgages

Thu, 20 Oct 2011 18:27:13 +0100

Responding to the call by Housing Minister, Grant Shapps MP for more long-term fixed rate mortgages, Paul Broadhead, Head of Mortgage Policy for the Building Societies Association (BSA) said:

MBE 2011 announce FSA to deliver seminar presentation on mortgage market update

Thu, 20 Oct 2011 18:21:35 +0100

Mortgage Business Expo 2011 (MBE 2011), the UK’s biggest event for financial intermediaries, has today announced details of its seminar programme which will include a key-note address from the FSA on day two of the exhibition.

Target strengthens mortgage market presence with new Yorkshire Building Society contract

Thu, 20 Oct 2011 17:52:00 +0100

Leading financial outsourcer, Target Group, has further strengthened its building society sector presence with a mortgage originations and servicing contract with Yorkshire Building Society.

Most ex-fixed rate borrowers now paying less than their original mortgage, finds CML

Thu, 20 Oct 2011 17:43:43 +0100

New research published today by the Council of Mortgage Lenders (CML) reveals that around 1.8 million mortgage holders whose fixed rate deals have come to an end are currently on their lender’s reversionary variable rate. On average, they are paying around £2,600 a year less than they were under their previous fixed rate deal.

Consumer lending rises in August, but no sign of recovery yet, says FLA

Thu, 20 Oct 2011 17:37:46 +0100

New figures published today by the Finance & Leasing Association (FLA) show a slight increase in consumer credit lending in August, but the FLA cautions that this does not signify a recovery across the credit markets.

DEMSA appoints ICAEW to monitor debt advice standards

Thu, 20 Oct 2011 17:31:57 +0100

The Debt Managers Standards Association (DEMSA) today announces a new agreement in principle which will see the Institute of Chartered Accountants in England & Wales (ICAEW) undertaking the monitoring of new and existing DEMSA members.

September gross mortgage lending

Thu, 20 Oct 2011 17:27:27 +0100

Gross mortgage lending totalled an estimated £12.9 billion in September. This represented a 2% decrease from the £13.1 billion lent in August but was 4% higher than September 2010 (£12.4 billion), according to new data from the Council of Mortgage Lenders (CML).

CML publishes new guidance on arrears and possessions

Tue, 18 Oct 2011 22:21:08 +0100

The Council of Mortgage Lenders (CML) have just published new guidance to help lenders deal with mortgage arrears and possessions while complying with both the Financial Services Authority’s (FSA) detailed mortgage conduct of business rules and its principles for treating customers fairly (TCF).

Covered bond issue underlines strength of Coventry Building Society

Tue, 18 Oct 2011 21:44:12 +0100

Coventry Building Society has secured funding of 650 million euros from European financial markets in a covered bond deal which shows the continued strength of the UK’s third largest building society.

The Money Advice Trust comments on today's inflation figures

Tue, 18 Oct 2011 21:39:56 +0100

Commenting on today's inflation figures, Joanna Elson, Chief Executive of the Money Advice Trust, warned that households facing increased costs at the checkout are at risk of serious financial difficulty:

ombudsman news - back to college

Tue, 18 Oct 2011 09:47:03 +0100

There’s a seasonal flavour to this issue of ombudsman news, which looks at complaints involving younger people – including students leaving home and going away to university and college, usually around this time of the year.

Public sector workers take home Â£600 less a year

Mon, 17 Oct 2011 18:10:14 +0100

Payments provider, VocaLink, reveals that annual real take home pay is down across all VocaLink take home pay sectors compared with a year ago. The drop widens the gap between take home pay and inflation on the Consumer Price Index, as shown in the chart below. Despite seeing the highest rate of growth on the VocaLink Public Sector Index this month, workers real inflation-adjusted take home pay is down by nearly £50 on average compared to a year ago. Over a 12-month period, this equa ...

Fitting finale to finance group's first decade

Mon, 17 Oct 2011 17:24:42 +0100

Motor finance group The Funding Corporation has marked its tenth anniversary this month (October) with the completion of a £150,000 re-fit of its headquarters in Chester.

PPR Estates comment on the latest Rightmove House Price Index for October

Fri, 14 Oct 2011 17:25:41 +0100

Nick Hopkinson, director of property company PPR Estates, comments on the latest Rightmove House Price Index for October.

Holyrood calls for more competition in financial services

Fri, 14 Oct 2011 17:07:31 +0100

The Scottish Parliament’s influential Economy, Energy and Tourism Committee has called on the UK Government to consider more measures to increase competition in Scotland’s financial services market.

Sharon Bowles MEP urges ministers to take urgent action to tackle Eurozone crisis

Thu, 13 Oct 2011 14:54:27 +0100

Speech delivered to plenary session of the European Parliament in Brussels on Wednesday 12th October:

HSBC commits to lend further Â£350million to high LTV borrowers this year

Thu, 13 Oct 2011 12:51:17 +0100

HSBC - which has provided a mortgage to one in eight first time buyers (FTBs) during 2011 - today commits to making a further £350m available to borrowers with equity or a deposit of 15% or less. A minimum of £250m will be reserved for FTBs in this bracket by the end of the year. Maximum loan to value is 90%.

Motor finance market share hits new high

Thu, 13 Oct 2011 11:53:05 +0100

In the last 12 months, 57.9 per cent of people buying new cars used forecourt finance, according to the latest figures from the Finance & Leasing Association (FLA), the trade body for the motor finance industry.

Increase in the number of Â£5 note ATMs applauded by LINK Consumer Committee

Thu, 13 Oct 2011 11:31:37 +0100

Today, the LINK Consumer Committee welcomes the progress made in increasing the number of ATMs which dispense £5 notes as part of its annual report.

Scottish First Minister welcomes graduate positions among 500 total new jobs at Avaloq

Wed, 12 Oct 2011 11:15:50 +0100

Avaloq group, the Swiss provider of integrated, comprehensive banking solutions is to recruit at least 75 Scottish graduates among the 500 new jobs to be created when it opens its new Edinburgh base.

Unemployment figures mean more financial hardship accross the UK

Wed, 12 Oct 2011 10:02:01 +0100

Of the nearly one million 16 – 24 year olds currently unemployed in the UK, more than 70,000 (7.2 per cent) will be facing severe financial hardship, according to research from the Money Advice Trust*. More broadly over 185,000 of the UK’s unemployed population with be struggling with debts.

Comment on CML regulated mortgage survey

Tue, 11 Oct 2011 10:11:00 +0100

Paul Hunt, managing director of Phoebus Software said: “By pre-recession standards, August wasn’t a bumper month for mortgage lending, but by any more contemporary measure, it was very strong indeed.

Stonebridge Group & Moneygate team up for wealth management joint venture

Tue, 11 Oct 2011 09:19:02 +0100

Stonebridge Group, the mortgage and insurance network, has today partnered with financial services company, Moneygate, in order to grow the wealth management arm of its business.

Desire for self-build revolution exists if barriers to entry lowered says BSA

Mon, 10 Oct 2011 14:21:09 +0100

In January 2011, Grant Shapps, Minister for Housing and Local Government asked the self-build industry to look at what needed to be done to help more ordinary people build their own home. As part of his plan to increase the number of homes built in this country he told them that he wanted to "start a self-build revolution". "An action plan to promote the growth of self build housing" was subsequently published in July 2011.

Search for Loans up 6% at expense of Mortgages

Mon, 10 Oct 2011 12:13:08 +0100

UK online searches for loans saw a 6 per cent rise on January levels totalling 966,202 in July, according to the latest independent research from leading specialist search and social marketing agency, Greenlight.

Credit card issuers challenged to be more open about the true cost of borrowing

Mon, 10 Oct 2011 10:42:49 +0100

Today is International Plain Language Day and campaigner Dave Fox is challenging credit card companies to come clean about the total amount borrowers are likely to have to repay.

A mutual milestone for Rochdale Boroughwide Housing

Fri, 07 Oct 2011 16:51:03 +0100

ALMO Rochdale Boroughwide Housing (RBH) today welcomed the decision of Rochdale Council to commence formal consultation with its tenants on proposals to transfer its 13,700 housing stock to a new mutual RBH. If the transfer goes ahead RBH would become the first social housing organisation in the UK to become a mutual - with both tenants and employees as members.

Phoebus Software comment on Quantitative Easing

Thu, 06 Oct 2011 17:45:40 +0100

Paul Hunt, managing director of Phoebus Software said: “Ramping up the amount of Quantitative Easing shows the MPC is taking a proactive approach to sustaining growth in the economy. The increasing seriousness of the Euro debt crisis, along with the announcement of almost flat growth in Q2 means decisive action is required.

BSA comment on the decision of the MPC to increase the volume of quantitative easing

Thu, 06 Oct 2011 17:39:14 +0100

Commenting on the decision of the MPC to increase the volume of quantitative easing, Adrian Coles, Director General of the Building Societies Association (BSA), said:

Card fraud and online banking fraud losses fall, but cheque and phone banking fraud losses rise

Wed, 05 Oct 2011 18:35:51 +0100

New figures released today show that fraud losses on UK cards decreased in the first half of 2011 compared with the same time last year, as did fraud on online bank accounts. However, cheque fraud and fraud on phone banking accounts increased over the same period.

MAT comments on PM's conference speech

Wed, 05 Oct 2011 18:13:44 +0100

Commenting on David Cameron’s conference speech reference to paying off credit card debt, Joanna Elson OBE, Chief Executive of the Money Advice Trust, said:

Local debt advice charity celebrates 21 years of improving lives by tackling financial problems

Wed, 05 Oct 2011 17:52:59 +0100

Money Advice charity Bristol Debt Advice Centre (BDAC) is celebrating more than two decades of delivering free advice and education within disadvantaged communities in the South West. To mark its 21st anniversary, BDAC is holding a city centre conference event at the Watershed Media Centre in Bristol.

A unique new smartphone application will help thousands of people get help with their debt problems

Wed, 05 Oct 2011 10:37:51 +0100

Debtology Ltd is proud to announce the launch of the Debtology interactive debt advice smartphone application. This app will help thousands of people every year get bespoke advice and assistance with their financial difficulties. The first ever app of its kind, it replicates the independent face to face debt advice process through an intuitive, easy to use process.

SoundBite Voices Support for Mobile Informational Call Act of 2011 (H.R. 3035)

Wed, 05 Oct 2011 10:27:20 +0100

SoundBite Communications Inc., a leading global provider of cloud-based, multi-channel proactive customer communications, today announced its support for the Mobile Informational Call Act of 2011 (H.R. 3035). This legislation will modernize the Telephone Consumer Protection Act (TCPA) by enacting revisions to facilitate the delivery of time-sensitive consumer information to mobile devices, while continuing to protect wireless consumers from unwanted telemarketing calls.

Link reports record ATM withdrawals as consumers make themost of the good weather

Wed, 05 Oct 2011 10:15:53 +0100

LINK, the UK cash machine network, have reported that Friday 30th September was the busiest day of the year so far for LINK ATM withdrawals with £577million withdrawn in cash as consumers got ready for the hot weekend.

Tax underpayment letters due warns city accountants

Sun, 02 Oct 2011 20:49:12 +0100

Letters will be dropping onto around 1.2 million doormats over the next three months warning people they have underpaid their tax, with the average amount owed expected to be £550.

Team building time for finance group

Sun, 02 Oct 2011 19:12:49 +0100

A multi-level recruitment drive has been launched by The Funding Corporation in a bid to fill positions ranging from senior managers to NVQ trainees.

Mike Allison joins Paradigm Mortgage Services

Sun, 02 Oct 2011 18:35:58 +0100

Paradigm Mortgage Services, the mortgage services proposition, has announced the appointment of Mike Allison, who is joining the business to support its Partnership Development team.

Phoebus Software comment on Bank of England trends in lending

Thu, 29 Sep 2011 21:37:32 +0100

Commenting on the Bank of England trends in lending, Paul Hunt, managing director of Phoebus Software said: “The fastest growth in August was for remortgage approvals which were up by 9%, as existing homeowners are taking the opportunity to lock themselves into the very low fixed rate deals currently on offer.

Jump Money focus on business quality in quarter three

Thu, 29 Sep 2011 19:22:57 +0100

Jump Money, the nationwide financial advisers, has spent quarter three 2011 focusing on the quality of its business and has introduced a series of measures designed to improve policy persistency rates.

Mortgage approvals and gross lending by mutuals shows continued growth in August

Thu, 29 Sep 2011 19:19:04 +0100

Despite difficult economic conditions, mortgage lending by mutuals continued to strengthen in August with loans approved up 10% on July according to the Building Societies Association (BSA). Both mortgage approvals and gross lending for the year to date are up 16% compared to the same period in 2010. Gross lending is at its highest level for 11 months.

Bridgewater launch âinheritance equity guaranteeâ sales aid

Thu, 29 Sep 2011 19:14:59 +0100

Bridgewater Equity Release, the home reversion specialist, has today launched a technical sales aid which helps advisers with clients who require a degree of their equity to be guaranteed as an inheritance.

OFT publishes mental capacity guidance

Wed, 28 Sep 2011 23:14:56 +0100

The OFT has published guidance for businesses when they are considering granting credit to people who might not have the mental capacity to make informed borrowing decisions.

'Four in Ten Feel Over-Worked' according to annual Aviva Health of the Workplace reportâ

Tue, 27 Sep 2011 17:53:45 +0100

Today’s employees are facing an increasingly challenging working environment, according to the annual 'Aviva Health of the Workplace report’, which canvasses the views of employers and their staff on issues relating to workplace wellbeing.

â¨â¨A decade of cards - UKâs plastic comes of age

Mon, 26 Sep 2011 19:01:42 +0100

Major changes in British attitudes to spending and borrowing over the past decade have altered the way we use our credit and debit cards, according to a new report from The UK Cards Association.

Perspective continue commitment to wrap with appointment of new group project manager

Mon, 26 Sep 2011 18:33:53 +0100

Perspective Financial Group Ltd, the national IFA group, has today announced the appointment of John Daly as its new Group Project Manager.

FSA confirms Norwich & Peterborough Building Society merger with the Yorkshire Building Society

Fri, 23 Sep 2011 15:56:18 +0100

The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Norwich & Peterborough Building Society to the Yorkshire Building Society.

Conveyancing Alliance expands bespoke solutions to all adviser firms

Fri, 23 Sep 2011 15:35:42 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has developed its bespoke conveyancing solutions proposition making it available to all sizes of advisory practice.

Sesame goes live with new compliance system from Redland

Thu, 22 Sep 2011 16:18:42 +0100

Sesame has gone live with a new compliance system for its network of financial advisers. The new “Insight” platform, from Redland Business Solutions (www.redland-solutions.co.uk), was chosen after an extensive review of the market and provides Sesame with a transparent and efficient means of managing both current and future regulatory risks.

Chris Pond to chair Credit Action board

Thu, 22 Sep 2011 15:33:08 +0100

The board of Credit Action, the national money education charity, today chose Chris Pond as its new chairman. He succeeds Malcolm Hurlston who had been chairman since 2005.

OFT receives super-complaint about travel money

Wed, 21 Sep 2011 23:55:56 +0100

The OFT has today received a super-complaint from Consumer Focus about the cost of obtaining foreign currency and overseas use of credit and debit cards.

CML News & Views: Could welfare reform restrict housing supply?

Wed, 21 Sep 2011 22:50:37 +0100

As part of its drive to reform welfare, the government is insisting that housing benefit is paid directly to tenants. But tenants, consumer groups, landlords, lenders and providers of social housing are united in opposition, and are urging the government to re-consider. The impact on housing associations’ income could make it more difficult and expensive to fund social housing. And that would jeopardise another key government objective – to increase the supply of homes. ...

BSA Property Tracker - Most young people aspire to buy own home by age 30

Wed, 21 Sep 2011 21:40:23 +0100

More than eight out of ten young people (18-24) still aspire to own their own home by the time they are 30, reports the quarterly consumer survey published by The Building Societies Association (BSA) today. Amongst potential first time buyers overall, more than nine in ten (94%) respondents say that they would ideally have bought by the time they are 35 with more than seven in ten (75%) having an aspiration to become a homeowner in their twenties.

Gross mortgage lending 10% stronger than a year ago

Tue, 20 Sep 2011 20:30:47 +0100

Gross mortgage lending was an estimated £13.4 billion in August, a 6% rise from £12.6 billion in July and a 10% increase from £12.1 billion in August 2010, according to data published today by the Council of Mortgage Lenders (CML).

PPR Estates comments on the latest Rightmove House Price Index for September.

Mon, 19 Sep 2011 22:46:55 +0100

Nick Hopkinson, Director of property company, PPR Estates, commenting on the latest Rightmove House Price Index for September, says:

Pouch Mobile Wallet Services arrive in the UK- Launch Event on 11th October in London

Mon, 19 Sep 2011 22:32:54 +0100

YES-wallet.com unveils ‘Pouch’- a mobile wallet service, all set to usher in a ‘new payments lifestyle’ using smartphones.

Equens opens branch office in London

Mon, 19 Sep 2011 19:38:23 +0100

Equens SE, one of the largest payment and card processors in Europe, today announced the forthcoming opening of a branch office in London (UK). The opening in October this year will be a next step in Equens' strategy of further European growth with the aim of gaining a stronger foothold in the UK. Being locally present enables Equens to better fulfil its clients' needs.

New bill will strengthen consumer rights

Mon, 19 Sep 2011 19:34:28 +0100

Edward Davey has today announced a new Consumer Bill of Rights, which will streamline confusing and overlapping legislation and regulation, and provide stronger consumer protection.

Mutualisation of the Post Office

Mon, 19 Sep 2011 19:27:27 +0100

Consultation that explores what a mutual Post Office Ltd might look like.

Public consultation on the mutualisation of the Post Office

Mon, 19 Sep 2011 19:22:55 +0100

In response to the launch today of the public consultation on the mutualisation of the Post Office, Ed Mayo, Secretary General of Co-operatives UK, said:

Aldermore and Hitachi Capital extend a further helping hand to hard-pressed house buyers

Mon, 19 Sep 2011 19:07:31 +0100

New British bank Aldermore is once again extending a helping hand to hard-pressed house buyers via the launch of a new scheme which requires borrowers to raise only a 5% cash deposit.

A joined-up approach is needed to help mortgage borrowers in difficulty

Mon, 19 Sep 2011 19:00:27 +0100

The Building Societies Association (BSA) today publishes a report to urge Government, the industry and consumer groups to work together to help prevent home repossessions. The report, 'A joined-up approach to helping mortgage borrowers¹', is designed to provoke discussion and sets out a number of recommendations on insurance, flexible tenure, lender forbearance and government schemes.

TDX appoints Bob Tomkys as Head of Client Relationship Management

Fri, 16 Sep 2011 11:58:58 +0100

TDX, the UK’s leading provider of data and technology driven debt solutions, has appointed Bob Tomkys as Head of Client Relationship Management for its liquidation business, which includes its market-leading debt collection and insolvency management solutions.

Social sector tenants will be responsible for paying landlords direct under Universal Credit

Thu, 15 Sep 2011 16:36:14 +0100

Six Demonstration Projects are being set up to trial direct payments to Housing Benefit claimants living in social sector housing Lord Freud, the Minister for Welfare Reform has announced.

Target Group identified as one of Britainâs brightest companies by The Daily Telegraph

Thu, 15 Sep 2011 15:16:45 +0100

Leading financial services software and outsourcing provider, Target Group, has been listed in The Telegraph 1000: Britain's Brightest Businesses *, published on September 11th 2011. Target has been highlighted as one of the fastest growing companies, and one set to be the foundation of the UK’s recovery.

Perspective acquires Walter Wright Financial Services Ltd

Thu, 15 Sep 2011 12:43:03 +0100

Perspective Financial Group Ltd, the National IFA Group, has today announced the acquisition of Durham-based IFA practice, Walter Wright Financial Services Ltd.

Energy bills warning as almost a third of struggling debtors in fuel poverty

Wed, 14 Sep 2011 12:24:30 +0100

Leading debt charity Consumer Credit Counselling Service (CCCS) is warning about the impact of energy price rises on struggling debtors as new figures reveal that almost a third of people contacting it are already in fuel poverty.

FSA Mortgage Lending Data published

Tue, 13 Sep 2011 16:32:20 +0100

Bridgewater introduce client checklist to application forms

Tue, 13 Sep 2011 16:29:28 +0100

Bridgewater Equity Release, the home reversion specialist, has today introduced a new client checklist for inclusion in all its application forms.

FLA responds to report from Independent Commission on Banking

Mon, 12 Sep 2011 17:01:26 +0100

Responding to Sir John Vickers’ report of the Independent Commission on Banking, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:

Top 10 reasons for loan requests revealed as demand surges for microloans in credit crunch Britain

Mon, 12 Sep 2011 16:03:10 +0100

Whether it is cash for a night out, topping up mobile phone credit or getting the car repaired, people are increasingly borrowing money using their mobile phones to tide them over when they run out of cash.

Hitachi Capital marketing team expands and invests

Mon, 12 Sep 2011 15:48:18 +0100

Hitachi Capital Consumer Finance, the UK’s number one provider of point of sale credit solutions, has seen the marketing department expand following the appointments of Gillian Brooks to marketing manager and James Wilson as marketing executive.

BSA response to ICB Report

Mon, 12 Sep 2011 15:40:54 +0100

The Building Societies Association (BSA) broadly welcomes the recommendations in the ICB report published today:

July house purchase lending highest since August 2010

Mon, 12 Sep 2011 15:23:08 +0100

Overall lending for house purchase rose by both volume and value in July compared to the previous month, according to data released today by the Council of Mortgage Lenders (CML). The value increased from £6.9 billion to £7.3 billion and the volume from 47,800 to 48,800. Both were at their highest since last August, though lower than July 2010.

Perspective Financial preliminary financial statements for the six months ended 30 June 2011

Mon, 12 Sep 2011 14:59:06 +0100

Perspective Financial Group Ltd, the national IFA group, has today announced excellent trading results for the first half of 2011.

Credit unions welcome new report on poor practices of private debt companies

Fri, 09 Sep 2011 17:15:44 +0100

ABCUL has welcomed the publication of the report Debt (mis)management by Citizens Advice Scotland which highlights the poor practices of a number of private debt management companies.

Remortgage activity improves as housing market withstands traditional August dip

Fri, 09 Sep 2011 17:05:04 +0100

Residential mortgage valuation activity was virtually unaffected by the usual August slowdown, according to the latest Housing Market Activity Report by Connells Survey and Valuation.

Phoebus Software comment on interest rates decision

Thu, 08 Sep 2011 19:53:59 +0100

Commenting on today's interest rates decision, Paul Hunt, managing director of Phoebus Software said: “The MPC’s decision not to enlarge the QE programme this month demonstrates the committee still has faith in the economy’s capacity to keep its head above water and grow.

PPR estatesâ Q3 âDistress Indexâ predicts a bursting of the London property bubble

Thu, 08 Sep 2011 18:01:09 +0100

PPR Estates, the UK-based property company, has today published the results of its ‘Distress Index’ for Quarter 3 2011.

CML News & Views: what can housing policy hope to achieve?

Wed, 07 Sep 2011 22:28:40 +0100

This autumn, the government is expected to publish its long-awaited housing strategy. It will do so against the backdrop of a National Housing Federation report predicting home-ownership in decline for another decade. How does that sit alongside the government’s hope of delivering an “age of aspiration”? Today’s issue of CML News & Views looks at long-term aspirations to home-ownership in the UK and considers if – and how – they mig ...

Efficiency uplift as finance firm takes to the clouds

Tue, 06 Sep 2011 22:35:20 +0100

Cloud computing is set to deliver a down-to-earth £40,000 annual saving for a major UK finance group - and provide an ultra-secure back-up for millions of pieces of vital company information.

Ombudsman releases latest complaints data on individual financial businesses

Tue, 06 Sep 2011 22:28:23 +0100

The Financial Ombudsman Service (FOS) today releases its latest set of six-monthly complaints data relating to individual financial businesses – including banks, insurance companies and investment firms.

Paradigm launch revamped website

Tue, 06 Sep 2011 22:22:17 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today launched its brand new website, www.paradigmmortgages.com with a host of new features and a streamlined, user-friendly feel.

Inbetweenersâ debts spark call for financial education

Mon, 05 Sep 2011 17:26:11 +0100

Leading debt charity Consumer Credit Counselling Service (CCCS) has warned that a large number of 18- and 19-year-old “inbetweeners” are starting adult life in serious debt.

10,000 take the first step toward financial health

Mon, 05 Sep 2011 17:23:23 +0100

Online money advice service My Money Steps has helped 10,000 people with their finances already this year. In this time the service has provided nearly 17,000 advice sessions, with one third of users returning to the site for additional help and to update their progress.

Jump Money introduce three-tier adviser structure

Mon, 05 Sep 2011 17:19:07 +0100

Jump Money, the nationwide financial advisers, has today introduced a three-tier structure for its protection and general insurance (GI) advisers to progress through.

Â£215 million in PPI payments is just the start, says Which?

Fri, 02 Sep 2011 14:41:53 +0100

As the Financial Services Authority (FSA) publishes the amount of redress paid to Payment Protection Insurance (PPI) complainants in first half of 2011, and the 31 August deadline for banks to clear the backlog of complaints fast approaching, Which? executive director Richard Lloyd, says:

Financial services for an ageing population

Fri, 02 Sep 2011 14:36:45 +0100

The population is ageing. As a result, the default retirement age is being phased out and the development of secure strategies for long-term care of the elderly is more vital than ever. These changes and others present new challenges for financial services. BBA members are working hard to improve older customers' sense of financial inclusion through a number of accessibility and industry-awareness initiatives.

PPI Compensation Payouts Hit Â£215million But Debt Crisis Not Over

Fri, 02 Sep 2011 12:55:33 +0100

According to the latest figures from the Financial Services Authority (FSA), £215 million worth of compensation was paid out, in the first half of 2011, to customers who were mis-sold payment protection insurance (PPI). Although debt solutions provider and DEMSA member Atlantic Financial Management, welcomes the compensation, there is still an urgent need for clarity over how payments should be made to those in Debt Management Plans.

UK Debt Statistics September 2011

Thu, 01 Sep 2011 10:22:26 +0100

Total UK personal debt at the end of July 2011 stood at £1,451bn. The twelve-month growth rate increased 0.1 percentage points to 0.9%. Individuals currently owe nearly as much as the entire country produced between Q2 2010 and Q1 2011.

Comment on Nationwide HPI

Thu, 01 Sep 2011 10:01:27 +0100

Paul Hunt, managing director of Phoebus Software said: “A drop in prices in August of 0.6% looks pretty dramatic on paper, but the subdued state of the mortgage market makes it difficult to draw firm conclusions from Nationwide’s data at the moment.

FSA publishes annual Product Sales Data

Wed, 31 Aug 2011 12:24:41 +0100

The Financial Services Authority (FSA) has published its annual Product Sales Data (PSD) report for regulated mortgage contracts, retail investment products and pure protection products for the period between April 2010 and March 2011.

HM Treasury and FSA publish joint consultation paper on the regulation of credit unions in NI

Wed, 31 Aug 2011 12:14:01 +0100

 HM Treasury and the Financial Services Authority (FSA) have today published a joint consultation paper on the future regulation of Northern Ireland credit unions (NICUs). These proposals will enhance consumer protection across all NICUs, and align both the prudential and consumer standards of NICUs with those of credit unions in other parts of the United Kingdom.

Key Appointment for Target Groupâs Executive Team

Tue, 30 Aug 2011 18:12:02 +0100

Leading financial software and servicing company, Target Group, has appointed Paul Rose as Chief Operating Officer, Delivery. Paul will be responsible for providing strategic direction and delivery of software solutions, project implementations and maintaining Target’s first class service to its clients.

Financial Ombudsman Service - latest PPI figures

Tue, 30 Aug 2011 16:40:27 +0100

Following today's press release from the FSA on the amount of redress paid out in relation to PPI, the latest updated figures from the ombudsman service are as shown below:

Finance firm's fun-day raises smiles and charity cash

Tue, 30 Aug 2011 16:30:13 +0100

Soap suds and sponge-cakes both featured at a charity fun-day held this summer at the headquarters of Chester-based motor finance group The Funding Corporation (TFC).

Independent Commission on Banking: details of publication of Final Report

Tue, 30 Aug 2011 15:56:51 +0100

The Independent Commission on Banking will publish its Final Report on its website and via the London Stock Exchange’s Regulatory News Service at 7am BST on Monday 12th September 2011.

FSA publishes amount of redress paid to PPI complainants in first half of 2011

Tue, 30 Aug 2011 12:36:51 +0100

The Financial Services Authority (FSA) today of the amount of redress paid by firms during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI).

Hometrack's Monthly National House Price Survey: August 2011

Tue, 30 Aug 2011 11:22:03 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Mutualsâ gross lending and savings continue to strengthen

Tue, 30 Aug 2011 11:05:40 +0100

Lending and savings at mutuals are bucking the trend in challenging economic conditions according to data published today. Gross lending is at a 10 month high.

LSL Property Services comment on Land Registry index

Fri, 26 Aug 2011 15:40:48 +0100

David Brown, commercial director of LSL Property Services, commenting on the Land Registry index, said: “A rise of 1.3% means prices rose £30 per day last month. This would normally indicate a strong market, but it would be jumping the gun to suggest we’ve turned the corner in the UK. Mortgage lending is still subdued and prices have fallen 2.1% in the last 12 months.

Paradigm urges responsible approach to buy-to-let

Fri, 26 Aug 2011 15:25:53 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today urged both brokers and lenders to adopt an ongoing responsible approach to the buy-to-let market, given the growing demand and interest in the sector.

CHL arrears show ongoing quarterly improvement

Fri, 26 Aug 2011 15:14:31 +0100

Specialist lender, CHL Mortgages, has today revealed a further quarterly improvement in the arrear levels of its buy-to-let mortgage book.

âStaycationâ the holiday of choice for debt conscious Brits

Thu, 25 Aug 2011 10:43:37 +0100

Nearly one in four (38%) of the British public is trying (or will try) to spend less on their holiday this year. Of those saving money 59% are choosing to holiday at home instead of abroad, according to a recent poll by R3, the insolvency trade body.

âSwing when theyâre winningâ â CHL staff to attempt swingball world record

Thu, 25 Aug 2011 10:38:26 +0100

Staff at Fleet-based specialist mortgage lender, CHL Mortgages, are currently limbering up for their attempt to break the Guinness World Record for ‘Most People Playing Swingball’ next month.

Ferratum recruits after deluge of applications in UK

Wed, 24 Aug 2011 16:44:21 +0100

Europe’s leading lender of microloans has embarked on a recruitment drive after receiving thousands of applications in the month since its launch into the UK market.

Investing via Social P2P Platform in a Family & Friends Loan can be a Win-Win

Tue, 23 Aug 2011 18:30:15 +0100

A young individual or a couple wants to buy their first car, but are rejected by the traditional banks for having a less than perfect credit profile or for having no credit in the past or whatsoever. The next source they will bank upon would be their immediate friends or family.

CML News & Views: Largest lenders of 2010

Tue, 23 Aug 2011 18:22:59 +0100

It’s that time of year when the Council of Mortgage Lenders (CML) publishes collated lists of the largest 30 lenders in the previous year, ranked both by their level of gross lending and by the total value of their outstanding mortgages. With all the usual caveats about the difficulty of comparing lenders on a like-for-like basis, you can see who did how much in 2010 in today’s CML News & Views <http://uk.sitestat.com/cml/cml/s?clickin.cml_news___views_issue_no__16_2011 ...

LSL Property Services comment on BBA lending statistics

Tue, 23 Aug 2011 18:17:32 +0100

David Brown, commercial director or LSL Property Services said: “An extra £400 million injected into the property market in July and this is exactly what is needed to ensure first time buyers are able to access the properties they crave.

Phoebus Software comment on BBA statistics

Tue, 23 Aug 2011 18:13:56 +0100

Paul Hunt, managing director of Phoebus Software said: “Mortgage approvals were subdued during the second quarter of this year, which reflects lenders’ nervousness about the impact public sector cuts and a possible rate rise would impact household finances.

Charity urges stronger protection for financial consumers

Tue, 23 Aug 2011 18:10:52 +0100

Government plans to protect consumers buying financial services and products must be strengthened, according to money education charity, Credit Action.

Jump Money compliance officer completes âThree Peaks Challengeâ

Tue, 23 Aug 2011 18:04:28 +0100

Paul Stimpson, Compliance Office at Jump Money, the nationwide financial advisers, has recently completed the ‘Three Peaks Challenge’ covering Yorkshire’s highest mountain peaks – Pen-y-Ghent, Whernside and Ingleborough.

Steer clear of potential loan scams warns OFT

Mon, 22 Aug 2011 16:07:21 +0100

The Office of Fair Trading (OFT) is warning people to steer clear of scam loan companies who take upfront fees but fail to provide credit or offer clearly unsuitable credit alternatives.

Are savvy men hot on the heels of women?

Mon, 22 Aug 2011 14:02:07 +0100

Consumers across the UK are bracing themselves against rising prices and reduced disposable incomes as a result of pay freezes and inflation, but savvy shoppers spending habits could be the key to the recovery of high street sales say Hitachi Capital Consumer Finance.

Stonebridge Group announce â¨launch of new POS system

Mon, 22 Aug 2011 12:07:36 +0100

Stonebridge Group, the mortgage and insurance network, has today announced the launch of its new point-of-sale (POS) solution which fully interacts with its current client retention and back-office system, Revolution.

OFT secures High Court order to stop unfair gym contract terms

Fri, 19 Aug 2011 15:57:29 +0100

The OFT is urging gyms to check their contract terms to make sure they are lawful and check whether they need to notify their customers of any changes, after the High Court ordered a gym management company not to use certain unfair terms and business practices.

BBA statement on personal banking customers affected by riots

Fri, 19 Aug 2011 13:20:55 +0100

The banks recognise the problems the recent riots have created for personal banking customers, especially where branches have been closed because of the disorder. The industry has implemented a series of solutions to offer assistance for those who have found themselves in difficult circumstances.

Credit Union Current Account gives customers full ATM access, even if banks wonâtâ¦

Thu, 18 Aug 2011 16:34:33 +0100

Another one of the high street banks may have announced that it is restricting access to cash machines for nearly a million of its customers, but the Credit Union Current Account provides a fair and affordable alternative with full ATM access.

LSL Property Services comments on CML Lending

Thu, 18 Aug 2011 16:18:14 +0100

David Brown, commercial director of LSL Property Services, commenting on the Council of Mortgage Lenders lending, said: “July was a tough month for prospective homebuyers hoping to obtain finance for a property purchase. What will add to their frustration is that now is a great time to buy.

Gross mortgage lending virtually unchanged in July

Thu, 18 Aug 2011 13:21:16 +0100

Gross mortgage lending in July was an estimated £12.6 billion, according to new data from the Council of Mortgage Lenders (CML). This is marginally lower (1%) than June’s gross lending figure of £12.68 billion and a 6% fall from £13.3 billion in July 2010.

Strong sales and high market demand underpin CDC Softwareâs immediate European expansion

Wed, 17 Aug 2011 16:33:19 +0100

CDC Software, the supply chain and customer complaints and feedback management solution provider for major brands including Argos, Barclays Bank, British Airways and Page & Moy, is growing its Europe business with the expansion of its sales offices in Germany, France, Spain and Belgium.

The Money Advice Trust comments on today's unemployment figures

Wed, 17 Aug 2011 16:20:25 +0100

Commenting on today’s unemployment figures, Joanna Elson OBE, Chief Executive of the Money Advice Trust, said: “Unemployment is a major driver of personal debt problems, so today’s rise in unemployment levels is a matter for concern. Our research indicates that over 68,000 (7.2 per cent) of the nearly one million 16-24 year olds who are currently unemployed will be facing severe debt problems.

Banking on the Facebook Generation?

Wed, 17 Aug 2011 10:42:30 +0100

A report from Experian® published today sheds new light on the financial habits of the UK’s young adults. Defined by Experian as ‘The Facebook Generation’, this group of über-savvy 18 – 25 year olds have taken social media and its ideologies into adulthood, influencing how they deal with financial services companies, while six out of ten admit to relying on friends and family for financial advice.

Three teams head to Spain after banks and brokers success

Wed, 17 Aug 2011 10:32:42 +0100

Three teams will head to Spain in October after winning through to the grand final of the Banks and Brokers Golf Championship at a qualifier at Brocket Hall on Monday, August 15.

New finance products encourage car leasing

Mon, 15 Aug 2011 19:08:41 +0100

Increasing numbers of motorists are turning to long term car leases. According to the latest figures from the Finance & Leasing Association, the trade body for the motor finance industry, in Q2 2011 the value of leases for private cars rose by 55% compared to the same period last year.

CDC Software calls for âComplaints Management Best Practiceâ Processes

Mon, 15 Aug 2011 19:02:56 +0100

CDC Software and Mathew James Customer Care Solutions, the independent customer service consultancy, today announced the need for a common set of customer complaint and feedback management processes* to provide a benchmark for all customer-facing businesses.

Hometrack makes senior appointment

Mon, 15 Aug 2011 18:56:35 +0100

Hometrack, the property analytics business, announced today the appointment of Kevin Gage as Chief Technology Officer.

Renters paying for mortgage arrears

Fri, 12 Aug 2011 19:31:49 +0100

Almost 4 million households are now spending more than 50 per cent of their weekly income on housing, with a growing emphasis on rent rather than mortgage costs. Whilst lenders support the 800,000 or so mortgage holders who are struggling, new research reveals that more than 2.6 million renters are footing the bill for house prices rising to ten times average incomes, despite a steep fall in the number of residential property sales.

Second charge mortgage repossessions remain low

Thu, 11 Aug 2011 17:54:28 +0100

According to figures released today by the Finance & Leasing Association (FLA), the total number of second charge mortgage repossessions so far this year is 429, 12.8% lower than in the first six months of 2010. The FLA forecast for 2011 is for fewer than 900 repossessions.

Buy-to-let market returned to growth in the second quarter of the year

Thu, 11 Aug 2011 17:50:44 +0100

The value of new buy-to-let loans increased by 21% in the second quarter of 2011, driven mainly by remortgaging, according to new data released today from the Council of Mortgage Lenders (CML).

CML reports little change in mortgage repayment problems in second quarter

Thu, 11 Aug 2011 17:46:30 +0100

The number of properties taken into possession by first charge mortgage lenders in the first half of 2011 was 7% lower than in the first half of 2010, according to the latest quarterly data from the Council of Mortgage Lenders (CML). The data shows that 9,000 repossessions occurred in the second quarter of the year, slightly lower than the total of 9,100 in the first quarter, bringing the total to 18,100 for the first half of the year, compared to 19,500 in the first six months of 2010. ...

Phoebus Software Comment on CML Regulated Mortgage Survey

Wed, 10 Aug 2011 22:27:13 +0100

Commenting on CML's Regulated Mortgage Survey, Paul Hunt, managing director of Phoebus Software said:

Lender concern over unhelpful European report

Wed, 10 Aug 2011 22:21:49 +0100

Lenders in the UK and Europe are concerned about an unexpected attempt this summer to widen significantly the scope of the proposed European directive on mortgages. Measures in a report drafted by Spanish MEP Antolin Sanchez Presedo could have serious implications for mortgage and housing markets in many European countries.

PPR Estates comments on today's mortgage lending and Nationwide house price data

Wed, 10 Aug 2011 21:07:02 +0100

Nick Hopkinson, Director of property company PPR Estates, commented on today’s CML lending data and the Bank of England inflation figures:

Mortgage market sees highest number of first-time buyers since August

Wed, 10 Aug 2011 13:17:24 +0100

June saw the highest number of mortgages taken out by first-time buyers in 10 months, according to data released today by the Council of Mortgage Lenders (CML). There were 18,100 loans to first-time buyers, worth £2.2 billion, 24% higher by volume and 29% higher by value than in May. June’s first- time buyer numbers were exactly the same as in last August, but 8% lower by volume and value than in June 2010.

New longevity figures will result in a long term decline in conventional annuities

Tue, 09 Aug 2011 18:19:13 +0100

MGM Advantage, the retirement income specialist, says findings issued recently that people are living longer and that 20 year olds are three times more likely to reach 100 than their grandparents and roughly twice as likely as their parents, will dramatically increase pensioner poverty. It will also be a further nail in the coffin for traditional fixed annuities where income cannot rise with inflation.

Change of chairman and deputies for the CML

Mon, 08 Aug 2011 21:31:57 +0100

Martijn Van der Heijden, head of lending at HSBC, will become chairman of the Council of Mortgage Lenders on 8 August. He replaces Colin Walsh who has vacated the position due to his forthcoming departure from Lloyds Banking Group.

New research shows average loan-to-value ratio is less than 60%

Mon, 08 Aug 2011 21:23:26 +0100

Research published today by the Council of Mortgage Lenders (CML) shows that, while the amount of unmortgaged housing wealth held by individual borrowers varies enormously, the aggregate loan-to-value ratio on mortgaged property in the UK is less than 60%.

Unique loan puts Cumbrian outdoor learning centre in field of its own

Mon, 08 Aug 2011 21:17:14 +0100

An outdoor learning social enterprise in Cumbria is now helping even more people of all ages and abilities get closer to nature thanks to financial support from a unique loan fund.

Newport City Homes Enhances Microsoft Unified Communications Deployment with Aspect Contact Platform

Fri, 05 Aug 2011 17:55:28 +0100

Aspect, a leading provider of customer contact and Microsoft platform solutions, today announced its customer Newport City Homes (NCH), a leading UK not-for-profit Registered Social Landlord, has extended its Microsoft-based unified communications deployment with Aspect(r) Unified IP(r), a next generation contact centre platform that unites a comprehensive set of customer contact capabilities with the power of software.

First CHL staff complete NSAFS Leadership and Management Programme

Fri, 05 Aug 2011 17:51:01 +0100

Specialist lender, CHL Mortgages, is pleased to announce that nine members of staff have completed the Leadership and Management Programme, offered through the National Skills Academy for Financial Services (NSAFS).

Coventry Building Society announces record results

Fri, 05 Aug 2011 17:46:57 +0100

Coventry, the UK’s third largest building society, reports that in the first half of 2011 it has achieved record profits with net mortgage lending equivalent to 25% of the UK market.

House purchases funded through reversion plans âon the riseâ, says Bridgewater

Thu, 04 Aug 2011 18:16:37 +0100

Property purchasers over the age of 65 are increasingly funding their house move through home reversion plans, says sector specialist, Bridgewater Equity Release.

Stagnant growth on the VocaLink Public and FTSE 350 Take Home Pay Index

Thu, 04 Aug 2011 18:12:29 +0100

Public sector workers see no change in pay growth this month according to the VocaLink Take Home Pay Index. At the same time, private sector take home pay growth falls to 2.9% this month, ending a three month growth spell. The VocaLink data suggests that the outlook for both private and public sector pay remains fragile.

Bath Building Society added to Paradigm lender panels

Thu, 04 Aug 2011 18:01:28 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added Bath Building Society to both its own lender panel for directly authorised (DA) firms plus that of Paradigm Financial Advisers (PFA), the network service for appointed representatives (AR).

Remortgage and purchase activity shows further improvement, says Conveyancing Alliance

Tue, 02 Aug 2011 13:20:24 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today revealed a significant improvement in both its quarterly and half-yearly levels of purchase and remortgage instructions.

Debt problems driving growth in equity release

Mon, 01 Aug 2011 22:35:18 +0100

A leading debt charity has said that many older debtors are releasing equity from their homes to deal with problem debts. In the last year, clients of Consumer Credit Counselling Service’s (CCCS) equity release advice service unlocked an average of £29,983 of capital from their homes to help pay down debts and meet other costs.

Credit Action Debt Statistics - August 2011

Mon, 01 Aug 2011 18:18:11 +0100

Total UK personal debt at the end of June 2011 stood at £1,451bn. The twelve-month growth rate remained unchanged at 0.8%. Individuals currently owe nearly as much as the entire country produced between Q2 2010 to Q1 2011.

Yorkshire consumers are top of the shops

Mon, 01 Aug 2011 17:58:44 +0100

With the summer sales in full swing, holiday season starting in earnest and the August bank holiday fast approaching, Leeds-based Hitachi Capital Consumer Finance has revealed that shoppers in Yorkshire and the Humber consider themselves to be savvier shoppers than any other region of the UK.

âImpact on state benefitsâ, key area for equity release advisers

Mon, 01 Aug 2011 17:43:05 +0100

Advisers have deemed equity release products’ potential ‘impact on state benefits’ as one of the key areas they would like to have more information on, following research by Bridgewater Equity Release, the home reversion specialist.

PPR Estates comments on todayâs BoE mortgage lending and Nationwide house price data.

Fri, 29 Jul 2011 17:16:20 +0100

Nick Hopkinson, Director of property company PPR Estates, comments on today’s BoE mortgage lending and Nationwide house price data.

Mutualsâ lending up 20% in first half of 2011

Fri, 29 Jul 2011 16:54:46 +0100

Gross lending in the first six months of the year totalled £10.2 billion, compared to £8.5 billion in the same period last year – a 20% increase. Gross lending by mutuals totalled £2.1 billion in June 2011, up 16% compared to the £1.8 billion in June 2010.

Money Advice Trust announces new CFS trigger figures from the 1st August 2011

Fri, 29 Jul 2011 16:39:05 +0100

Following an annual review, the new Common Financial Statement (CFS) trigger figures will be published on 1st August 2011. The new trigger figures are now live on the CFS website and can be accessed by licence holders.

How will banks respond to the media glare of the PPI misselling issue?

Thu, 28 Jul 2011 13:42:09 +0100

Following the decision of the banking industry to drop its appeal against the High Court judgement that found against them in relation to misselling PPI policies, banks face a huge logistical challenge to process all the claims for compensation.

CML News & Views: the final word!

Thu, 28 Jul 2011 12:47:00 +0100

After 22 years at the CML, Michael Coogan is standing down as director general at the end of this week. In today’s issue of CML News & Views <http://uk.sitestat.com/cml/cml/s?clickin.cml_news___views_issue_no__14_2011.newsandviews.journalist_link&ns_type=clickin&ns_url=http://www.cml.org.uk/cml/publications/newsandviews/94> , he looks back on the highs and lows for the mortgage lending industry, the CML – and himself. And he reveals why, after 14 yea ...

Paradigm urges âfull considerationâ of equity release market

Tue, 26 Jul 2011 18:52:54 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today urged advisers to undertake a ‘full consideration’ of the equity release market when considering the needs of those clients in, or at, retirement.

Gordon Brown calls on credit unions to âset the agendaâ

Mon, 25 Jul 2011 17:49:07 +0100

Gordon Brown has praised credit unions for their work to tackle inequality and called on them to set the agenda for the financial system based on the principles of fairness and responsibility.

Perspective Financial Group Preliminary Statement for the year ended 31 December 2010

Mon, 25 Jul 2011 13:16:37 +0100

Perspective Financial Group Ltd, the national IFA group, has today announced a record set of results for 2010.

âSpecialist conveyancers are the futureâ, says Conveyancing Alliance

Fri, 22 Jul 2011 16:06:51 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, is urging all brokers and advisers to make sure their clients are using specialist conveyancing firms in light of ongoing cuts made by lenders to many of their solicitor panels.

Coventry Intermediaries launches new fixed rate deals with no ERCs

Fri, 22 Jul 2011 15:56:49 +0100

From Tuesday 26th July, Coventry Intermediaries will be launching an exciting range of residential fixed rates including 2, 3 and 5 year deals with no ERCs.

Credit unions welcome changes to legislation

Wed, 20 Jul 2011 18:06:53 +0100

ABCUL has welcomed steps taken this week in parliament to remove restrictive legislation and allow them to reach out to more people, increasing access to safe and ethical financial services in communities and workplaces across the country.

Phoebus Software comment on the latest lending figures from the CML

Wed, 20 Jul 2011 17:34:50 +0100

Comment on CML gross lending figures released today, Paul Hunt, managing director of Phoebus Software said: “Having weathered a tough year, there are signs that lenders’ liquidity is improving and as a result their confidence has begun to grow.

Gross mortgage lending increases in June

Wed, 20 Jul 2011 17:30:51 +0100

Gross mortgage lending totalled an estimated £12.6 billion in June. This represented a 16% increase from the £10.8 billion lent in May but was 3% lower than June 2010 (£13.0 billion), according to new data from the Council of Mortgage Lenders (CML). This is the highest monthly total since July last year (£13.3 billion).

Paradigm add Lowry Capital to bridging lender panel

Wed, 20 Jul 2011 17:26:01 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added Lowry Capital to its panel of bridging loan lenders.

Bank of Cyprus UK invests in Albany Software to maintain competitive advantage and achieve ROI

Tue, 19 Jul 2011 22:13:08 +0100

Bank of Cyprus UK, has today announced its purchase of an automated payments solution from Albany Software; the pioneering developer of electronic payment software solutions. Bank of Cyprus UK selected the solution as part of its drive to remain at the forefront of the ever-changing market and deliver value-add services to its customer base. Albany Software’s solution integrates with the bank’s existing systems and applications, streamlining entire payments, collections and ad ...

BIS and HM Treasury response to Consumer Credit and Personal Insolvency Review

Tue, 19 Jul 2011 20:51:51 +0100

In October 2010, BIS and HM Treasury issued a joint Call for Evidence covering extensive ground on consumer credit and personal insolvency options for reform. Our Industry Minute article at the time, discussing the scope and specific questions raised in the Call for Evidence, can be accessed http://www.callcredit.co.uk/industry-minute/industry-minute-archive/2010/10/bis-issues-call-for-evidence-review-of-consumer-credit-and-personal-insolvency.

Credit markets mixed as government gives further thought to new regulation

Tue, 19 Jul 2011 19:11:12 +0100

The Finance & Leasing Association (FLA) has published its latest consumer finance lending figures, on the same day that the Government published interim responses to its recent reviews of existing and future consumer credit regulation.

New research into high cost credit commissioned by Government

Tue, 19 Jul 2011 19:07:44 +0100

Research into how a cap on the total cost of credit in the high cost credit market could affect consumers is to be commissioned by the Department for Business, Innovation and Skills and the Treasury.

OFT revokes licence following threatening communication

Mon, 18 Jul 2011 18:05:15 +0100

The OFT today announced that it has revoked the licence of debt management company, Parkgate UK Limited, after it sent a threatening letter to a debt collection agency.

âAdvisers should be less bullish on HPIâ, says Bridgewater

Mon, 18 Jul 2011 17:44:33 +0100

Bridgewater Equity Release, the home reversion specialist, has today urged equity release advisers to tone down their assumptions over future levels of house price inflation.

BSA welcomes MPsâ calls on Government to foster diversity and promote mutuals

Fri, 15 Jul 2011 15:58:43 +0100

The All-Party Parliamentary Group for Building Societies and Financial Mutuals has today set out important recommendations as to how the Government should deliver its Coalition commitment to foster diversity and promote mutuals.

Lords celebrate Credit Union Foundation and Government support for credit unions

Thu, 14 Jul 2011 18:26:29 +0100

In a reception at the House of Lords organised by vice-chair of the All-Party Parliamentary Group on Credit Unions, Lord Kennedy of Southwark, in support of the work of the Credit Union Foundation, the Government has once again affirmed its commitment to supporting the credit union sector’s continued development.

Local church and community based money advisors work together for change

Thu, 14 Jul 2011 18:19:19 +0100

The Community Voice Forum launches today, bringing together the collective voice of local church and community based money advice and education workers from across the UK. Over the last year local church and community based money advice workers helped over 24,000 people. Yet until today, there has been no formal way for these advisors to voice the issues that they encounter time and time again.

Credit Action welcomes new code of practice for payday lenders

Thu, 14 Jul 2011 18:01:41 +0100

Money education charity Credit Action today welcomed the new Consumer Finance Association code as evidence that the payday lending industry is taking steps to create good practice.

TBMC added to Paradigmâs PFA lender panel

Thu, 14 Jul 2011 17:20:31 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added buy-to-let specialist, TBMC, to the lender panel of Paradigm Financial Advisers (PFA), the network service for appointed representatives (AR).

Independent Commission on Banking: publication of consultation responses and meeting on 11th July

Wed, 13 Jul 2011 18:23:11 +0100

The Independent Commission on Banking (ICB) today publishes all non-confidential submissions received in response to its Interim Report, alongside a summary of the views received.

Liverpool social enterprise network benefits from unique loan fund

Wed, 13 Jul 2011 18:04:09 +0100

Liverpool City centre based Social Enterprise North West Ltd (SENW), which represents social enterprises across the region, is to benefit from a unique loan fund.

Affordable Credit comes to Rochdale thanks to Housing Providers

Wed, 13 Jul 2011 17:51:56 +0100

A Partnership between ALMO Rochdale Boroughwide Housing (RBH), Riverside Housing and Manchester Credit Union (MCU) has seen the introduction of affordable credit to the borough of Rochdale.

Perspective passes Â£2 billion funds under management milestone

Wed, 13 Jul 2011 17:45:34 +0100

National IFA group, Perspective Financial Group Ltd, has today announced it has passed £2 billion funds under management following the recent acquisition of Oxfordshire-based IFA practice, McGrath Rathbone.

UK shares in Co-operatives Fortnight success

Wed, 13 Jul 2011 09:57:34 +0100

For the last two weeks, from 25 June to 9 July, individuals and organisations across the country have contributed to making Co-operatives Fortnight 2011 an outstanding success.

CML News & Views: housing policy - expediency and aspiration

Tue, 12 Jul 2011 16:26:36 +0100

The recent English Housing Survey shows a 40% jump in the number of people renting privately in the last five years – a remarkable turn-around after almost a century of decline. Not surprisingly, private renting has become much more popular with young people. But the survey also confirms that owner-occupation remains overwhelmingly the tenure of choice. And it is the young who have the strongest preference for home-ownership and the highest expectation that they will achieve it la ...

Phoebus Software comment on latest inflation figures

Tue, 12 Jul 2011 16:09:26 +0100

Commenting on the latest inflation figures, Paul Hunt, managing director of Phoebus Software, said: “The proliferation of affordable mortgage products looks set to continue as this inflation result will put back a possible rate rise until at least the end of the year. Lenders have already realised that low rates have led borrowers to seek out the best possible rates and the fact that they have responded to this demand by offering increasingly competitive deals shows there is growing ...

Crown Mortgage Management comment on latest inflation figures

Tue, 12 Jul 2011 16:06:38 +0100

Commenting on the latest inflation figures, Eric Stoclet, CEO of Crown Mortgage Management said: "The MPC may feel exonerated by this fall in inflation, but we must still remember that CPI remains at more than double the target rate and that this month's inflation is the 4th highest in the last 32 months.

Co-operatives UK urges caution over Open Public Services White Paper

Tue, 12 Jul 2011 11:44:13 +0100

Ed Mayo, Secretary General of Co-operatives UK, commenting on the publication of today’s Open Public Services White Paper, said:

Collaboration is key to success for credit unions

Tue, 12 Jul 2011 11:39:54 +0100

New research launched today, reveals that credit unions must work together and in partnership with a wide range of public and private sector organisations in order to fulfil their potential and reach all those who need their help.

Bristol & Maidstone announced as next venues for Bridgewater Forums

Tue, 12 Jul 2011 11:34:07 +0100

Bridgewater Equity Release, the home reversion specialist, has today announced the latest in its series of regular Broker Forums will take place in both Bristol & Maidstone during July 2011.

Car dealers see positive flip-side to finance declines

Tue, 12 Jul 2011 11:26:28 +0100

Customers refused car finance can still act as goodwill ambassadors for the dealer who was forced to turn them away.

Credit union merger brings big benefits

Mon, 11 Jul 2011 17:52:44 +0100

One of the biggest credit union mergers ever to take place in Britain sees the official launch of North Wales Credit Union today. Five successful credit unions have merged from a position of strength to offer more services to even more people.

Phoebus Software comment on CML regulated mortgage survey

Mon, 11 Jul 2011 17:20:06 +0100

Paul Hunt, managing director of Phoebus Software said: “Lending will need to continue to grow strongly in order to make up the annual falls currently in the figures, but there’s every chance it will do so. The jump in the number of loans in May could be the beginning of a sustained lending recovery as lenders’ confidence about the market continues to improve.

Mortgages for Business comments on CML RMS figures

Mon, 11 Jul 2011 17:16:18 +0100

Commenting on the latest CML RMS figures, David Whittaker, managing director of Mortgages For Business, said:

Loans for house purchase and remortgaging increase in May

Mon, 11 Jul 2011 16:10:42 +0100

The number of loans for house purchase and remortgaging both increased in May, showing further sings of stabilisation in the mortgage market, according to new data from the Council of Mortgage Lenders (CML). However, lending volumes are still weak on a historic basis.

Paradigm further strategic relationship with Partnership

Mon, 11 Jul 2011 16:05:05 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today announced a further strategic alliance with Partnership’s equity release proposition.

Payments Council to deliver easy account switching for all customers

Fri, 08 Jul 2011 14:39:51 +0100

The Payments Council is today committing to make bank account switching easier for consumers and small businesses. Whilst the UK’s current account switching arrangements are considered one of the best in Europe, the Payments Council is starting a project that will deliver real customer benefits by the end of 2013. It will encourage competition within the UK’s banking sector and improve transparency for customer.

Energy price rises will push more into fuel poverty says Citizens Advice

Fri, 08 Jul 2011 13:43:29 +0100

Responding to today’s price rise announcement by British Gas, Citizens Advice Chief Executive Gillian Guy said: "Last year CAB advisers helped with almost 104,000 fuel debt problems.

Comment on UK and Eurozone interest rates

Thu, 07 Jul 2011 15:47:17 +0100

Eric Stoclet, CEO of Crown Mortgage Management said: "Keeping rates ultra-low is in stark contrast with the European Central Bank's 0.25% increase to 1.5%.

Pay freezes put VocaLink Public Sector Take Home Pay Index growth 2% behind private sector

Thu, 07 Jul 2011 09:30:20 +0100

Growth on the VocaLink Public Sector Take Home Pay Index in June has continued to fall with annual growth of 1.3%, down from 1.5 % for the three months to May. This is largely due to April’s two year pay freeze on workers earning above £21,000 and means public sector take home pay growth is now 2% lower than the FTSE 350.

Callcredit claims award for business growth

Wed, 06 Jul 2011 11:13:44 +0100

Callcredit Information Group has won an award for its vision, development and growth following the management buyout backed by private equity group Vitruvian Partners.

Independent Commission on Banking must consider impact on business and the economy

Tue, 05 Jul 2011 17:12:57 +0100

The banking industry shares the Independent Commission on Banking’s aims of reducing the probability of bank failure in future, and of protecting customers, businesses and taxpayers if a bank gets into difficulty, the British Bankers’ Association said today.

Chair of ECON thanks outgoing ECB President for eight years hard work

Mon, 04 Jul 2011 14:51:18 +0100

The Chair of the European Parliament's Economic and Monetary Affairs Committee, Sharon Bowles MEP, has thanked the outgoing President of the European Central Bank, Jean-Claude Trichet, for his eight years of hard work.

MBNA announced as Sale Sharks Principal Partner

Mon, 04 Jul 2011 12:26:31 +0100

Premiership Rugby’s Sale Sharks has announced that credit card lender MBNA will become the club’s Principal Partner for the next three seasons.

Perspective purchase Oxfordshire IFA practice

Mon, 04 Jul 2011 10:15:07 +0100

Perspective Financial Group Ltd, the National IFA Group, has today (4th July 2011) announced the acquisition of Oxfordshire-based IFA firm, McGrath Rathbone Ltd.

Credit unions must collaborate to fulfil their potential

Thu, 30 Jun 2011 16:32:51 +0100

Delegates and guests at the summer reception of the All Party Parliamentary Group on Credit Unions at Westminster Abbey heard how the credit union sector must collaborate to fulfil its potential in Britain.

Payment Protection Insurance (PPI) complaints solution launched by Usefulfeedback!

Thu, 30 Jun 2011 16:14:18 +0100

iCasework, the case management providers, have launched the UsefulFeedback! Payment Protection Insurance (PPI) complaints solution.

Oakwood makes senior hire to drive expansion into new markets

Thu, 30 Jun 2011 16:05:24 +0100

Financial outsourcer Oakwood Global Finance LLP has appointed Gerry McHugh to a new board-level strategic role as Director of Operations. Gerry will lead the continued expansion of Oakwood's outsourced loan-servicing and origination business and spearhead the company's diversification into servicing the second-charge and unsecured loan sectors.

Coventry Building Soc and Godiva Mortgages awarded 5 stars from FT Adviser online service awards

Thu, 30 Jun 2011 12:21:08 +0100

Coventry Building Society and its subsidiary company, Godiva Mortgages, have both been awarded 5 stars in the FT Adviser Online Service Awards. The Awards are an independent measure of financial services, as voted by the intermediaries who use them.

Bridgewater comment on Newlifeâs new home reversion products

Thu, 30 Jun 2011 11:58:43 +0100

Bridgewater Equity Release, the home reversion specialist, has today commented on the launch of two new home reversion products from Newlife – home related finance.

Development of mortgage indemnity scheme in Scotland supported by CML

Wed, 29 Jun 2011 16:25:31 +0100

The Council of Mortgage Lenders (CML) welcomes today's news from the Scottish Government that it has agreed to commit funds to the development of a mortgage indemnity scheme for new build properties in Scotland.

Debit cards on top with continued spending surge

Wed, 29 Jun 2011 16:22:13 +0100

Use of cash in the UK is falling as consumers switch to plastic and tighten their belts, according to the latest figures from the Payments Council.

Property firm PPR Estates comments on todayâs latest lending data from the Bank of England

Wed, 29 Jun 2011 16:16:07 +0100

Nick Hopkinson, Director of property firm PPR Estates, comments on today’s latest lending data from the Bank of England:

Gross lending by mutuals up 20% in May

Wed, 29 Jun 2011 16:12:51 +0100

Gross lending by mutuals totalled £1.8 billion in May 2011, up 20% compared to the £1.5 billion in May 2010. Mortgage approvals by mutuals, also £1.8 billion, were up by 15% compared to the £1.6 billion approved in May last year.

Perspective firm, Platinum Portfolios, achieves Corporate Chartered status

Wed, 29 Jun 2011 15:56:05 +0100

Perspective Financial Group Ltd, the national IFA Group, has today announced that another of its firms, Platinum Portfolios, has achieved Corporate Chartered status.

Chief ombudsman speaks to the FSA's conference about redress

Tue, 28 Jun 2011 16:13:26 +0100

Natalie Ceeney, Chief Ombudsman and Chief Executive of the Financial Ombudsman Service (FOS) is giving a speech today at the FSA's conference on the future of conduct regulation.

Link Loans selects Target Group to manage growing unsecured portfolio

Tue, 28 Jun 2011 16:07:22 +0100

Link Loans has selected Target Group, to provide outsourced loan operations for its new unsecured home improvement loan portfolio.

FSA hosts conference to launch debate about the future of conduct regulation

Tue, 28 Jun 2011 16:02:39 +0100

The Financial Services Authority (FSA) has today launched a debate about the type of regulator needed to restore customer trust in financial services.

Link announces appointment of John Howells as new CEO

Tue, 28 Jun 2011 12:24:42 +0100

Today, LINK, the UK cash machine network, announced the appointment of John Howells as its new CEO. This follows the move of Edwin Schooling Latter to the Bank of England at the end of March.

Jump Money launch âJump Accountsâ

Tue, 28 Jun 2011 12:21:25 +0100

Jump Money, the nationwide financial advisers, have today launched two new services for customers – the ‘Jump Account’ and ‘Jump Premier Account’.

FSA launches FCA approach document

Mon, 27 Jun 2011 12:00:51 +0100

The Financial Services Authority (FSA) has today outlined how its successor body charged with conduct and markets regulation will be tougher, bolder and more engaged with consumers.

Red Tape Challenge asks inspectors to call

Mon, 27 Jun 2011 11:50:45 +0100

Inspectors and enforcement officers from across the regulatory landscape are being asked to get involved in a new campaign aimed at improving regulation, whilst reducing burdens on businesses.

Hometrack - Monthly National Housing Survey

Mon, 27 Jun 2011 10:46:39 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

lastminute.com launches credit card with exclusive offers and reward points

Mon, 27 Jun 2011 10:32:55 +0100

Leading online travel and leisure retailer, lastminute.com is announcing the launch of a new credit card in the UK market.

Forum welcomes removal of âcripplingâ proposals from EU Consumer Rights Directive

Mon, 27 Jun 2011 10:14:02 +0100

A leading business group has welcomed the abandonment of EU plans to force British internet retailers to trade across Europe – and pay postage costs for any returned items.

âDonât miss the conveyancing opportunityâ, says Conveyancing Alliance

Fri, 24 Jun 2011 17:24:29 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, is urging all brokers and intermediaries not to miss out on the opportunity to provide conveyancing services to their clients in the process passing up a regular income stream.

CML welcomes delayed publication of crucial FSA mortgage consultation paper

Fri, 24 Jun 2011 17:15:26 +0100

The Council of Mortgage Lenders (CML) welcomes today's announcement by the Financial Services Authority (FSA) that it will delay until early autumn publication of its next mortgage market review consultation paper. It is no surprise that such a large and complex piece of work, which needs to contain a full cost-benefit and impact analysis of the FSA’s proposals, may take longer to complete than originally expected.

BSA welcomes FSA announcement that the MMR will be delayed

Fri, 24 Jun 2011 17:05:17 +0100

FSA Chairman, Lord Adair Turner, has announced that the next Mortgage Market Review (MMR) proposals will now not be published until the Autumn.

FSA confirm that they will take collective intermediary feedback via www.tcfinfo.co.uk

Fri, 24 Jun 2011 16:58:36 +0100

Following feedback from the FSA to TCFInfo’s last survey, the FSA has confirmed it will take collective intermediary feedback via www.tcfinfo.co.uk as part of their consultation process. The recent research gives further insight into mortgage brokers’ reluctance to engage with the FSA on their consultation process with 72% of brokers saying they think the FSA were not interested in their views.

CML appoints Paul Smee as new director general

Thu, 23 Jun 2011 17:34:58 +0100

The Council of Mortgage Lenders (CML) today announces the appointment of Paul Smee as its incoming director general. He will take up the appointment on 1 August.

CML welcomes delayed publication of crucial FSA mortgage consultation paper

Thu, 23 Jun 2011 17:30:57 +0100

OFT imposes requirements on second charge lender

Thu, 23 Jun 2011 17:25:39 +0100

The OFT today announced that sub-prime lender Swift, trading as Swift Advances Plc and Swift Securities Ltd, must improve its lending and collections practices or risk losing its credit licences.

OFT response to consultation on future of consumer protection regime

Wed, 22 Jun 2011 18:30:02 +0100

Responding to the announcement from the Consumer Minister Edward Davey, OFT Chairman Philip Collins said:

Consumers take time to reflect before taking out credit

Wed, 22 Jun 2011 18:05:44 +0100

New consumer credit lending fell by four percent in April 2011, according to figures released today by the Finance & Leasing Association, the trade body for the consumer credit industry.

Perspective provides support for financial planning degree students

Wed, 22 Jun 2011 18:02:24 +0100

Perspective Financial Group Ltd, the Wilmslow-based IFA group, has today announced a new relationship with Bradford University School of Management to provide students of its Financial Planning Degree with internship and placement opportunities.

Jump Money announce Jason Butler as new CEO

Wed, 22 Jun 2011 17:58:00 +0100

Jump Money, the nationwide financial advisers, has today announced the appointment of Jason Butler as its new Chief Executive Officer.

CML responds to Which? on borrowers paying standard variable rate

Wed, 22 Jun 2011 13:37:55 +0100

Responding to today's claim by Which? that 95% of lenders have failed to "pass on" cuts in base rate to customers on a standard variable rate (SVR), the Council of Mortgage Lenders (CML) is reminding borrowers that mortgage markets have changed fundamentally as a result of the financial crisis, reinforcing that base rate is no proxy for the cost to lenders of raising funding.

LSL Property Services comment on HMRC transactions

Tue, 21 Jun 2011 17:07:44 +0100

David Brown, commercial director of LSL Property Services said: “Transactions are currently running at less than 61% of the long term average, which is an indication of just how quiet the housing market currently is. According to our research, the greatest fall in transactions has been for flats, which are the property type most frequently purchased by first-time buyers.

FSA Mortgage Lending Data published

Tue, 21 Jun 2011 17:02:44 +0100

The Financial Services Authority (FSA) has today published its latest Mortgage Lending Data <http://www.fsa.gov.uk/Pages/Library/Other_publications/statistics/index.shtml> for the United Kingdom covering the period Q1 2011.

Phoebus Software Comment on CML mortgage lending figures

Mon, 20 Jun 2011 17:04:41 +0100

Paul Hunt, managing director of Phoebus Software said: “May’s rise in gross lending has been primarily driven by increasing remortgage activity, as high inflation put a rate rise back on the agenda.

Gross mortgage lending recovers lost ground in May

Mon, 20 Jun 2011 16:59:48 +0100

Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010.

Speech by The Chief Secretary to the Treasury, The Rt Hon Danny Alexander MP to the IPPR

Fri, 17 Jun 2011 17:20:38 +0100

Few subjects are as open to misunderstanding and misrepresentation as public service pensions. Pensions are vitally important to all of us, but they are also both complex and long-term. Pensions for public service workers even more so, not least because it’s a benefit for one part of the population, that’s paid for by all of us.

Which? launches 60 second guide to credit unions

Fri, 17 Jun 2011 16:47:33 +0100

Which? the leading consumer affairs publication has launched a new 60 second guide to credit unions (http://www.which.co.uk/news/2011/06/60-second-guide-to-credit-unions-255347/) following the recent announcement of the government’s £73 million credit union modernisation fund.

Perspective announce two new acquisitions

Fri, 17 Jun 2011 15:45:33 +0100

Perspective Financial Group Ltd, the Wilmslow-based IFA group, has today announced two new IFA firm acquisitions taking the number of Group firms to 22.

Government publishes financial regulation White Paper and draft Bill

Thu, 16 Jun 2011 15:57:18 +0100

The Government has today published its financial regulation White Paper and draft Bill. These provide further detail on the Government’s proposed reforms to the financial regulatory regime within the UK.

FSA grants temporary extension to HSBC for PPI complaints

Thu, 16 Jun 2011 11:50:23 +0100

The FSA has agreed to temporary arrangements for HSBC to handle PPI complaints.

Jump money announce new appointments

Thu, 16 Jun 2011 10:23:08 +0100

Jump Money, the nationwide financial advisers, have today announced the appointment of a new Technical Director, Damian Guy.

CML News & Views: What's in the best interests of consumers?

Wed, 15 Jun 2011 17:35:51 +0100

Consumer bodies have recently expressed contrasting views on what needs to be done to ‘protect’ mortgage customers. We accept the need for reform, but the key question is when and how it should be implemented. An over-zealous approach could damage consumer interests overall by permanently excluding swathes of customers in a market that is already risk-averse.

HML partners with Intelligent Environments to launch online mortgage service channel

Wed, 15 Jun 2011 13:18:41 +0100

Intelligent Environments, a digital banking provider and part of the Parseq Group, announces today that it has signed a contract with HML to build and host the mortgage industry’s first white-labelled online self-service platform for HML clients’ customers.

The Cambridge Building Society added to Paradigm lender panels

Wed, 15 Jun 2011 13:06:49 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has added The Cambridge Building Society to both its own lender panel for directly authorised (DA) firms plus that of Paradigm Financial Advisers (PFA), the network service for appointed representatives (AR).

Tentative signs that consumer confidence is firming in the housing market

Wed, 15 Jun 2011 12:59:22 +0100

The June 2011 BSA Property Tracker survey from the Buildings Society Association (BSA), indicates that consumers are slightly less negative about the outlook for the housing market.

MAT comments on OFT debt management draft guidance

Tue, 14 Jun 2011 17:40:20 +0100

Commenting on the draft debt management guidance released today by the Office of Fair Trading (OFT), Joanna Elson OBE, Chief Executive of the Money Advice Trust (MAT), said:

LSL Property Services comment on CML regulated mortgage survey

Tue, 14 Jun 2011 16:28:43 +0100

David Brown, commercial director of LSL Property Services said: “Any growth in monthly mortgage lending is welcome news for the UK’s army of frustrated homebuyers, but a comparison with 2010 shows we’re far from out of the woods.

FSA publishes Product Intervention feedback statement

Tue, 14 Jun 2011 15:55:16 +0100

The Financial Services Authority (FSA) has today published its feedback statement summarising the responses to its Product Intervention discussion paper (DP), published on 25 January 2011.

Revised debt management guidance published

Tue, 14 Jun 2011 15:49:53 +0100

The Office of Fair Trading (OFT) today published for consultation revised guidance for the debt management industry.

Modest activity for mortgage market in April

Tue, 14 Jun 2011 15:40:13 +0100

Loans for house purchase increased in April, according to data released today from the Council of Mortgage Lenders (CML). But, with Bank of England data showing a fall in house purchase approvals in April, there could be a lull in house purchase completions in the next few months.

Ombudsman's response to FSA's PPI announcement and other key facts

Mon, 13 Jun 2011 17:23:59 +0100

Today the FSA announced that it had set a timetable for Barclays, Lloyds and RBS to deal with payment protection insurance complaints (PPI)

FSA grants temporary extension for some PPI complaints

Mon, 13 Jun 2011 17:18:54 +0100

The Financial Services Authority (FSA) today agreed to temporary arrangements for Barclays, Lloyds Banking Group and RBS to handle Payment Protection Insurance (PPI) complaints. The arrangements extend the time periods the firms have to deal with their backlog of stayed PPI complaints and the high volume of new complaints on PPI. These arrangements have been put in place to ensure that the firms are able to handle the PPI complaints properly.

VocaLink Take Home Pay Index: public sector pay growth below private sector for first time in 2011

Fri, 10 Jun 2011 16:28:30 +0100

The VocaLink FTSE 350 Take Home Pay Index continues to increase in the three months to May to reach 1.8% from 1.2% in April, showing signs that Income Tax and National Insurance changes are still having a positive effect. However, for the first time in 2011, the VocaLink Indices show that private sector pay growth is surpassing public sector pay growth.

Stonebridge Group announce healthy 2010-11 results

Fri, 10 Jun 2011 16:22:10 +0100

Stonebridge Group, the mortgage and insurance network proposition, has today announced a healthy set of annual results for 2010-11.

Jump Money outline enhanced recruitment strategy

Fri, 10 Jun 2011 16:17:50 +0100

Jump Money, the nationwide financial advisers, have today outlined an enhanced recruitment strategy designed to secure a total of 30 advisers within the company by the end of 2011.

PPR Estates comment on the latest MPC interest rate decision

Fri, 10 Jun 2011 16:13:04 +0100

Nick Hopkinson, Director of property company, PPR Estates, comments on the latest MPC interest rate decision.

Bridgewater Broker Forums take In Altrincham & London

Fri, 10 Jun 2011 16:09:07 +0100

Bridgewater Equity Release, the home reversion specialist, is taking its regular Broker Forum events to both Altrincham and London in June.

FSA writes to price comparison websites to raise concerns about appropriate permissions and TCF

Thu, 09 Jun 2011 17:37:28 +0100

The Financial Services Authority (FSA) has written to firms operating price comparison websites to ensure they are aware of their regulatory requirements.

â¨Bank of England maintains Bank Rate at 0. ...

Thu, 09 Jun 2011 12:16:49 +0100

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.

Mortgages for Business chosen as only broker by Kent Reliance for Buy to Let

Wed, 08 Jun 2011 18:28:03 +0100

Mortgages for Business has been chosen as one of only three intermediaries, and the only broker, to offer buy to let mortgages from Kent Reliance Building Society.

Coventry Intermediaries expands BTL range with new 5 year fixed rates at 75% LTV

Wed, 08 Jun 2011 18:23:42 +0100

From Thursday 9th June, Coventry Intermediaries will be extending its Buy to Let range, with two new 5 year fixed rate deals at 75% LTV.

Tiuta PLC announce record month

Wed, 08 Jun 2011 18:13:31 +0100

Tiuta PLC, the short-term loan lender, has today announced it has achieved a record month in terms of the number of new deals completed.

Paradigm urges brokers to consider short-term market

Tue, 07 Jun 2011 08:56:26 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today urged mortgage brokers to actively consider the range of opportunities and product availability in the short-term lending market.

High street spending returns to normal following weather and wedding fever

Mon, 06 Jun 2011 17:06:50 +0100

A clearer view of the state of high street spending has been revealed this month in BDO’s latest High Street Sales Tracker.

BCC: Cable right to warn on strike action

Mon, 06 Jun 2011 16:16:42 +0100

Commenting on the speech made by the Business Secretary, Vince Cable, to the GMB union today, Dr Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC), said:

Coventry Building Society launches unique 90% LTV First Time Buyer mortgage

Fri, 03 Jun 2011 17:14:28 +0100

Coventry Building Society is launching a totally unique ERC free, 5 year fixed rate mortgage at 90% LTV designed to support first time buyers.

Loan-related terms dominate consumer online search for personal finance products

Fri, 03 Jun 2011 17:01:11 +0100

Five of the ten most queried search terms used by UK consumers to find personal finance products online in January, were loan-related. This is according to the latest quarterly research, ‘Retail Banking- January 2011’, by independent search marketing specialist and technology firm Greenlight.

Disappointing set of figures is further evidence that economic recovery is stalling

Fri, 03 Jun 2011 11:30:18 +0100

Angela Eagle MP, Labour’s Shadow Chief Secretary to the Treasury, said in response to today’s manufacturing PMI data, Bank of England lending figures and Ipsos MORI consumer confidence survey:

Citizens Advice welcomes response to its super complaint on cold call credit but wants cold call ban

Fri, 03 Jun 2011 11:04:29 +0100

Citizens Advice today welcomed the Office of Fair Trading’s (OFT) response to their super complaint on cold call credit and debt management.

April 2011 figures for the main high street banks

Fri, 03 Jun 2011 10:59:48 +0100

The annual growth of the banks’ net mortgage lending was 2.2% in April, remaining substantially ahead of the 0.7% for the whole mortgage market in March.

Credit unions welcome crackdown on unscrupulous loan brokers

Wed, 01 Jun 2011 17:12:12 +0100

ABCUL – the Association of British Credit Unions – has welcomed the new measures announced by the Office of Fair Trading (OFT) to tackle the unscrupulous practices of some credit brokerage companies.

OFT announces package of measures to address concerns over credit practices

Wed, 01 Jun 2011 17:09:42 +0100

The OFT today announced a series of measures relating to marketing and charging practices used by credit brokers and debt management companies in response to concerns about their impact on vulnerable consumers.

Strong April for mutualsâ deposits

Wed, 01 Jun 2011 12:49:41 +0100

Figures just released show that savings balances held with mutuals increased by £1.5 billion in April 2011, compared to an increase of £0.9 billion in April 2010. After interest credited is excluded, mutuals had a net receipt of £1.0 billion in April this year.

Hometrack Monthly National Housing Survey

Tue, 31 May 2011 17:20:34 +0100

Commenting on the latest monthly national housing survey, Richard Donnell, Director of Research at Hometrack - the property analytics business - said:

House prices rise by 0.3% in May

Fri, 27 May 2011 16:57:15 +0100

Figures issued today by the Nationwide Building Society show that house prices rose by 0.3% in May. On the three month on three month measure, prices rose by 0.6% and the price of a typical home in May is 1.2% lower than one year ago.

FSA confirms new consumer complaint handling rules plus increase to the FOS award limit to ...

Fri, 27 May 2011 16:19:04 +0100

The Financial Services Authority (FSA) has today confirmed new complaints handling rules as part of a package of measures to drive up standards within the industry.

PPR Estates comment on todayâs Nationwide House Price Index for May

Fri, 27 May 2011 16:13:42 +0100

Nick Hopkinson, Director of property company, PPR Estates, commenting on today’s Nationwide House Price Index for May, said:

Much of the same for Scottish mortgage market at start of 2011

Thu, 26 May 2011 15:37:39 +0100

The mortgage market in Scotland started 2011 in a similar position to the UK as a whole, according to data released today by CML Scotland. House purchase lending was at its lowest for two years and remortgaging increased due to interest rate rise concerns.

Mortgage reform is needed - but it's the detail that matters

Thu, 26 May 2011 15:25:45 +0100

Responding to Shelter's release today of the results of a YouGov survey on whether mortgage regulatory reform is needed, the Council of Mortgage Lenders (CML) expresses surprise that Shelter seems unaware that mortgage lenders do, in fact, support reform. However, it is the detail of that reform that needs care if undesirable and unintended impacts are to be avoided.

Paradigm add Aviva to equity release preferred panel

Thu, 26 May 2011 15:18:40 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added Aviva to its preferred panel of equity release providers.

FSA fines BOS Â£3.5m for complaint handling failures and secures Â£17m compensation for ...

Wed, 25 May 2011 15:54:58 +0100

The Financial Services Authority (FSA) has fined Bank of Scotland (BOS) £3.5 million for the mishandling of complaints about retail investment products – many from older customers with little or no experience of investment products.

Mark Beesley joins board of APDSI

Wed, 25 May 2011 15:17:43 +0100

Further strengthening the depth and breadth of experience offered to brokers and intermediaries, Mark Beesley, Director of Astute Money Limited has joined the board of APDSI (Association of Professional Debt Solution Intermediaries) as a founder member.

This quarter YES-secure see a boost in the quality of the borrowers

Wed, 25 May 2011 14:54:20 +0100

As it has always been said at YS, it is a win-win proposition both for the lenders & the borrowers.

Homeowners expect price rises over next 5 years

Mon, 23 May 2011 15:55:28 +0100

Almost 80% of homeowners still expect prices to rise in the next 5 years and only 11% believe prices are set to decline over the same period according to research from Your Move, the largest single estate agency brand in the UK.

Consumer confidence remains low as credit granted falls 7%

Mon, 23 May 2011 15:48:52 +0100

New figures from the Finance & Leasing Association (FLA), the trade body for the consumer credit industry, show that consumers remain cautious about taking on credit, with new business falling 7% in March compared with March 2010.

Paradigm announce strategic relationship with borro

Mon, 23 May 2011 15:32:25 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today announced a new strategic partnership with short-term asset lender, borro.

Report highlights opportunities for Post Office and credit unions

Fri, 20 May 2011 17:04:47 +0100

A report published this week into the possible mutualisation of the Post Office network has highlighted the expansion of financial services and links with the credit union sector as a key area of growth for the business.

Wonga scoops top prize at Media Momentum Awards

Fri, 20 May 2011 16:24:54 +0100

Wonga.com, the London-based online lender, is delighted to announce that last night it was named overall winner at the Media Momentum Awards in Barcelona – scooping the prestigious ‘Judges Award’.

Gross mortgage lending declines in April

Fri, 20 May 2011 12:23:55 +0100

Gross mortgage lending declined to an estimated £9.8 billion in April, down 14% from £11.4 billion in March and 5% from £10.3 billion in April 2010, according to new data from the Council of Mortgage Lenders (CML).

Tough times demand tough measures for those in debt

Thu, 19 May 2011 14:52:42 +0100

This week’s double dose of worrying news for those already in debt should act as a catalyst to seek help according to Atlantic Financial Management, the debt solutions adviser and DEMSA member. The annual inflation rate has risen to 4.5% and while the unemployment rate has fallen marginally, those seeking Jobseekers’ allowance went up by 12,400 in April. Kevin Still, Atlantic Director believes that the UK is on the threshold of a major rise in consumer debt problems, pa ...

Renewed public-private commitment to support people facing redundancy

Wed, 18 May 2011 20:36:18 +0100

Today, Edward Davey, Business Minister, together with Chris Grayling, the Minister for Employment, met with The Insolvency Service, Jobcentre Plus and the insolvency trade body R3 to sign a Memorandum of Understanding (MoU) at the House of Commons. The MoU renews the partnership to support workers of companies facing closure.

LSL Property Services comment on MPC minutes

Wed, 18 May 2011 20:05:13 +0100

David Brown, commercial director of LSL Property Services said: “The MPC felt this month that the boom in global commodity prices was still the primary driver of inflation, so took the view that increasing rates would prejudice what still seems a rather shaky recovery.

Ombudsman Service publishes annual review of personal finance disputes

Wed, 18 May 2011 18:50:50 +0100

The Financial Ombudsman Service – the independent organisation that settles disputes between consumers and financial companies – today publishes its annual review covering the 2010/11 financial year.

Jump Money announce strong 2010 growth

Wed, 18 May 2011 18:43:15 +0100

Jump Money, the nationwide financial advisers, have today announced strong growth figures for 2010 covering turnover, issued policies and number of advisers.

Visa and Lloyds TSB Olympic Phone partnership to accelerate UK mobile payments

Tue, 17 May 2011 23:55:56 +0100

Visa and Lloyds TSB today announced the bank as the mobile payments issuance partner for the Samsung Olympic and Paralympic Games mobile handset, which will be given to Visa-sponsored athletes. As issuance partner, the contactless enabled Olympic handsets given to Visa-sponsored athletes will be linked to Lloyds TSB accounts. The announcement signals the start of Lloyds TSB’s broader mobile contactless payments programme for consumers.

Switch to fix? Switch to anything at Coventry Intermediaries

Tue, 17 May 2011 15:41:28 +0100

Borrowers who may be unsure about what the future will bring can relax with Coventry’s Flexx for Term range of mortgages.

Government introduces Bill to overhaul consumer insurance law

Tue, 17 May 2011 15:36:13 +0100

Today the Government has introduced the Consumer Insurance (Disclosure and Representations) Bill, which aims to radically change the relationship between consumers and insurance providers.  

Tiuta PLC announce new â¨Business Development appointments

Mon, 16 May 2011 17:22:39 +0100

Tiuta PLC, the short to medium-term loan specialist lender, has today announced two new appointments to its Business Development team.

70% of European consumers âsatisfiedâ or âvery satisfiedâ with the service ...

Fri, 13 May 2011 17:38:44 +0100

Aspect, a leading provider of customer contact and Microsoft platform solutions, today announces the results of the Aspect European Customer Service Trends 2011 survey.

Optima Legal appoints director of property services

Fri, 13 May 2011 15:45:30 +0100

Optima Legal is further strengthening its residential and commercial property team with the appointment of Neil Crockatt as Director of Property Services within the Glasgow office.

Remortgaging became stronger in first quarter of 2011

Fri, 13 May 2011 11:07:33 +0100

The balance between house purchase and remortgage lending tipped towards remortgaging at the start of 2011, according to the Council of Mortgage Lenders (CML). Remortgaging accounted for 37% of all lending in the quarter, an increase from 30% in the last quarter of 2010.

Perspective Financial Group announce new group operations director appointment

Fri, 13 May 2011 09:10:34 +0100

Perspective Financial Group Ltd, the Wilmslow-based IFA group, has today boosted its main Board with the appointment of Peter Craddock as its new Group Operations Director.

Two FSA decision notices referred to the Tribunal

Thu, 12 May 2011 11:46:58 +0100

The Financial Services Authority (FSA) today, for the first time, published two decision notices for enforcement decisions that have been referred to the Upper Tribunal (the Tribunal). These are the first decision notices to be published under a power given to the FSA by parliament in 2010.

CML reports stable first quarter in the buy-to-let market

Thu, 12 May 2011 11:35:42 +0100

New buy-to-let mortgage lending in the first three months of 2011 totalled £2.9 billion across 27,600 loans, according to latest data from the Council of Mortgage Lenders (CML).

Fall in second-charge repossessions due to responsible lenders and borrowers

Thu, 12 May 2011 11:24:20 +0100

Repossessions for second-charge mortgages were down by 25.6% in Q1 2011, compared with Q1 2010 according to figures released today by the Finance & Leasing Association (FLA). Second-charge mortgage providers repossessed 195 properties during Q1 2011.

Remortgage and purchase activity continues to rise, says Conveyancing Alliance

Wed, 11 May 2011 12:12:27 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today reported an ongoing improvement in remortgage instructions, showing particular improvement year-on-year from quarter one 2010.

ABCUL appoints Bayberry Consulting as advisor to its Back Office project

Wed, 11 May 2011 12:05:44 +0100

ABCUL – the Association of British Credit Unions – has appointed Bayberry, an advisory firm specialising in retail banking and growth strategy, as consulting partner on its back office project.

FSA welcomes the BBA and Nemoâs decision to accept the High Courtâs PPI judgment

Mon, 09 May 2011 17:09:18 +0100

The Financial Services Authority (FSA) welcomes the decision by the British Bankers’ Association (BBA) and Nemo Personal Finance (Nemo) to accept the High Court’s dismissal of their legal challenge to the FSA’s payment protection insurance (PPI) measures.

Banks confirm they won't be appealing PPI High Court judgment

Mon, 09 May 2011 16:59:16 +0100

As reported by the Financial Ombudsman Service (FOS), following the High Court judgment - endorsing the ombudsman's and the FSA's approach on the way payment protection insurance (PPI) complaints are handled - the British Bankers Association (BBA) has confirmed on 09 May that it will not be appealing against the ruling.

Comments from PPR Estates, on todayâs Halifax House Price Index for April.

Mon, 09 May 2011 16:39:10 +0100

Nick Hopkinson, Director of property company PPR Estates, comments on today’s Halifax House Price Index for April.:

Halifax House Price Index April 2011

Mon, 09 May 2011 16:34:42 +0100

The seasonally adjusted figures from the Halifax House Price index for April 2011, show that house prices have experienced an annual drop of 3.7%, a quarterly drop of 1.2% and a monthly drop of 1.4%. The average house price now stands at £160,395.

Bridgewater launch âReasons Whyâ sales aid

Mon, 09 May 2011 12:08:35 +0100

Bridgewater Equity Release, the home reversion specialist, has today (9th May 2011) launched a sales aid for advisers outlining the reasons why one of its reversion plans may be a suitable form of equity release for a client.

Paradigm add Lloyds TSB Scotland Spearhead to PFA lender panelÂ

Mon, 09 May 2011 12:01:47 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today (9th May 2011) added Lloyds TSB Scotland Spearhead Mortgages for intermediaries to the lender panel of Paradigm Financial Advisers (PFA), the network service for appointed representatives.

Celts are the most financially savvy, itâs âofficialââ¨â¨

Fri, 06 May 2011 12:50:34 +0100

Research carried out by YouGov for regulated financial claims company Brunel Franklin, suggests that the thrifty Welsh and Scots are indeed the most financially savvy in Britain!   

Conveyancing Alliance upbeat on progress of âConvey99â product

Fri, 06 May 2011 12:38:29 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today revealed strong broker registration numbers and take-up for its new purchase conveyancing product, ‘Convey99’.

The Money Course - a joint initiative

Thu, 05 May 2011 16:18:59 +0100

The Money Course is a joint initiative between Holy Trinity Brompton/ Alpha, Stewardship and Credit Action. It is a 4 week ‘plug and play’ course for churches, giving them the tools and materials to run money management courses for their local communities and congregations.

UK Debt Statistics from Credit Action

Thu, 05 May 2011 16:02:33 +0100

Total UK personal debt at the end of March 2011 stood at £1,453bn. The twelve-month growth rate remained unchanged at 0.7%. Individuals currently owe nearly as much as the entire country produced during the whole of 2010.  

CML news & views: UK v US housing markets - and will rates change this year?

Thu, 05 May 2011 15:44:02 +0100

With foreclosures exceeding one million last year, and house prices within “a hair’s breath of a double dip” according to one key commentator, conditions in the US housing market remain very challenging.

People urged to beware of scam HMRC emails

Thu, 05 May 2011 15:37:57 +0100

A rash of scam emails, appearing to have been sent by the tax office, have sparked a warning from Peterborough accountants Rawlinsons.

How do current savings and borrowing rates compare to when the base-rate first fell to 0.50%?

Thu, 05 May 2011 15:33:31 +0100

The Bank of England has today announced that the bank base-rate will remain at 0.50% - the base-rate has now been at this historic low for 26 consecutive months.

FSA welcomes announcement of independent reviewers for RBS report

Thu, 05 May 2011 15:21:21 +0100

The Financial Services Authority (FSA) has today welcomed the statement from the Treasury Select Committee Chairman Andrew Tyrie which confirms that in agreement with the FSA, the Treasury Select Committee (TSC) has asked Sir David Walker and Bill Knight to conduct an independent review of the report which the FSA is producing into the failure of Royal Bank of Scotland (RBS).

New BSA Chairman elected

Thu, 05 May 2011 13:18:49 +0100

Peter Griffiths, Chief Executive of Principality Building Society has been elected Chairman of the Building Societies Association (BSA) for 2011/12. He replaces David Webster, Chief Executive of Hanley Economic Building Society, who has held the post for the past year.

Birmingham & Leeds next stops for Bridgewater Broker Forums

Thu, 05 May 2011 13:15:48 +0100

Bridgewater Equity Release, the home reversion specialist, will be heading to both Birmingham and Leeds in May to host its regular Broker Forum events.

Paradigm warns on current and saving account-related mortgages

Thu, 05 May 2011 13:11:29 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has urged mortgage brokers to inform and educate their potential first-time buyer client base about current and saving account-related mortgages and whether they truly represent the most suitable option for their needs.

VocaLink FTSE 350 Take Home Pay Index rises following new fiscal year tax changes

Thu, 05 May 2011 13:06:49 +0100

The VocaLink FTSE 350 Take Home Pay Index has risen significantly in the three months to April to reach 1.2% from an all-time low of 0.1% in March. It represents a considerable growth in private sector earnings but can be largely attributed to changes in Income Tax and National Insurance which came into effect at the start of the 2011/12 fiscal year.

UK not yet equipped to turn public services into mutuals according to new International Review

Thu, 05 May 2011 13:00:05 +0100

A new international review being presented to the government’s Mutuals Taskforce today (5 May), by Jonathan Bland, an international expert on co-operatives and social enterprise, reveals that the UK is not yet equipped to turn public services into mutuals.

Mutuals have an opportunity that should be seized - BSA Chairman's speech

Wed, 04 May 2011 17:32:44 +0100

Addressing the 2011 BSA Annual Conference, David Webster, Building Societies Association (BSA) Chairman and Chief Executive of Hanley Economic Building Society, stated that the mutual sector has the "opportunity of a lifetime" to prove its relevance and importance in today's financial services industry. He also urged the Coalition Government to push forward with its commitment to foster diversity and promote mutuals.

Mortgage approvals by mutuals jump 29% in March

Wed, 04 May 2011 12:40:40 +0100

Mutuals approved £2.1 billion worth of mortgages in March 2011, which is up 29% on the £1.7 billion approved in March 2010 and compares to £1.7 billion in February 2011. Gross lending by mutuals totalled £1.7 billion in March 2011. This is up 8% compared to £1.6 billion in March last year, and compares to £1.5 billion of lending in February this year.

How to manage psychosocial risks in the workplace - BSI publishes the first guidance standard

Wed, 04 May 2011 12:32:33 +0100

Psychosocial risks at work are a major cause of stress. Stress is one of the most common problems of the modern workplace, affecting the mental and physical well-being of over 40 million workers in the European Union each year, with costs to business being estimated at €20million.

Hometrack Monthly National Housing Survey - April 2011

Mon, 02 May 2011 00:00:01 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Million pound home sales rise at fastest rate since 2006

Mon, 02 May 2011 00:00:01 +0100

The number of million pound property sales in 2010 increased at the fastest rate for four years, according to research by Lloyds TSB.

March 2011 figures for the main high street banks

Thu, 28 Apr 2011 13:50:05 +0100

The annual growth of the banks’ net mortgage lending was 2.3% in March, remaining substantially ahead of the 0.7% for the whole mortgage market in February.

Are Kate and William set to make the kitchen the heart of their home?

Wed, 27 Apr 2011 11:53:40 +0100

With the recent warm weather and extra bank holiday for the Royal Wedding providing the feel good factor for many consumers, retailers will be looking to capitalise on the uplifted spirit of the nation, but not until Saturday!

European awards joy for Bank of America Europe Card Services

Fri, 22 Apr 2011 18:03:54 +0100

Bank of America Europe Card Services is celebrating awards glory after securing one of the industry’s most coveted European awards.

Credit Unions recognised by Government Child Poverty Strategy

Thu, 21 Apr 2011 19:04:00 +0100

ABCUL have welcomed the Government’s acknowledgment in the recently published Child Poverty Strategy that the credit union movement has a role to play in helping families take control of their finances, thereby reducing poverty amongst the nation’s children.

Banks lose battle against the FSA over PPI rules - Optima Legal comment

Wed, 20 Apr 2011 16:37:44 +0100

This morning at 10am Mr Justice Ouseley dismissed the judicial review brought on behalf of the British Bankers Association (BBA) and its members against the FSA's complaints handling guidance around the misselling of payment protection insurance.

Brunel Franklin response to Judicial Review decision on PPI

Wed, 20 Apr 2011 16:01:11 +0100

Sally Bowyer, MD of leading regulated claims management company, BrunelFranklin.com , said:

FSA welcomes the High Courtâs dismissal of the BBAâs judicial review

Wed, 20 Apr 2011 15:24:45 +0100

The FSA says: "We welcome the High Court’s dismissal of the British Bankers’ Association’s (BBA) and Nemo Personal Finance Limited’s (Nemo) legal challenge to our payment protection insurance (PPI) measures.

Payment Protection Insurance - complaints handling â¨

Wed, 20 Apr 2011 15:18:15 +0100

In today's press release, the British Bankers Association (BBA) advise that their members will continue to handle all PPI-related complaints in accordance with FSA rules. Where the assessment of the complaint would not be affected by the judicial review, these complaints will be handled in the normal way. If your complaint will be impacted by the judicial review, and cannot be resolved at this point, then your bank will write to inform you.

Legal challenge ("judicial review") on payment protection insurance (PPI)

Wed, 20 Apr 2011 15:08:13 +0100

Judgment was handed down by the High Court in London on 20 April 2011, following the legal challenge ("judicial review") brought by the British Bankers Association (BBA) – on behalf of a number of high-street banks – against the Financial Ombudsman Service and the FSA on the approach to handling PPI complaints. The judgment endorses the approach taken by the ombudsman and the FSA. The banks have 21 days to consider whether to appeal.

Gross mortgage lending up 21% in March

Wed, 20 Apr 2011 14:49:45 +0100

Gross mortgage lending was an estimated £11.3 billion in March, a 21% rise from £9.3 billion in February and a 2% decline from £11.5 billion in March 2010, according to data published today by the Council of Mortgage Lenders (CML).

FSA bans four more brokers for mortgage fraud as the Tribunal dismisses brokerâs appeal

Tue, 19 Apr 2011 16:10:14 +0100

The FSA has banned four mortgage intermediaries and imposed fines totalling £450,000 for knowingly using misleading and inaccurate information to secure mortgages.

Consumer credit sales down in February

Tue, 19 Apr 2011 15:36:49 +0100

The latest figures from the Finance & Leasing Association (FLA) show that sales of consumer credit through high street retailers were slow in February, a traditionally quiet month.

FSA fines N&P Â£1.4 million and agrees Â£50 million for customers and FSCS

Mon, 18 Apr 2011 16:42:45 +0100

The Financial Services Authority (FSA) has fined Norwich and Peterborough Building Society (N&P) £1.4 million for failing to give its customers suitable advice in relation to the sale of Keydata products.

Why YES-secure is the Right Choice for a P2P Personal Loan Borrower

Mon, 18 Apr 2011 15:49:47 +0100

What do YES-secure offer a borrower who would like to take a go at social lending for an unsecured loan? There are several counters on which they can provide their borrowing members a good deal.

Sunderlandâs newest youth centre opens its doors thanks to unique funding

Mon, 18 Apr 2011 15:24:39 +0100

It has been a great start to the New Year for young people across Sunderland, after new members youth club, Mission 12-17, officially opened its doors.

MBNA sponsors Premiership Rugby Parliamentary Rugby Community Awards

Mon, 18 Apr 2011 15:08:58 +0100

MBNA announces today that it will sponsor the prestigious Premiership Rugby Parliamentary Rugby Community Awards, which are now in their sixth year.

PPR Estates comment on the latest Rightmove House Price Index for April.

Mon, 18 Apr 2011 14:46:21 +0100

Nick Hopkinson, Director of property company, PPR Estates,comments, “We are approaching a ‘tipping point’ in the UK housing market where sellers will have to drop their asking prices hard and fast if they really want to sell. This latest data from estate agents shows that despite their blind enthusiasm and seller’s home equity fantasies properties just aren’t selling at anything like their asking prices anymore. Only the multi-million pound prime ...

Comments on latest Rightmove House Price Index

Sun, 17 Apr 2011 15:36:07 +0100

Nick Hopkinson, Director of PPR Estates, comments: “We are approaching a ‘tipping point’ in the UK housing market where sellers will have to drop their asking prices hard and fast if they really want to sell.

EU urged not to cripple online retailers through âonerousâ consumer protection laws

Fri, 15 Apr 2011 17:21:30 +0100

A leading business group is urging the EU to abandon proposals which could cripple smaller online retailers.

Cumberland appoints new Director

Thu, 14 Apr 2011 15:40:52 +0100

Cumberland Building Society has announced the appointment of Alan Johnston as a new Non-Executive Director. The Cumberland is Cumbria’s largest financial organisation with assets of more than £1.5 billion and employs approximately 400 staff. The Society was also named CN Group’s large business of the year in 2008 and 2009.

West Brom Announces Board Changes

Thu, 14 Apr 2011 15:37:51 +0100

The West Brom announces today that Robert Sharpe, its Chief Executive, has advised the Society’s Board that he intends to step down from that role and leave the Society within the next 6 months. The Society also announces that Jonathan Westhoff, currently Deputy Chief Executive, will be appointed Chief Executive when Robert leaves, subject to the usual regulatory approvals.

Citi to Sell its Egg credit card portfolio to Barclays Bank Plc

Thu, 14 Apr 2011 15:33:33 +0100

Citi today announced that it has entered into a definitive agreement to sell its entire Egg credit card portfolio to Barclays Bank PLC. The £1.8bn* of gross assets in the Egg portfolio represents 1.15 million customer accounts.

Lloyds Banking Group's response to ICB Interim Report

Thu, 14 Apr 2011 15:28:44 +0100

Lloyds Banking Group (The Group) has reviewed the Interim Report from the Independent Commission on Banking (ICB) and will consider and respond to the options presented more fully in due course. The Group will continue to play a constructive role in the debate and to consult with the Commission during the coming months.

Standard Chartered launches its 2010 Sustainability Review

Thu, 14 Apr 2011 15:19:06 +0100

Standard Chartered has reaffirmed its commitment to being a socially useful bank. In its fifth annual Sustainability Review, released today, the Bank sets out how it has delivered on its strategy to provide a strong return for shareholders, while creating social and economic value in the communities where it operates.

EU urged not to cripple online retailers through âonerousâ consumer protection laws

Thu, 14 Apr 2011 14:52:59 +0100

A leading business group is urging the EU to abandon proposals which could cripple smaller online retailers.

BSA calls for accountability and cost control in new regulatory regime

Thu, 14 Apr 2011 12:03:05 +0100

In its response to the latest HM Treasury Consultation Paper - A new approach to financial regulation: building a stronger system - the Building Societies Association (BSA) has highlighted that the new regulatory regime needs proper accountability and tough cost control.

Manchester Building Society latest addition to Paradigm lender panels

Thu, 14 Apr 2011 10:53:08 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added Manchester Building Society to both its own lender panel for directly authorised (DA) firms plus that of Paradigm Financial Advisers (PFA), the network service for appointed representatives (AR).

55,000 unemployed young people struggling with debt

Wed, 13 Apr 2011 15:05:17 +0100

Commenting on today’s unemployment figures, Joanna Elson OBE, Chief Executive of the Money Advice Trust, said:

BBA response to the interim report of the Independent Commission on Banking

Tue, 12 Apr 2011 16:39:01 +0100

The ICB's interim report contains a number of very significant options and it will take time to carefully consider the costs involved and the economic impact on the wider economy.

CML News & Views: Now it's three separate regulatory initiatives!

Tue, 12 Apr 2011 16:34:46 +0100

UK lenders and borrowers face a growing risk of conflict between national and international regulatory requirements. We have already warned of the prospect of an unholy confusion of competing draft rules, with the European Commission announcing plans for a directive on mortgage credit while the FSA continues to work on the mortgage market review. Now, a third body, the Financial Stability Board, has published a report outlining proposals for reform of mortgage underwriting and originatio ...

New chairman for CML Northern Ireland

Tue, 12 Apr 2011 16:31:50 +0100

Derek Wilson, head of lending products at Ulster Bank, has been appointed the new chairman of the Council of Mortgage Lenders (CML) Northern Ireland. He replaces Jay Colville of Nationwide Building Society.

Phoebus Software comment on inflation statistics,

Tue, 12 Apr 2011 16:28:37 +0100

Paul Hunt, managing director of Phoebus Software said: “The upward trend in inflation has reversed for the first time since June and for only the second time in the last 14 months. The billion dollar question now is whether this is just a blip, as the 0.2% fall in CPI was last June, or whether inflation is finally returning to target as the MPC predicts. Today’s figures from the British retail consortium indicate consumers are not willing to throw ever-increasing piles of mon ...

BSA response to ICB Interim Report

Mon, 11 Apr 2011 17:46:29 +0100

Adrian Coles, Director-General of the Building Societies Association (BSA) responded to the publication of the Independent Commission on Banking (ICB) Interim Report:

OFT shuts unlicensed websites to protect borrowers

Fri, 08 Apr 2011 13:09:18 +0100

The OFT today announced the closure of 19 unlicensed lead generation websites. Lead generation businesses source information from people looking for credit and sell this data on to other businesses.

Small improvement for mortgage market in February

Fri, 08 Apr 2011 13:02:23 +0100

Mortgage lending increased slightly in February after a particularly downbeat January, according to new figures from the Council of Mortgage Lenders (CML).

Speech to British Chambers of Commerce - Ed Miliband

Thu, 07 Apr 2011 15:30:04 +0100

Ed Miliband MP, Leader of the Opposition, in a speech today to the British Chamber of Commerce, said:

Birmingham gambler jailed for Â£60 million fraud

Thu, 07 Apr 2011 15:25:21 +0100

A Birmingham money launderer has become the final defendant to be sentenced in a major international VAT and money laundering plot which stole £60 million from the public purse. He was jailed today for seven years at Birmingham Crown Court.

Students warned: scammers trying to steal loans

Thu, 07 Apr 2011 15:22:05 +0100

Students across the UK are being targeted by fraudsters trying to steal their third student loan instalment.

Which? responds to TSC banking report

Thu, 07 Apr 2011 15:14:53 +0100

As the Treasury Select Committee (TSC) publishes its report on competition and choice in retail banking, Which? chief executive Peter Vicary-Smith, says:

Getting Good Returns through P2P Lending on YES-secure

Thu, 07 Apr 2011 10:24:12 +0100

Are you sick of the banks making a huge profit from borrowers while offering miniscule returns to savers on their hard earned money? Add to that a shaky stock market and a deflating real estate market, and it becomes obvious why it’s becoming increasingly tough to regenerate money. In such a scenario, as investors look for alternative ways of getting better returns on their money, P2P lending is emerging as a feasible option to get good returns on your investment.

VocaLink FTSE 350 Take Home Pay Index drops further hitting lowest level ever recorded

Thu, 07 Apr 2011 00:00:01 +0100

The VocaLink FTSE 350 Take Home Pay Index, which is a measure of private sector earnings, has fallen by 0.4% to hit just 0.1% for the three months to March. It represents a record low since the Take Home Pay Index was first launched in September 2004. The FTSE 350 Take Home Pay Index now sits 0.4 percentage points below its previous lowest level of 0.5% recorded in both February 2011 and May 2010. Annual growth in the VocaLink FTSE 350 take home pay index has been falling since November ...

HM Treasury appoints new head of the Government Finance Profession

Wed, 06 Apr 2011 17:44:56 +0100

HM Treasury has appointed Richard Douglas as Head of the Government Finance Profession. He will combine this post with his current role as Director General Policy, Strategy and Finance at the Department of Health. He will take up this post with immediate effect.

Alliance of supporters launch petition to narrow gap between rich and poor in the UK

Tue, 05 Apr 2011 15:33:23 +0100

Yesterday, outside the Bank of England, an alliance of co-operative businesses and non-governmental organisations launched a new petition - the first of its kind - which calls for co-operative action to narrow the gap between rich and the poor in the UK.

Stonebridge Group launches recruitment programme for AR firms

Tue, 05 Apr 2011 15:23:58 +0100

Stonebridge Group, the mortgage market’s newest network, has today launched a new recruitment programme for its appointed representative (AR) members designed to help develop the next generation of mortgage advisers within the firms.

Latest research from shows that intermediaries are not engaging with FSA on new regulation

Tue, 05 Apr 2011 15:15:14 +0100

Latest research from www.tcfinfo.co.uk, taken just before the closing date for responses to the FSA’s latest proposals on Distribution and Disclosure, showed that 92.47% of intermediaries had not responded to the FSA or a trade body and 60.27% had no plans to do so.

Law Society's new home-buying quality mark has CML support

Mon, 04 Apr 2011 16:21:25 +0100

Today, the Law Society reported that more than 700 firms have so far applied to join its Conveyancing Quality Scheme (CQS), and it is still not too late for other conveyancing firms to apply. The Society is to start a consumer advertising and PR campaign in support of CQS at the end of April, after which the profession should expect to be asked by lender and consumer clients whether their firms are accredited under the CQS.

Bridgewater launches new monthly sales aids for advisers: âLegal Title and Beneficial ...

Mon, 04 Apr 2011 15:15:57 +0100

Bridgewater Equity Release, the home reversion specialist, has today launched a technical sales aid designed to help advisers and their clients better understand the issues involved in transferring property ownership.

Paradigm says now is the time for wider first-time buyer action

Mon, 04 Apr 2011 15:01:57 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has urged the mortgage industry to use the Government’s new ‘FirstBuy’ scheme as a catalyst to provide further help, support and information to all first-time buyers – not just those who meet the scheme’s criteria.

Coventry Building Society statement on Northern Rock

Thu, 31 Mar 2011 17:18:28 +0100

Coventry Building Society’s commitment to mutuality has helped deliver consistently superior financial performance and member value throughout the financial crisis.

EU mortgage lending Directive - BSA believes single rulebook for mortgage lending is inappropriate

Thu, 31 Mar 2011 16:44:36 +0100

The European Commission has today published its long awaited proposal for a Directive on mortgage lending. The draft Directive credit agreements relating to residential property sets out proposals aimed at creating an efficient and competitive single market.

CML responds to new EU proposed Directive on mortgage credit

Thu, 31 Mar 2011 16:23:52 +0100

The European Commission has today published a proposal <http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/383&format=HTML&aged=0&language=EN&guiLanguage=en> for a new Directive on credit agreements relating to residential property. The Council of Mortgage Lenders (CML) is concerned that the UK, as the largest mortgage market in Europe, will incur cost but gain little benefit from the Directive.

New financial software from Eclipse Group reduces Oakamâs month end processes by 50%

Thu, 31 Mar 2011 16:16:48 +0100

Oakam, the retail based financial services provider, has implemented SunSystems financial accounting and business management software from financial systems specialist, Eclipse Group. The implementation of SunSystems has enabled Oakam to reduce its financial month end processes by 50%, decreasing the time it takes to produce month end accounts from 10 days to less than 5 days.

Bridgewater Broker Forums head to Darlington and Bournemouth

Thu, 31 Mar 2011 16:01:54 +0100

Bridgewater Equity Release, the home reversion specialist, will be hosting two further Broker Forum events during April heading to both Darlington and Bournemouth.

London first region to register price rise for 8 months

Thu, 31 Mar 2011 00:00:01 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

OFT receives super-complaint from Which?

Wed, 30 Mar 2011 17:39:18 +0100

The OFT has today received a super-complaint from Which? relating to surcharges that are payable when customers use a debit or credit card.

CML News & Views: The Budget - it won't kick-start the housing market

Wed, 30 Mar 2011 17:30:32 +0100

In today’s issue of CML News & Views, we give a fuller reaction to the chancellor’s recent Budget statement.

Paradigm add Aldermore to lender panels

Wed, 30 Mar 2011 17:13:38 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has recently added Aldermore to both its own lender panel for directly authorised (DA) firms plus that of Paradigm Financial Advisers (PFA), the network service for appointed representatives (AR).

UK Debt Statistics from Credit Action

Wed, 30 Mar 2011 17:05:46 +0100

Total UK personal debt at the end of February 2011 stood at £1,454bn. The twelve-month growth rate remained unchanged at 0.7%. Individuals currently owe more than the entire country produced during the whole of 2010.

Euro MP backs free choice in means of payment

Tue, 29 Mar 2011 19:08:54 +0100

Lib Dem Euro MP, Sharon Bowles, who represents South East England at the European Parliament, has signed a Written Declaration calling for the protection of consumers’ right to choose how services are paid for.

ICM Voices Support For Enterprise Champions Programme

Tue, 29 Mar 2011 19:02:40 +0100

The Government’s Enterprise Champions Programme is a positive initiative that will ultimately create the entrepreneurs of tomorrow, according to a leading business organisation.

High Street Banks and Payment Protection Insurance

Tue, 29 Mar 2011 18:49:45 +0100

David Taylor from leading Payment Protection Insurance Claims experts Gladstone Brookes reveals the techniques some of the High Street banks use to sell you £50 Billion in often unnecessary Payment Protection Insurance (PPI).

BSA welcomes Reclaim Fund Ltd

Tue, 29 Mar 2011 18:33:24 +0100

The Building Societies Association (BSA) welcomes the announcement that Reclaim Fund Ltd, a wholly owned subsidiary of The Co-operative Financial Services, has been authorised by the Financial Services Authority. This is an important milestone for the Dormant Accounts Scheme, whereby money in accounts with no customer activity of 15 years or more will be made available to charitable causes.

Debt charity wins partnership award at industryâs âOscarsâ

Tue, 29 Mar 2011 18:28:44 +0100

Leading debt advice charity Consumer Credit Counselling Service (CCCS) has been awarded the 'Learning Partnership of the Year' award by the Institute of Credit Management (ICM). CCCS's training team worked closely with the ICM to create the first Diploma in Money and Debt Advice. The award was presented at the annual ICM awards on March 24.

Mortgage approvals by mutuals increase in February

Tue, 29 Mar 2011 17:56:05 +0100

Mortgages to the value of £1.7 billion were approved by mutual lenders in February. This is 23% higher than the £1.4 billion approved in February last year. Gross mortgage lending by mutuals was £1.5 billion in February, compared to £1.2 billion in February 2010.

Comment on Land Registry HPI - Paul Hunt, Phoebus Software

Mon, 28 Mar 2011 13:22:46 +0100

Paul Hunt, managing director of Phoebus Software said: “Flat lending in February and the continuing economic uncertainty led the average property price to dip significantly in February.

YES-secure: A Competitive P2P Personal Loans Market for Borrowers

Mon, 28 Mar 2011 12:23:27 +0100

YES-secure, the trusted social lending marketplace connecting borrowers and lenders through an online auction process, has recently lowered the lenders’ rates for its various markets to attract borrowers with better credit profiles to the platform. Launched in June 2010, YES-secure provides personal loans to all credit grades in the UK consumer loans space. With its focus on the community angle, YES-secure aims to provide a fair platform and ensure that loans are offered at attracti ...

Car career moves up a gear for top buyer Leyton

Fri, 25 Mar 2011 16:34:32 +0100

A former mechanic with a passion for cars has landed his dream job - spending millions of pounds each year buying mountains of motors from Minis to Mercedes.

Consumer Price Index update for Common Financial Statement trigger figures live from 1st April 2011

Fri, 25 Mar 2011 16:29:02 +0100

Money Advice Trust will be publishing new CFS trigger figures on the 1st April 2011 due to increases in inflation reflected within the Consumer Price Index (CPI) and the impact of the VAT increase in January this year.

Paradigm Mortgage Services comment on the budget

Thu, 24 Mar 2011 10:49:41 +0100

Bob Hunt, Chief Executive of Paradigm Mortgage Services, said: “Overall the Budget measures were as expected with the Government unable to give too much away because of the nature of the economy and the course it is steering with regard to its ‘cuts strategy’.

BSA comments on Budget 2011

Wed, 23 Mar 2011 22:04:16 +0100

Commenting on the measures announced by the Chancellor in today’s Budget, Adrian Coles, Director-General of the Building Societies Association (BSA), said:

Growth and recognition for Oakwood

Wed, 23 Mar 2011 22:01:29 +0100

Oakwood Global Finance LLP, working together with fellow group company Engage Credit Limited, has grown its mortgage servicing business by over £500 million in the past quarter, and has compounded this success by achieving an additional servicer rating from international credit rating agency Fitch Ratings. Oakwood achieved a Residential Primary Servicer Rating from Fitch Ratings in February 2011, which complements its existing Residential Special Servicer and Residential Master Serv ...

Crown Mortgage Management comment on the Support for Mortgage Interest programme

Wed, 23 Mar 2011 21:39:26 +0100

Eric Stoclet, CEO of Crown Mortgage Management said: "By continuing with the amended SMI, George Osborne has admitted times remain tough for borrowers. Although the number of repossessions has been falling since its 14 year peak in 2009, this has been largely thanks to ultra-low interest rates and the forbearance of lenders.

CML welcomes modest budget housing help

Wed, 23 Mar 2011 21:25:13 +0100

The Council of Mortgage Lenders (CML) welcomes the modest support measures announced for housing in today's Budget, although they are unlikely to create any fundamentally different landscape for home-buyers.

Comments on today's MPC Minutes and Budget by PPR Estates

Wed, 23 Mar 2011 21:12:59 +0100

Nick Hopkinson, Director of property company PPR Estates, comments on today’s Monetary Policy Committee Minutes for March and today’s Budget:

Budget 2011 press notice

Wed, 23 Mar 2011 14:47:04 +0100

The Chancellor George Osborne today announced his Budget, with plans to reform the nation's economy and steps to help families with the cost of living. The Budget confirms that the Government will stick to its plan to reduce the deficit and sets out a new model of economic growth, based on investment, manufacturing and exports, where prosperity is shared across all regions and across all sectors.

Conveyancing Alliance slashes panel fee to create âConvey99â

Tue, 22 Mar 2011 18:16:22 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today announced the launch of a brand new purchase conveyancing product, ‘Convey99’.

Direct loans market showing signs of recovery

Tue, 22 Mar 2011 18:10:10 +0100

The latest market figures from the Finance & Leasing Association (FLA) show that direct loans increased for the third consecutive month, with new business in January up 27% compared with January 2010. Consumer credit lending in total rose by five percent in January, representing the first overall rise since August.

Scottish party leaders pledge support for credit unions

Fri, 18 Mar 2011 17:09:37 +0100

Members of the Scottish Parliament from all four major parties took the opportunity this week to show their support for credit unions as ABCUL launched its campaigning in the run up to May’s Scottish Parliamentary Election.

Phoebus Software comment on latest CML gross lending figures

Fri, 18 Mar 2011 15:54:32 +0100

Paul Hunt, managing director of Phoebus Software, commenting on the latest CML gross lending figures, said: “The economy isn’t healthy and mortgage lending is looking anaemic as a result. A sclerotic mix of poor GDP results, high unemployment and the possibility of long-term stagflation have left mortgage lending about as healthy as Charlie Sheen’s liver. But you can’t blame lenders themselves. We’re still waiting to see the full impact of pu ...

February gross mortgage lending largely unchanged

Fri, 18 Mar 2011 10:26:09 +0100

Gross mortgage lending in February was an estimated £9.5 billion, according to new data published by the Council of Mortgage Lenders (CML). This is almost identical to January’s gross lending figure of £9.475 billion and marginally (less than 1%) higher than the £9.419 billion in February 2010.

FSA chairman spells out regulatory challenges beyond Basel III

Wed, 16 Mar 2011 17:49:11 +0100

Lord Turner, chairman of the Financial Services Authority (FSA), will say this evening that already agreed regulatory reforms will have a major beneficial impact but further reforms are needed to make the financial system stable. He will also say that regulators need to recognise that the financial system will continually mutate, creating new risks, and requiring a continually evolving regulatory regime.

BSA urges Government to promote competition and diversity in financial services

Wed, 16 Mar 2011 17:30:32 +0100

Ahead of the Chancellor's Budget Report on 23 March, the Building Societies Association (BSA) is calling on the Government to take action to assist savers and borrowers and promote competitive and equitable financial markets.

MBNA launches longest ever balance transfer offer

Wed, 16 Mar 2011 00:00:01 +0100

MBNA today launches its longest ever balance transfer offer for new customers in the UK.

Aspirations to buy, but bleak labour market outlook likely to keep demand for property purchase weak

Wed, 16 Mar 2011 00:00:01 +0100

The March 2011 Building Societies Association (BSA) Property Tracker survey suggests that demand for property purchase may remain weak, but that people still aspire to ultimately own their own home.

CML News & Views: Stamp duty - time for a change?

Tue, 15 Mar 2011 17:43:14 +0100

From this month's Council of Mortgage Lenders (CML) News & Views: Next month, buyers of the most expensive properties will pay a new 5% rate of stamp duty.

FSA Mortgage Lending Data published

Tue, 15 Mar 2011 16:58:38 +0100

The Financial Services Authority (FSA) has today published its latest Mortgage Lending Data for the United Kingdom covering the period Q4 2010.

Preliminary Results for the Year Ended 31 December 2010 - Fairpoint Group plc

Tue, 15 Mar 2011 16:47:31 +0100

Fairpoint Group plc (“Fairpoint” or “the Group”), the financial services business focused on serving financially stressed consumers, today announces its preliminary results for the year ended 31 December 2010.

Caledonian Challenge to help the Scottish Community Foundation

Mon, 14 Mar 2011 12:51:26 +0100

On the 11th and 12th of June, Gavin Ritchie, sales director of JB Debt Recovery will be taking part in the Caledonian Challenge to raise money for the Scottish Community Foundation.

Clamp on car loans now hitting high-earners

Mon, 14 Mar 2011 12:10:40 +0100

Many high-earning Britons are now being declined by mainstream lenders - often due to just minor blemishes on their credit files.

David Willetts appoints new Student Loans Company non-executive director

Mon, 14 Mar 2011 12:00:46 +0100

Minister of State for Universities and Science, David Willetts, announced the appointment of a new non-executive director of the Student Loans Company Limited (SLC) today.

FSB and Mind launch guidance on mental health in the workplace

Mon, 14 Mar 2011 11:26:25 +0100

The Federation of Small Businesses (FSB) has teamed up with mental health charity, Mind to publish guidance to help small firms manage mental health and wellbeing in the workplace and support their staff.

Comment on CML regulated mortgage survey

Fri, 11 Mar 2011 11:34:00 +0100

Paul Hunt, managing director of Phoebus Software said: “Lending in January was far below seasonal expectations and even pessimists in the industry will be surprised by the sharpness of this fall.

MBNA launches two new cash back credit cards to enable customers to earn as they spend

Fri, 11 Mar 2011 11:29:01 +0100

MBNA today announces the launch of its first cash back credit cards for UK customers.

Unusual combined factors led to fall in January lending

Fri, 11 Mar 2011 10:11:20 +0100

An unusual combination of factors led to a 26% fall in house purchase lending in January, according to new data from the Council of Mortgage Lenders. A fall between December and January is usually expected but a decrease of this magnitude is greater than seasonal factors alone would explain.

A return to the classroom will help reduce student debt, says Payplan

Thu, 10 Mar 2011 14:33:48 +0100

Numbers of parents seeking help to resolve their children’s student debt issues are rising, according to national free to client debt solutions and advice company Payplan.

Comment on interest rate decision

Thu, 10 Mar 2011 13:26:14 +0100

Eric Stoclet, CEO of Crown Mortgage Management said: "These are tough times for the MPC and today's rates decision was inevitably going to be controversial. With GDP falling and inflation running at double the target rate, the doves and the hawks both have compelling arguments.

NOVEMBER THE NEW DECEMBER AS INTERNET DRIVES CHRISTMAS SHOPPING REVOLUTION

Thu, 10 Mar 2011 11:18:05 +0100

Christmas shopping is getting progressively earlier as shoppers migrate to the internet to buy gifts, according to the Payments Council’s research into the latest spending data.

VocaLink FTSE 350 Take Home Pay Index drops back to lowest level on record

Thu, 10 Mar 2011 09:14:09 +0100

The VocaLink FTSE 350 index, which is a measure of private sector earnings, has fallen by 0.1% to hit 0.5% is at the same level reached in May 2010 and the lowest rate on record. This is significantly below the annual rate of inflation of 4% and places a big squeeze on UK households which are now faced with the twin pressures of high inflation and weak disposable income growth.

VocaLink FTSE 350 Take Home Pay Index drops back to lowest level on record

Thu, 10 Mar 2011 00:00:01 +0100

Credit Action warns 45 major changes to take effect in April 2011

Wed, 09 Mar 2011 13:15:05 +0100

In April 2011 a total of 45 significant changes will come into force as the Coalition Government enacts the reforms it has announced over the past months. National money education charity Credit Action is warning families and individuals alike of the changes that will take effect in April 2011, as all will be affected.

Turn your ash into cash with help from your local credit union and WeQuit.co.uk

Tue, 08 Mar 2011 15:01:27 +0100

Smokers who need that extra push to quit could do so with the help of their local credit union and www.WeQuit.co.uk.

New British compliance standard for financial services firms

Mon, 07 Mar 2011 15:17:17 +0100

In recent years the financial trade press has been littered with stories about compliance failures, large and small, at financial services firms across the UK.

CHL mortgages repeat top status achievement in Best Companies Accreditation 2011

Mon, 07 Mar 2011 13:15:13 +0100

Fleet-based specialist lender, CHL Mortgages, has today announced it is once again the recipient of the top Three Star Status Award in the Best Companies Accreditation for 2011.

PPR Estates comment on todayâs Halifax House Price Index

Fri, 04 Mar 2011 15:14:23 +0100

Nick Hopkinson, director of property company PPR Estates, comments on today’s Halifax House Price Index.

Halifax House Price Index February 2011

Fri, 04 Mar 2011 13:00:37 +0100

The seasonally adjusted figures from the Halifax House Price index for February 2011, show that house prices have experienced an annual drop of 2.8%, a quarterly drop of 0.4% and a monthly drop of 0.9%. The average house price now stands at £162.657.

Credit union delight at Â£73 million Government boost

Thu, 03 Mar 2011 17:55:56 +0100

ABCUL Chief Executive Mark Lyonette, has welcomed today’s announcement that the Government is investing up to £73 million in credit unions over the next four years, and that the Post Office could play a central role in delivering credit union services.

Citizens Advice submits super-complaint to OFT

Thu, 03 Mar 2011 14:33:29 +0100

The OFT has today received a super-complaint from Citizens Advice relating to marketing and charging practices which Citizens Advice suggests may be used by businesses offering credit brokerage and debt services.

Jump in demand and sales provides a boost to the market

Thu, 03 Mar 2011 14:26:59 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Paradigm urges advisers to act now on potential remortgage clients

Wed, 02 Mar 2011 12:53:29 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has urged mortgage advisers to act now when it comes to contacting potential remortgage clients.

UK Debt Statistics from Credit Action

Tue, 01 Mar 2011 18:14:35 +0100

Total UK personal debt at the end of January 2011 stood at £1,452bn. The twelve-month growth rate remained unchanged at 0.7%. Individuals currently owe more than the entire country produced in the year between Q4 2009 and Q3 2010.

The Money Advice Trust announces a new online training module for CASHflow.

Tue, 01 Mar 2011 18:10:16 +0100

Designed to replace the previous face-to-face learning sets, the new online training module launched by The Money Advice Trust (MAT) enables advisers and creditors to complete the CASHflow training in their own time and fit it around their busy work schedules.

Crown Mortgage Management names Andrew Doyle as new FD

Tue, 01 Mar 2011 17:36:44 +0100

European servicer Crown Mortgage Management has continued to strengthen its management team with the appointment of Andrew Doyle as Finance Director. In his new role, Doyle will be responsible for finance, compliance and HR and the management of financial risks. He will sit on the board of directors and manage a 30 strong team. Doyle will report into CEO Eric Stoclet.

Crown Mortgage Management comment on Nationwide House Price Index

Tue, 01 Mar 2011 17:17:39 +0100

Eric Stoclet, CEO of Crown Mortgage Management said: “The nation’s property owners will be encouraged by today’s figures from Nationwide, but this small growth in prices shouldn’t be taken to mean that prices have turned the corner permanently.

House prices increase by 0.3% in February - Nationwide

Tue, 01 Mar 2011 17:15:39 +0100

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:

Mutuals' January lending up on 2010

Tue, 01 Mar 2011 12:56:12 +0100

Gross mortgage lending by mutuals was £1.4 billion in January 2011, which is 38% greater than the £1.0 billion lent in January 2010. Mutuals approved £1.1 billion worth of loans in January which is up 37% compared to the £0.8 billion in January 2010.

Coventry Building Society announces record mortgage market share

Tue, 01 Mar 2011 12:47:59 +0100

Today, Coventry Building Society, the UK’s third largest building society, has announced record breaking results for the year ending 31 December 2010. Highlights include:

Attitude Consultancy and Training Group

Mon, 28 Feb 2011 17:34:37 +0100

A new firm of consultants, who specialise in support of operational credit management, has been launched. The group consists of consultancy and training companies with an existing customer base and established reputation for the delivery of high quality products.

Ifs School of Finance comment on Michael Coogan departure from CML

Mon, 28 Feb 2011 14:57:41 +0100

Michael Coogan, director general of the Council of Mortgage Lenders (CML), today announced that he will be stepping down from his role in August.

Michael Coogan to stand down as CML director general

Mon, 28 Feb 2011 14:53:40 +0100

Michael Coogan, director general of the Council of Mortgage Lenders (CML), has announced that he will be stepping down from his role in August. Having successfully navigated the CML through the post-credit crunch period, and with the CML on a stable and successful course, he now wishes to seek a fresh professional challenge.

Changes to OFT consumer credit licence fees

Mon, 28 Feb 2011 14:51:04 +0100

The OFT has today announced that fees for consumer credit licences will rise from 11 April 2011.

Ombudsman releases latest complaints data on individual financial businesses

Mon, 28 Feb 2011 14:36:51 +0100

The Financial Ombudsman Service (FOS) today releases its fourth set of six-monthly complaints data relating to individual financial businesses – including banks, insurance companies and investment firms.

CHL make new finance director appointment

Mon, 28 Feb 2011 13:03:57 +0100

Specialist lender, CHL Mortgages, has today appointed Sunny Lo as its new Finance Director, a post he held previously prior to leaving CHL six years ago.

The Debt Advisor adds Mortgage Promotions to referral network

Fri, 25 Feb 2011 12:27:32 +0100

Award-winning, Manchester-based debt management company, The Debt Advisor, has partnered with specialist mortgage club, Mortgage Promotions, to offer personal and corporate non-lending solutions to all its FSA-regulated mortgage adviser clients.

CML Response to FSA consultation on distribution and disclosure

Fri, 25 Feb 2011 10:38:05 +0100

The Council of Mortgage Lenders (CML) has today submitted its response to the FSA's consultation on mortgage distribution and disclosure (CP10/28). While the CML attempts to give a comprehensive response, it also cautions that it is difficult to give firm views on how, or whether, the market impacts of the proposals will deliver the FSA’s proposed outcomes of sustainability for firms and flexibility for consumers in the absence of final decisions on the responsible lending and affor ...

Lincoln, Falkirk And Exeter next stops for Bridgewater Forums

Fri, 25 Feb 2011 09:21:01 +0100

Bridgewater Equity Release, the home reversion specialist, is travelling across the country during March for the latest round of its Broker Forums.

Consumer lending 6% down in 2010

Thu, 24 Feb 2011 23:32:14 +0100

Consumer credit lending fell by six percent in 2010, according to the latest figures from the Finance & Leasing Association (FLA). However, this figure was inflated by a buoyant consumer car market – without this boost, consumer credit fell by ten per cent during 2010.

CHL reveals continued arrears improvement throughout 2010

Thu, 24 Feb 2011 18:38:13 +0100

Specialist lender, CHL Mortgages, has today revealed that 2010 ended as it began with significant ongoing improvements to its arrears levels across its buy-to-let mortgage book.

Phoebus Software comment on BBA lending statistics

Wed, 23 Feb 2011 15:29:59 +0100

Paul Hunt, managing director of Phoebus Software said: “These figures from the BBA show that the mortgage market is still nervous about the UK’s economic future. While net lending rose in January, this was by no means a lending tsunami.

OâNeill Patient tops Conveyancing Alliance survey

Wed, 23 Feb 2011 15:19:04 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today revealed the results of a survey regarding the quality of service available from its solicitor panel firms.

YES-secure lenders achieve high returns of up to 20 percent

Tue, 22 Feb 2011 18:32:44 +0100

YES-secure offer an exciting avenue for investing money to folks who are on the lookout for returns as high as 20% which is higher than that possible via savings accounts and shares trading. As a peer to peer lending platform, YES-secure allows you to take more control of your money while allowing for attractive potential returns, and help others by offering them lower interest rates than those available through pay-day loan companies and even banks.

PPR Estates comments on the latest Rightmove House Price Index for February

Mon, 21 Feb 2011 17:14:47 +0100

Nick Hopkinson, Director of PPR Estates, comments: “With house sales volumes remaining on the floor even the estate agents acknowledge that current asking prices are more a reflection of home seller fantasy than what anyone else will really pay in 2011 for property across most of the UK.

Comment on CML Gross Lending Figures by Crown Mortgage Management

Fri, 18 Feb 2011 14:58:02 +0100

Eric Stoclet, CEO of Crown Mortgage Management said: “With GDP shrinking, house prices dropping and the impact of public spending cuts still uncertain, lenders responded emphatically in January. You can’t disguise adverse lending conditions.

Gross mortgage lending declines in January

Fri, 18 Feb 2011 14:53:11 +0100

Gross mortgage lending declined to an estimated £9.2 billion in January, a 13% fall from £10.6 billion in December but a 5% rise from £ 8.8 billion in January 2010, according to new data from the Council of Mortgage Lenders (CML).

Logbook Loans Welcomes Industry Code of Practice

Thu, 17 Feb 2011 18:06:11 +0100

Logbook Loans, the UK’s original log book loans company, has welcomed the Government’s announcement that the industry will be working to a new Code of Practice from this month (www.logbookloans.co.uk/CodeOfPractice.pdf).

Coventry Building Society is named Best Overall Savings Provider.

Wed, 16 Feb 2011 11:33:26 +0100

Coventry Building Society is delighted to have been awarded Best Overall Savings Provider by Moneynet.

Comment on Inflation figures from Crown Mortgage Management

Tue, 15 Feb 2011 17:51:32 +0100

Eric Stoclet, CEO of Crown Mortgage Management said: “That inflation has risen to double the target level is a tacit admission that in the short and medium term, the target is effectively meaningless. The Bank of England is staking its reputation on its belief that the rise in commodity prices is a temporary one, but there is a real risk that it is not. Energy prices have been trending upward for much of the last decade and there is at least some risk that what the Bank thinks of ...

Opening the housing market to first time buyers

Tue, 15 Feb 2011 17:36:54 +0100

The Building Societies Association (BSA) was one of the key industry bodies representing the mortgage, housing, insurance and charitable sectors that attended the First Time Buyer industry summit today, chaired by Housing Minister, Grant Shapps.

CML comments on first-time buyer summit

Tue, 15 Feb 2011 17:31:27 +0100

The Council of Mortgage Lenders (CML) was pleased to attend a constructive discussion hosted today by the Housing Minister, Grant Shapps MP, to consider the position of first-time buyers in current market conditions.

Perspective firm, Harrogate Financial Solutions, achieves Corporate Chartered status

Tue, 15 Feb 2011 17:22:37 +0100

Perspective Financial Group Ltd, the consolidation vehicle for IFA firms, has today announced that one of its firms, Harrogate Financial Solutions Ltd, has achieved Corporate Chartered status.

Majority of customers releasing equity to repay mortgages, says Bridgewater research

Mon, 14 Feb 2011 10:30:00 +0100

Bridgewater Equity Release, the home reversion specialist, has today revealed further analysis into the main reasons why a customer opts for a home reversion plan and how they use their released equity.

âScrap excessive debit and credit card surchargesâ - Sharon Bowles MEP

Mon, 14 Feb 2011 09:33:03 +0100

Sharon Bowles MEP, who chairs the European Parliament’s Economic and Monetary Affairs Committee, is backing a ‘super-complaint’ by consumer watchdog Which? calling for excessive debit and credit card surcharges to be scrapped.

OFT warns credit brokers about unfair practices

Fri, 11 Feb 2011 16:42:54 +0100

The OFT is warning credit brokers to improve the way they deal with customers' upfront fees or risk losing their licences.

CML data shows a stable but subdued mortgage market in 2010

Fri, 11 Feb 2011 15:47:52 +0100

New data from the Council of Mortgage Lenders shows that mortgage lending stabilised in 2010 following very sharp falls in 2008 and 2009.

The UK Cards Association supports Which? campaign against excessive surcharges for plastic payments

Fri, 11 Feb 2011 15:30:25 +0100

Melanie Johnson, Chair of The UK Cards Association, says:

February 14th has a whole new significance for the retail sector

Thu, 10 Feb 2011 17:33:40 +0100

Retailers could be unlucky in love this Valentine’s unless they understand and comply with the new Consumer Credit Directive (CCD) legislation. Introduced on February 1st, this new regulation will give consumers the right to withdraw from a credit agreement within 14 days of purchase.

Debt Consolidation Emerges as the Favourite Loan Category on YES-secure

Thu, 10 Feb 2011 16:28:38 +0100

Are you tired of having your credit card rates increased unfairly? Are you heavily in credit card debt and finding banks reluctant to refinance through fixed rate loans? What feasible option are there to consolidate your multiple debts into a single monthly payment at a healthy fixed rate? Yes-secure.com, a trusted social lending platform, can offer a useful alternative to people caught in the debt trap to refinance their loans at a more affordable rate and convenient terms.

Buy-to-let market continues modest improvement

Thu, 10 Feb 2011 16:14:39 +0100

The buy-to-let market grew by 7% in 2010, according to the latest data from the Council of Mortgage Lenders (CML). At the end of the year there were an estimated 1.3 million buy-to-let mortgages outstanding, worth £152 billion, accounting for 12% of the total value (11.5% by number) of mortgages outstanding.

VocaLink FTSE 350 Index shows take home pay growth plummets for second month in a row

Thu, 10 Feb 2011 15:58:52 +0100

Annual three month growth on the VocaLink FTSE 350 index, which is a measure of private sector earnings, dropped 1.1 percentage points in two months to reach 0.6% in January. This is its lowest level since June 2010 and only 0.1 percentage point above its record low in May 2010. By contrast, annual growth on the VocaLink Public Sector Take Home Pay Index edged back up to 1.3% from its drop to 1.1% in December.

Positive industry response to BSA Report on Long Term Safety Nets for Borrowers

Thu, 10 Feb 2011 00:00:01 +0100

Today the Building Societies Association (BSA) publishes a response to the report it commissioned from John Howard, broadcaster and former chair of the FSA Financial Services Consumer Panel, into what can be done to help consumers facing financial difficulties to remain in their homes. The response includes contributions from Government, industry, debt advice charities and other notable industry commentators.

Paradigm makes Darlington BS addition to PFA lender panel

Wed, 09 Feb 2011 17:18:09 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added Darlington Building Society to the lender panel of Paradigm Financial Advisers (PFA), the network service for appointed representatives.

Bridgewater Equity Release launch new website

Wed, 09 Feb 2011 16:46:59 +0100

Bridgewater Equity Release, the home reversion specialist, has today launched a brand new website aimed at all equity release sector stakeholders.

Property sales jump 27% in January, says Move with Us

Mon, 07 Feb 2011 17:31:06 +0100

Property specialist Move with Us, who works with hundreds of independent, accredited estate agents across the country, has reported a year on year increase in house sales in January of 27%.

Paradigm renew strategic relationship with Just Retirement

Mon, 07 Feb 2011 09:42:10 +0100

Paradigm Mortgage Services, the mortgage services proposition, has today announced the renewal of its strategic relationship with Just Retirement, the retirement solutions specialist.

MPs unanimous in their support for credit unions

Fri, 04 Feb 2011 17:52:39 +0100

Yesterday saw MPs from all parties declare their support for credit unions and the continued expansion of their services, including the proposed link-up between credit unions and the Post Office.

Axe on funding for debt advice shows the need for more structured financial education in schools

Fri, 04 Feb 2011 17:33:35 +0100

Financial education charity, the ifs School of Finance, says the cuts to free nationwide debt advice will make a larger section of the UK population more vulnerable to spiralling debt problems.

CML welcomes Treasury Committee's report on regulation

Thu, 03 Feb 2011 17:43:26 +0100

The Council of Mortgage Lenders (CML) welcomes today's publication of the Treasury Committee's report on financial regulation <http://www.publications.parliament.uk/pa/cm201011/cmselect/cmtreasy/430/430i.pdf> , and in particular the Committee's view that the authorities should take enough time in introducing reforms to ensure that we end up with rules that are "effective but proportionate." The CML agrees with the Committee that "it is more desirable that the governme ...

Bupa added to Paradigmâs Elite Protection Panel

Thu, 03 Feb 2011 13:14:00 +0100

Paradigm Group, the IFA and mortgage partnership proposition, has today added Bupa Individual Protection to its Elite Protection Panel.

2011 Bridgewater broker forums kick-off in Norwich

Wed, 02 Feb 2011 18:23:18 +0100

Bridgewater Equity Release, the home reversion specialist, has today announced its first regional broker forum for 2011.

FSA appoints Martin Wheatley as managing director, consumer and markets business unit

Wed, 02 Feb 2011 18:10:29 +0100

The Financial Services Authority (FSA) today announced the appointment of Martin Wheatley as the new managing director of its Consumer and Markets Business Unit. The appointment is effective from 1 September 2011, and at that time he will also join the FSA Board.

Government announces CEO-designate of new Consumer Protection and Markets Authority

Wed, 02 Feb 2011 18:03:10 +0100

The Government today announced that Martin Wheatley will become chief executive designate of the Consumer Protection and Markets Authority (CPMA). He will be formally appointed to the post of chief executive once the new body has been established at the end of 2012.

Credit Action Debt Statistics - February 2011

Tue, 01 Feb 2011 16:12:15 +0100

Total UK personal debt at the end of December 2010 stood at £1,452bn. The twelve-month growth rate decreased 0.1 percentage points to 0.7%. Individuals currently owe more than the entire country has produced during the last four quarters.

Comment on todayâs Nationwide House Price Index from PPR Estates.

Tue, 01 Feb 2011 15:44:05 +0100

Nick Hopkinson, Director of property company PPR Estates, says: "From all the latest analysis it’s clear the UK property market remains stuck in a deep winter freeze. There has been no New Year price bounce this year and I fear that the traditional spring thaw will not happen either as the mortgage famine drags on. When even the mortgage sellers are claiming activity is ‘subdued’ in their market surveys then you know things are really bad.

New Rules from February 1 on credit sales

Tue, 01 Feb 2011 15:37:35 +0100

New rights introduced today will give customers more control over how they manage their credit accounts and make it easier for them to shop around for the best deal. This is the message from the Finance & Leasing Association (FLA), which represents lenders offering credit cards, store cards, store instalment credit and unsecured loans.

Strong December for deposits with mutuals

Tue, 01 Feb 2011 15:21:13 +0100

Savings balances held with mutuals increased by £1.5 billion in December 2010, following an increase of £0.6 billion in November. Excluding interest credited to accounts, mutuals had a net receipt of £1.1 billion in December. Total balances at mutuals increased by £154 million in 2010.

Paradigm Group launches deposit savings initiative, âParadigm Savingsâ

Tue, 01 Feb 2011 15:06:38 +0100

Paradigm Group, the IFA and Mortgage Partnership proposition, has today launched ‘Paradigm Savings’ – an initiative developed to help intermediaries become more involved in the recommendation of where their clients should hold cash deposits.

Home-movers in East Anglia forecast house price stability into 2012

Mon, 31 Jan 2011 18:34:47 +0100

The growing view among the home-movers in East Anglia is that there will be an element of stability in house prices running into 2012. Two in five UK home-movers forecast that average UK house prices will remain around the same level in 12 months’ time. This is the fifth consecutive quarterly rise in those expressing this view and, at 37%, is the highest level Rightmove has ever recorded.

YES-secure Peer to Peer Lending

Mon, 31 Jan 2011 17:17:40 +0100

Martha wanted to buy a new car when her old Rover gave way and required around £2,500 to buy the one she liked. Her bank offered her a personal loan at a shocking 29% for £2,500 for a loan term of 3 years. This was way beyond her means.

Home insurance to see a surge in online searches

Mon, 31 Jan 2011 17:11:22 +0100

The number of searches made online by UK consumers for home insurance-related products is expected to rise in the early part of 2011, according to the latest independent research by leading independent search marketing and technology firm, Greenlight.

Equifax welcomes All Party Parliamentary Group on financial education

Mon, 31 Jan 2011 17:07:35 +0100

Leading instant online credit information provider, Equifax, is supporting the launch of a new Group to campaign on better financial education and awareness. The All Party Parliamentary Group is being launched in Westminster today, as a joint initiative by pfeg, (Personal Finance Education Group), the UK’s leading finance education organisation, Justin Tomlinson, MP and Martin Lewis, founder of MoneySavingExpert.

Conveyancing Alliance reveal continuation of âRapid Remortgageâ product

Mon, 31 Jan 2011 16:48:06 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today (31st January 2011) announced it is to continue offering its special remortgage deal, the ‘Rapid Remortgage’.

Welcome for launch of new All Party Parliamentary Group on Financial Education for Young People

Mon, 31 Jan 2011 00:00:01 +0100

Financial education charity, the ifs School of Finance, has welcomed today’s launch of the new All Party Parliamentary Group (APPG) on Financial Education as an opportunity to renew policymakers interest in an increasingly important area.

CCCS comments on OFT debt management sector action

Fri, 28 Jan 2011 16:49:20 +0100

As it has been announced that the Office of Fair Trading (OFT) is to take action against at least 15 debt management firms, leading debt charity Consumer Credit Counselling Service (CCCS) says it is very concerned about the continuing problems in the fee-charging debt management sector that have necessitated this action.

Fit for purpose?

Fri, 28 Jan 2011 16:22:40 +0100

Commenting on today’s announcement from the Office of Fair Trading (OFT) regarding debt management companies, Joanna Elson OBE, Chief Executive of the Money Advice Trust (MAT), said:

Remortgage activity still improving, says Conveyancing Alliance

Thu, 27 Jan 2011 12:39:11 +0100

Conveyancing Alliance Ltd, the online conveyancing distributor, has today revealed an ongoing improvement in remortgage instructions for quarter four 2010.

Sluggish start for housing market in 2011

Thu, 27 Jan 2011 00:00:01 +0100

Commenting on the latest monthly national housing survey, Richard Donnell, Director of Research at Hometrack - the property analytics business - said:

CML welcomes extension of regulatory scope

Wed, 26 Jan 2011 15:46:56 +0100

The Council of Mortgage Lenders (CML) today broadly welcomes the Treasury's announcement that the regulation of second charge lending will be transferred to the FSA; that mortgage protections will be maintained when a mortgage book is sold to an unregulated entity; and that all sale and rent back providers will need to conform to the same standards of consumer protection.

FLA response to Treasury announcement on second-charge mortgage regulation

Wed, 26 Jan 2011 15:37:18 +0100

Responding to HM Treasury’s announcement that the regulation of second-charge residential mortgages will transfer from the Office of Fair Trading to the Financial Services Authority, Head of Consumer Finance at the Finance & Leasing Association (FLA), Fiona Hoyle, said:

PPR Estates comments on BBA high-street banking lending and mortgage approval figures

Wed, 26 Jan 2011 15:34:40 +0100

Nick Hopkinson, Director of PPR Estates, comments on today’s BBA high-street banking lending and mortgage approval figures:

The BSA comments on the Government measures to enhance consumer protection in the mortgage market

Wed, 26 Jan 2011 15:20:15 +0100

Commenting on the measures, Paul Broadhead, Head of Mortgage Policy at the Building Societies Association (BSA), said:

Advisers hail successful Bridgewater business planning workshops

Wed, 26 Jan 2011 15:13:46 +0100

Equity release advisers have delivered a positive response to Bridgewater Equity Release’s series of business planning workshops which took place during December 2010 and January 2011.

Government announces package of measures to enhance consumer protection in the mortgage market

Wed, 26 Jan 2011 14:10:05 +0100

The Financial Secretary to the Treasury, Mark Hoban, today announced a package of measures intended to enhance consumer protection in the mortgage market. These measures will:

NUS and Credit Action launch Credit Crunching- a student guide to credit

Tue, 25 Jan 2011 17:16:43 +0100

A new resource to help students and graduates understand the multitude of credit products available in the marketplace has launched 17 January 2011. Credit Crunching – a student guide to credit has been created by NUS (National Union of Students) and the national money education charity Credit Action.

Store card spending falls by 25%

Tue, 25 Jan 2011 15:52:23 +0100

Today’s figures from the Finance & Leasing Association (FLA) show that consumers are continuing to exercise caution in spending. Store card and store instalment credit business was down by 25 and 11 per cent respectively in November and credit card spending flat when compared with November 2009.

Colin Walsh takes up role as CML chairman

Tue, 25 Jan 2011 15:41:27 +0100

Colin Walsh, Managing Director of Lloyds Banking Group Mortgages, has today become Chairman of the Council of Mortgage Lenders (CML). He succeeds Matthew Wyles of Nationwide Building Society, who has held the post for the previous two years.

ifs School of Finance welcomes national curriculum review to give schools greater subject freedom

Tue, 25 Jan 2011 15:30:45 +0100

Financial education charity, the ifs School of Finance, has issued a broad welcome to the government's decision to overhaul the national curriculum.

FSA opens public debate on product intervention

Tue, 25 Jan 2011 12:37:09 +0100

The Financial Services Authority (FSA) has today published a discussion paper to open a public debate about how the FSA, and in future the proposed Consumer Protection and Markets Authority (CPMA), should pursue the objective of consumer protection and specifically the issue of product intervention.

Loans and Mortgage related products top consumer online searches

Mon, 24 Jan 2011 15:53:31 +0100

61% of the 2 million UK consumer searches conducted online for retail banking-related services in October 2010 were for loans and mortgages, according to the latest quarterly research from Greenlight, a leading search marketing specialist and technology firm. This comes against the backdrop of the recent reports indicating an expected rise in interest rates as early as spring according to some economists.

Mobile Interactive Group launches new mobile voting platform for broadcasters

Mon, 24 Jan 2011 15:24:59 +0100

Integrated mobile and digital communications business, Mobile Interactive Group (MIG) today unveils its new Interactive Broadcast Platform.

Prime Minister States Government Commitment to Supporting Credit Unions

Mon, 24 Jan 2011 15:17:14 +0100

The Prime Minister, David Cameron, last week took the opportunity during the weekly set-piece event, Prime Minister’s Questions, to state the Government’s commitment to supporting the credit union sector.

Social Lending â Consumers can make money by lending ânot in the course of businessâ

Mon, 24 Jan 2011 15:11:43 +0100

Social Lending websites, such as YES-secure.com, are becoming increasingly popular in the UK and are often asked by their Lenders whether lending via their website requires a consumer credit licence (CCL) or not. This question has been widely asked, however, the information available on how to assess the requirement for a consumer credit licence for an individual lender has been limited and rather confusing even from the authorities. The view from the Office of Fair Trading (OFT), which r ...

Adeptra reflects on successes of 2010 and anticipates strong market demand for 2011

Fri, 21 Jan 2011 16:18:52 +0100

Adeptra, the recognised leader in automated contact and resolution services, has announced a summary of 2010 successes as it prepares for a strong 2011 during which it expects to see a continuing increase in demand for its multichannel consumer communication solutions in Europe, Middle East and Africa (EMEA), North America and Asia Pacific.

Nick Hopkinson comments on CML lending data/Bank of England Quarterly Trends in Lending report

Fri, 21 Jan 2011 15:17:08 +0100

Below are some comments from Nick Hopkinson, Director of PPR Estates, on today’s Bank of England Quarterly Trends in Lending report and the latest data from the Council of Mortgage Lenders:

Gross mortgage lending subdued in December

Fri, 21 Jan 2011 15:04:58 +0100

Gross mortgage lending in December was an estimated £11.0 billion, according to the Council of Mortgage Lenders. This represents a 6% drop from £11.7 billion in November. December was the fourth month in a row where the monthly outturn has been the weakest since 2000 (£10 billion).

Tesco Bank Chooses FICO Analytic Solutions

Thu, 20 Jan 2011 19:12:50 +0100

FICO, the leading provider of analytics and decision management technology, today announced that it will provide collections, risk and fraud solutions to Tesco Bank for its banking platforms. Tesco Bank is the UK’s most successful supermarket bank, with 6.5 million customer accounts across 28 product lines.

Surge in sales for Hitachi Capital Consumer Finance

Wed, 19 Jan 2011 18:09:25 +0100

Hitachi Capital Consumer Finance, the UK's leading finance provider of point of sale credit solutions, today announced a strong month of business in December 2010, lending over £85 million to UK consumers.

January jump creates a happy new year for housing market

Tue, 18 Jan 2011 19:17:45 +0100

The UK housing market saw a surge in the level of enquires, both for buyers and sellers in the first two weeks of January, according to estate agents.

House Price Index, November 2010

Tue, 18 Jan 2011 19:12:06 +0100

The latest UK house price index statistics produced by the Department for Communities and Local Government were released on Tuesday 18 January 2011.

FSA fines Barclays Â£7.7m for investment advice failings and secures Â£60m in redress for ...

Tue, 18 Jan 2011 19:01:04 +0100

The Financial Services Authority (FSA) has fined Barclays Bank plc (Barclays) £7.7 million for failures in relation to the sale of two funds. Barclays will contact customers and pay redress where appropriate.

Innovative start-up secured lender chooses Target Groupâs outsourced service for ...

Mon, 17 Jan 2011 17:39:00 +0100

New secured loan provider Portal Portfolio has selected outsource loan administration experts Target Group to provide loan origination and end to end servicing for its innovative second charge mortgage product. The contract, worth over £5m, creates further new jobs at Target’s expanding operation in Newport, South Wales.

Paradigm adds Precise Mortgages to lender panels

Mon, 17 Jan 2011 15:33:29 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today added Precise Mortgages to both its own lender panel for directly authorised (DA) firms plus that of Paradigm Financial Advisers (PFA), the network service for appointed representatives.

House purchase lending unchanged in November

Fri, 14 Jan 2011 12:21:18 +0100

November was a stable month with very few changes to the volume and value of mortgage activity, according to new data from the Council of Mortgage Lenders (CML). 44,000 loans for house purchase, worth £6.3 billion, were advanced in the month. This was unchanged from October and down 15% by volume and 13% by value from November 2009.

New Hitachi Capital Fund to make loans to parents for Barratt home deposit

Wed, 12 Jan 2011 17:33:40 +0100

PARENTS looking to put down a deposit to help their children buy a new home from Barratt will now be able to apply for an unsecured personal loan of up to £50,000 from Hitachi Capital Consumer Finance, it was announced today.

One trillion pounds worth of property not covered by a Will

Wed, 12 Jan 2011 16:19:34 +0100

Making your Will is the New Year’s resolution that people should be making says property specialists Move with Us following recent research which revealed that over a trillion pounds worth of property is not currently included in a Will.

Bridgewater outlines top five market ambitions for 2011

Wed, 12 Jan 2011 16:09:02 +0100

Bridgewater Equity Release has today outlined its top five ambitions for the equity release industry for 2011, including a focus on its own provision of adviser support.

FSA fines RBS and NatWest Â£2.8m for poor complaint handling

Tue, 11 Jan 2011 18:20:01 +0100

The Financial Services Authority (FSA) has fined Royal Bank of Scotland (RBS) and National Westminster Bank (NatWest) £2.8m for multiple failings in the way they handled customers’ complaints, responding inadequately to more than half the complaints reviewed by the FSA.

Financial Ombudsman consults on its plans and budget for the year ahead

Mon, 10 Jan 2011 12:14:48 +0100

The Financial Ombudsman Service (FOS) today publishes for public consultation its proposed budget for the next financial year (2011/2012) – together with an update on the numbers and workload for the current financial year (2010/2011).

Facebook pay later option comes with a health warning

Fri, 07 Jan 2011 15:25:14 +0100

Claims that Facebook is to offer a ‘pay later’ option for buying virtual goods online has come with a health warning from free debt adviser Payplan.

Perspective group complete 20th acquisition with Leedham purchase

Fri, 07 Jan 2011 15:19:42 +0100

Perspective Financial Group Ltd, the consolidation vehicle for IFA firms, has today announced the December acquisition of Leedham Independent Financial Advisers Ltd - its 20th acquisition in total.

TCF Lender Forumâs ongoing support for mortgage intermediaries backed by CML and major lenders

Thu, 06 Jan 2011 11:45:57 +0100

A group of 8 Mortgage Lenders have confirmed their ongoing support for the TCF Lender Forum and TCF Info (www.tcfinfo.co.uk), the website dedicated to supporting intermediaries in treating customers fairly (TCF). However, in a new move, the Council of Mortgage Lenders (CML) will be taking an active role as well in the next 12 months. The move is to assist both lenders and their distribution partners in preparing for the changing regulatory environment as the mortgage market review progre ...

MoneySave teams up with Secure Trust Bank To promote Rewards Scheme for Prepaid MasterCard

Thu, 06 Jan 2011 11:24:34 +0100

MoneySave Solutions has teamed up with Secure Trust Bank and its innovative rewards scheme for customers using the Secure Trust Bank Current Account. The account, which comes with a MasterCard® prepaid card, is one of a range of financial products and services from MoneySave for people with current or historical debt problems.

Administrators appointed to The Clarkson Hill Group Plc (âClarkson Hill/the Companyâ)

Thu, 06 Jan 2011 10:43:31 +0100

Tony Murphy and Rob Horton of insolvency specialist Bridge Business Recovery have been appointed Joint Administrators to The Clarkson Hill Group Plc, a national Independent Financial Adviser (“IFA”) intermediary company listed on the Alternative Investment Market (AIM) and regulated by the Financial Services Authority (FSA).

Welsh Assembly Government publishes Credit Union Action Plan

Wed, 05 Jan 2011 17:20:18 +0100

Last month, the Welsh Assembly Government published a three year Action Plan for supporting the Welsh credit union sector which seeks to build upon the great strides already made in the sector’s development since the devolved administration’s creation a decade ago.

Scottish Affairs Committee endorses credit union-Post Office link up

Wed, 05 Jan 2011 17:16:40 +0100

An influential Parliamentary committee at Westminster has endorsed the proposal to make credit union services available at the Post Office as part of their recommendations for developing the network and preventing further closures.

NAEA comment on Grant Shapps's meeting with the FSA

Wed, 05 Jan 2011 11:33:48 +0100

Ahead of Housing Minister Grant Shapps's meeting with the FSA, chief executive of the National Association of Estate Agents (NAEA), Peter Bolton King, said:

Credit Action Debt Statistics - January 2011

Tue, 04 Jan 2011 17:50:43 +0100

Total UK personal debt at the end of November 2010 stood at £1,454bn. The twelve-month growth rate was unchanged at 0.8%. Individuals owe more than what the whole country produces in a year.

PayPoint retailers lead the way with contactless payments

Tue, 04 Jan 2011 16:52:44 +0100

PayPoint has become the first cash payments network to accept contactless credit and debit card payments at stores within its national network. 1,000 PayPoint retailers nationwide already accepting credit and debit cards through the PayPoint/Lloyds TSB Cardnet service have been selected to receive a free new contactless pin pad by early New Year.

Wickes appoints Hitachi Capital in major point of sale finance facility deal

Tue, 04 Jan 2011 14:55:19 +0100

Following a competitive tender process, Hitachi Capital Consumer Finance, the leading finance provider of point of sale (POS) finance facilities, has been appointed by Wickes, one of the UK’s leading DIY and home improvement retailers, to provide point of sale finance to customers across its 196 store network.

Savings balances held with mutuals increase in November

Tue, 04 Jan 2011 10:45:30 +0100

Savings balances held at mutuals increased by £0.6 billion in November 2010, following a decrease of £1.1 billion in October. Excluding interest credited to accounts mutuals had a net receipt of £0.4 billion in November.

Dealing with debt is crucial to reduce record numbers of personal insolvencies

Tue, 04 Jan 2011 10:24:21 +0100

Levels of personal insolvency are starting to decline following a steady upward trend over the last ten years says The Insolvency Service.

Scotland sees second biggest rise in house prices

Fri, 31 Dec 2010 12:12:35 +0100

East Dunbartonshire and Dumfries have recorded the second biggest rises in house prices among UK counties over the past year, according to the latest Bank of Scotland County House Price Survey.

New deposit guarantee limit to be Â£85,000

Fri, 31 Dec 2010 12:01:11 +0100

The Financial Services Authority (FSA) has confirmed that the new deposit compensation limit for the United Kingdom will increase from £50,000 to £85,000 per person, per authorised firm, from 31 December 2010.

Funding announced to help fight illegal money lenders and scams

Wed, 29 Dec 2010 18:57:29 +0100

The Government has today announced new funding to continue the fight against loan sharks and scams.

Perspective reach equilibrium with 19th IFA acquisition

Fri, 24 Dec 2010 11:28:19 +0100

Perspective Financial Group Ltd, the consolidation vehicle for IFA firms, has today announced its 19th acquisition with the purchase of IFA firm, Equilibrium Wealth Management Ltd.

Kent Reliance Building Society and OneSavings plc: Confirmation Hearing Details

Thu, 23 Dec 2010 13:05:09 +0100

The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the business of Kent Reliance Building Society to OneSavings plc.

House prices to fall slightly in 2011 but repossessions to drop off

Wed, 22 Dec 2010 00:00:01 +0100

House prices will finish the year two per cent lower than at the end of 2010, says the Royal Institution of Chartered Surveyors (RICS) UK Housing Market Forecast published today. Transactions are likely to remain flat, while repossessions will decline marginally.

A new approach to financial regulation: Consultation on reforming the consumer credit regime

Tue, 21 Dec 2010 19:02:47 +0100

The Government wants to ensure that the consumer credit regime is fit for the future, flexible and able to keep up with a fast-paced, innovative market.

FLA responds to Treasury consultation on new Consumer Protection and Markets Authority

Tue, 21 Dec 2010 18:37:29 +0100

Commenting on the Treasury’s launch of a consultation on transferring consumer credit regulation from the Office of Fair Trading to the new Consumer Protection and Markets Authority (CPMA), Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:

Government launches consultation on Consumer Credit Regulation

Tue, 21 Dec 2010 17:49:45 +0100

The Financial Secretary to the Treasury, Mark Hoban, and the Minister for Consumer Affairs, Edward Davey, today launched a consultation on transferring the regulation of consumer credit from the Office of Fair Trading (OFT) to the new consumer protection and markets authority (CPMA). The Government announced the creation of the CPMA as part of its wider reform of the financial regulatory architecture in July.

CML launches new yearbook and directory

Tue, 21 Dec 2010 10:39:17 +0100

The 2010/2011 CML yearbook and directory is your free online one stop shop for insightful opinion and comprehensive lender and service listings for the UK mortgage market.

OFT launches court action against three companies marketing or selling holiday clubs

Tue, 21 Dec 2010 00:00:01 +0100

The OFT has launched court action against three companies and individuals involved in the marketing or sale of holiday club memberships and other similar products, alleging that the traders mislead people about the sale of their timeshares.

OFT and LBRO outline plans for use of new civil sanctions

Mon, 20 Dec 2010 16:48:30 +0100

The Office of Fair Trading (OFT) and the Local Better Regulation Office (LBRO) today outlined for consultation their proposed approach to the use of new powers which will allow enforcement bodies to directly impose fines and other sanctions on traders for breaches of consumer law.

FLA figures show retail credit market continues to contract

Mon, 20 Dec 2010 12:20:51 +0100

The latest consumer finance market statistics published today by the Finance & Leasing Association (FLA) show a further decline in consumer credit. This reinforces the FLA’s message to the Government that more regulation in these markets could jeopardise the future availability of credit.

OFT works to raise doorstep lending standards

Mon, 20 Dec 2010 11:56:48 +0100

The OFT has today announced it has taken targeted enforcement action and sent over 50 warning letters as part of its work to improve standards in the home collected credit (doorstep lending) industry.

Seasonal decline in November mortgage lending

Mon, 20 Dec 2010 10:31:51 +0100

Gross mortgage lending in November was an estimated £11.1 billion, according to the Council of Mortgage Lenders (CML). This represents a 5% drop from £11.6 billion in October. Reflecting the distortion in lending that arose towards the end of last year’s stamp duty concession, the November figure is 10% lower than the £12.3 billion advanced in November 2009. As the lowest November total since 2000 (£10.9 billion), this is the fifth consecutive month where gross ...

New deposit guarantee limit to be Â£85,000

Fri, 17 Dec 2010 17:18:51 +0100

The Financial Services Authority (FSA) has today confirmed that the new deposit compensation limit for the United Kingdom will increase from £50,000 to £85,000 per person, per authorised firm, from 31 December 2010.

OFT takes further action against unfair direct debit clauses in payday loan contracts

Fri, 17 Dec 2010 13:48:00 +0100

The OFT today warned payday lenders that they must not misuse direct debit facilities to vary the amount or date of a loan repayment.

OFT secures conviction of unlicensed company and significant compensation for victims

Thu, 16 Dec 2010 17:47:20 +0100

The Office of Fair Trading (OFT) yesterday secured a conviction against London North Securities Limited (LNS) at Southwark Crown Court for trading without a consumer credit licence between March 2007 and February 2010.

PPR Estates comment on CML mortgage lending figures for October 2010

Wed, 15 Dec 2010 18:06:33 +0100

Nick Hopkinson, Director of PPR Estates, comments on last week’s CML mortgage lending statistics for October 2010 and its housing and mortgage market predictions for 2011:

CML publishes 2011 market forecasts

Wed, 15 Dec 2010 00:00:01 +0100

Today, we publish our predictions for mortgage and housing markets in 2011. Our forecasts are based on the prevailing consensus among economists that the UK will avoid a “double dip” recession, but that economic activity next year will be uneven. While we expect growth in UK output of a little over 2% next year, the risks are mainly on the downside.

Consumers see opportunity amid the housing market uncertainty

Wed, 15 Dec 2010 00:00:01 +0100

Considerable uncertainty remains in the UK housing market, together with many contrasting views, but the public considers the best time to enter the housing market to be within the next year.

Government launches consultation on Simple Financial Products

Tue, 14 Dec 2010 23:29:43 +0100

The Financial Secretary to the Treasury, Mark Hoban MP, today announced the publication of a consultation document on Simple Financial Products. The consultation sets out proposals for financial products that will help promote personal responsibility, enable consumers to compare products and understand product features more clearly. The proposals will also help to encourage competition between providers.

Phoebus Software comment on inflation figures

Tue, 14 Dec 2010 22:10:14 +0100

Paul Hunt, managing director at Phoebus Software said: “As inflation rises further and further from the target level, the MPC’s interest rate doves will come under even more pressure to make a change.

Housing market slows further

Tue, 14 Dec 2010 00:00:01 +0100

Activity in the housing market continued to slow during November, with house prices slipping further, according to the latest RICS UK Housing Market survey (14 December 2010).

Co-operatives UK welcomes tackling of debt in football

Mon, 13 Dec 2010 18:10:41 +0100

Ed Mayo, Secretary General of Co-operatives UK, has welcomed the announcement that a Parliamentary Committee is to be set up to focus on debt in football and enhancing supporters’ involvement in decision-making.

PPR Estates, comments on today's Rightmove House Price figures

Mon, 13 Dec 2010 17:59:33 +0100

Nick Hopkinson, Director of PPR Estates, comments on today’s Rightmove House Price Index for December 2010:

CHL adds Â£295m portfolio to mortgage book

Mon, 13 Dec 2010 17:54:24 +0100

Specialist lender, CHL Mortgages, has today announced the addition of a £295 million buy-to-let portfolio to its existing mortgage book.

Shopping trolley at the ready for savvi savings

Sun, 12 Dec 2010 19:29:55 +0100

savvi, an innovative online money saving website, has arrived to offer the savviest shoppers a trolley full of treats. Driven by a new breed of intelligent spenders, savvi is focussed on adding real value to consumer purchasing through streetwise savings.

October saw expected decline in mortgage lending

Sun, 12 Dec 2010 19:14:01 +0100

An expected decline in mortgage lending towards the end of the year has now become apparent, data released by the Council of Mortgage lenders (CML) shows. Lending for both house purchase and remortgaging were affected by a lull in activity in October. There were 46,000 loans for house purchase (worth £6.7 billion), down 4% in number and 6% by value from September. The total was 16% lower (12% by value) than in October 2009, but lending numbers in the final quarter of 2009 were boosted ...

Pentagon Group puts fresh focus on Creditor Liaison

Sun, 12 Dec 2010 18:38:01 +0100

Dionne Stocking has been appointed as Creditor Liaison Manager for the entire Pentagon Group, the leading debt solutions provider that operates the EuroDebt, Atlantic, and MoneySave debt solutions brands. Dionne has over 9 years credit industry experience, holding liaison positions for both Debt Collections and Debt Solutions.

Paradigm appoint The Right Equity Release Ltd as preferred referral partner

Sun, 12 Dec 2010 18:28:39 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today revealed The Right Equity Release Limited as its preferred referral partner for equity release business.

FLA and Credit Action count down top ten shopping tips

Tue, 07 Dec 2010 17:54:18 +0100

The Finance & Leasing Association (FLA) and Credit Action have listed their top tips for Christmas shopping to help consumers to spend responsibly with in-store credit, store and credit cards.

OFT revokes Market Drayton credit broker's licence

Tue, 07 Dec 2010 17:29:21 +0100

The Office of Fair Trading (OFT) has revoked the consumer credit licence of Market Drayton-based trader Neil John Taylor, who trades as Direct Motorhomes 2 U and Neil Taylor Motorhomes.

MPs show support for credit union link-up with the Post Office

Mon, 06 Dec 2010 17:57:43 +0100

Last Thursday (2nd December), despite the bad weather, almost 40 MPs and Peers took the time to show their support for credit union services to be made available through the Post Office.

YES-secure Unveils its Revolutionary Secondary Market

Mon, 06 Dec 2010 17:06:25 +0100

YES-secure, launched in June 2010, has introduced a Secondary Market to its online lending and borrowing marketplace, a revolutionary new development enabling lenders to put their loan slices up for sale which other YES-secure members can then purchase.

CML welcomes deferral of FSA approved persons requirements

Fri, 03 Dec 2010 15:25:26 +0100

The Council of Mortgage Lenders (CML) welcomes the statement by the Financial Services Authority that it is deferring implementation of extending the approved persons regime to all those who sell mortgages.

FSA closes supervisory investigation of RBS

Thu, 02 Dec 2010 13:07:26 +0100

In May 2009 the Financial Services Authority (FSA) launched a supervisory investigation into Royal Bank of Scotland Group (RBS), as one of the UK banks that required partial taxpayer bailout support. This work considered if regulatory rules had been broken and what, if any, action was appropriate. The review was necessarily extensive and looked specifically at the conduct of senior individuals at the bank, the acquisition of ABN AMRO in 2007 and the 2008 capital raisings. The FSA co ...

OFT reminds debt management industry not to use misleading names

Thu, 02 Dec 2010 12:50:33 +0100

The Office of fair Trading (OFT) is reminding debt management companies that they must not use misleading trading names and must make clear that they are commercial enterprises rather than charities or government services.

Co-operatives Fortnight 2011 is Yours To Share

Wed, 01 Dec 2010 16:41:28 +0100

Co-operatives UK has announced that Co-operatives Fortnight 2011, the national campaign that unites the sector in raising awareness of the co-operative model, will take place from 25 June to 9 July 2011 with the theme - ‘Yours To Share <http://www.uk.coop/yourstoshare> .’

Perspectiveâs relaunched website provides exit strategy information for IFA firms

Wed, 01 Dec 2010 11:51:56 +0100

Perspective Financial Group Ltd, the consolidation vehicle for IFA firms, has today relaunched its website, www.pfgl.co.uk, to provide greater information on the exit strategies available to IFA firms.

CML News & Views: Mortgage lending: a shortage of demand or supply?

Tue, 30 Nov 2010 17:13:03 +0100

The Council of Mortgage Lenders (CML), writes: "Since 2007, mortgage lending has declined by more than 50%. Today, we try to understand whether a shortage of demand or supply is behind the lending contraction. Should we be concerned about the current level of lending activity? And what might a more “normal” mortgage market look like in future?

UK Debt Statistics - December 2010 - Credit Action

Tue, 30 Nov 2010 12:50:19 +0100

Total UK personal debt at the end of October 2010 stood at £1,452bn. The twelve-month growth rate increased 0.1% to 0.8%. Individuals owe more than what the whole country produces in a year.

Hometrack Monthly National Housing Survey

Tue, 30 Nov 2010 11:50:56 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Consumer credit down by 5% in Q3

Tue, 30 Nov 2010 11:42:31 +0100

Consumer credit provided by Finance & Leasing Association (FLA) members dropped 6% in September compared with the previous year. The only sector of consumer finance to grow was dealer motor finance, which rose by 2%.

Now thereâs an easier way to find your local credit union

Mon, 29 Nov 2010 18:20:09 +0100

Those searching for affordable loans and a safe home for their savings need look no further than a brand new website from ABCUL – the Association of British Credit Unions. www.findyourcreditunion.co.uk is an easy way for people to find their local credit union.

October gross lending by mutuals at similar level to recent months

Mon, 29 Nov 2010 13:39:32 +0100

Gross mortgage lending by mutuals was £2.0 billion in October, a 10% reduction on the £2.2 billion lent in September, but broadly similar to the average of £2.0 billion over the preceding three months. Mortgage approvals fell by 8% in October to £1.8 billion from £1.9 billion in September.

Credit unions receive all-party support in Parliament

Fri, 26 Nov 2010 13:43:21 +0100

Credit unions have been high on the political agenda once more this week with MPs of all political parties coming out in support of the sector.

Debt resolution forum - announces today training and monitoring developments

Thu, 25 Nov 2010 17:03:20 +0100

Leading debt resolution training and standards body, the Debt Resolution Forum (DRF) today announced the results of its latest round of examinations for the advanced BTEC Certificate in Debt Resolution the leading qualification in the sector, as well as its forthcoming introduction of continuous professional development, and monitoring of member firm’s compliance with training requirements.

Government funding ensures top staff performance for West Midlands debt recovery firm

Wed, 24 Nov 2010 21:34:19 +0100

Bromsgrove based firm, Commercial Credit Services Group, invest in retaining their staff by putting them through qualification achieving courses such as NVQ level 2 and 3. At the end of the course, the individual will also receive a cash amount of at least £100 depending on the time taken to complete the course.

New changes to store cards in time for Christmas

Wed, 24 Nov 2010 16:46:34 +0100

Christmas shoppers will benefit from changes to store cards, agreed by the Government and card providers, which must take effect by the end of this year.

East London co-operative wins Green Mark accreditation

Wed, 24 Nov 2010 16:11:22 +0100

Account3, an East London co-operative offering a range of training, enterprise and development services, has proved its environmental credentials by gaining a Green Mark.

The Government and housing industry 'should consider new ways to keep people in their homes'

Tue, 23 Nov 2010 16:58:43 +0100

A report, Long Term Safety Nets to Protect Mortgage Borrowers, published today for the Building Societies Association (BSA) explores alternative solutions that could help keep people in their homes if they fall into mortgage difficulties.

CHL undertake training programme with NSAFS

Tue, 23 Nov 2010 16:32:14 +0100

Specialist lender, CHL Mortgages, is pleased to announce a major training programme for staff in partnership with the National Skills Academy for Financial Services (NSAFS).

OFT acts on concerns about charging orders

Mon, 22 Nov 2010 17:00:09 +0100

The Office of Fair Trading (OFT) has imposed requirements on Alliance and Leicester Personal Finance Ltd, American Express Services Europe Ltd, HFC Bank Ltd (part of the HSBC Group) and Welcome Financial Services Ltd (part of Cattles plc) to address concerns about the way some consumer debts are enforced.

Paradigm workshop gives âbroadly positiveâ response to latest MMR paper

Fri, 19 Nov 2010 16:18:19 +0100

Speakers and attendees at Paradigm Mortgage Services’ first Mortgage Market Review (MMR) workshop have given a ‘broadly positive’ initial reaction to the recently published FSA paper on Distribution and Disclosure.

Sheila Nicoll explains the FSAâs approach to the Mortgage Market Review

Thu, 18 Nov 2010 19:15:10 +0100

Sheila Nicoll, the Financial Services Authority's (FSA) director of conduct policy, today tackled some of the ‘myths’ around the FSA's mortgage market review, in a speech to the Council of Mortgage Lenders.

Comments on CML lending figures/Bank of England Trends in Lending

Thu, 18 Nov 2010 18:38:37 +0100

Nick Hopkinson, Director of PPR Estates, comments on yesterday's gross mortgage lending figures from the CML and the Bank of England Trends in Lending report:

Comment: mortgage reforms to focus on lenders

Thu, 18 Nov 2010 18:29:20 +0100

Mikael Krohn, VP at EDB Business Partner, comments: "In a recent article on mortgage reforms (FT, 17 November, Mortgage reforms to focus on lenders), Lord Turner, chairman of the Financial Services Authority urged a rethink on proposals to crackdown on poor mortgage lending practices. I agree that lenders and intermediaries will have to do a better job of providing the right informing to their customers and ensure they can afford their mortgages. However, there is still a great deal of unce ...

October gross mortgage lending

Thu, 18 Nov 2010 18:20:17 +0100

Gross mortgage lending in October was an estimated £12.4 billion, unchanged from September but down 9% from £13.6 billion in October 2009, according to new data from the Council of Mortgage Lenders. This is the lowest October total since 2000 (£9.9 billion).

Personal Budget Coach Training

Thu, 18 Nov 2010 18:15:45 +0100

During the last four years Credit Action has provided Personal Budget Coach Training for community groups. The training course was known as ‘IDEAL’.

CML News & Views - the government and home-ownership

Tue, 16 Nov 2010 17:54:41 +0100

Today’s issue of CML News & Views looks at what the government can do to support people’s aspirations to home-ownership – and to make sure they are sustainable.

CML first reaction to FSA consultation on distribution and disclosure

Tue, 16 Nov 2010 17:30:24 +0100

The Financial Services Authority's latest mortgage market review consultation paper issued today on distribution and disclosure (CP 10/28) appears to intend to push the market towards a greater proportion of advised sales, and to tip the balance of responsibility for product choice further away from consumers, the Council of Mortgage Lenders (CML) believes.

BSA calls for a Government debate on the future shape of the mortgage market

Mon, 15 Nov 2010 18:41:48 +0100

The Building Societies Association (BSA) has today responded to the FSA's Responsible Lending Consultation, calling for a Government debate on the future shape of the mortgage market, prior to the FSA pressing ahead with its proposals.

Retail financial services specialist joins London office

Mon, 15 Nov 2010 18:09:19 +0100

A leading specialist in retail financial services, Clare Hughes, has joined the London office of McClure Naismith LLP as an Associate. Her appointment reflects recent growth in the firm’s financial services practice, and its strategy of extending the range of services provided to financial services clients across the UK.

CHL reveals active recruitment drive

Mon, 15 Nov 2010 17:53:32 +0100

Specialist lender, CHL Mortgages, has today revealed it is actively recruiting for a number of specific vacancies within a variety of teams.

CML response to FSA consultation on responsible lending

Mon, 15 Nov 2010 17:46:03 +0100

The Council of Mortgage Lenders (CML) has today submitted its response to the Financial Services Authority's consultation paper (CP 10/16) on responsible lending.

Bridgewater outlines equity release advisersâ key concerns

Fri, 12 Nov 2010 13:23:31 +0100

‘Finding new customers’ and ‘home reversion education and knowledge levels’, have been highlighted as two of the major concerns equity release advisers have in the current market.

Does the regulatory revolution represent overkill? asks BSA Chairman

Thu, 11 Nov 2010 16:14:08 +0100

Speaking at the Building Societies Association (BSA) Annual Lunch today, David Webster, Chairman of the BSA, raised concern about the vast programme of regulatory reform that will affect almost every area of building society operations and questioned whether a point of regulatory overkill has been reached.

Buy-to-let lending showing modest signs of recovery

Thu, 11 Nov 2010 14:48:47 +0100

Buy-to-let lending rose by 12% in the third quarter, according to data published today by the Council of Mortgage Lenders, supported by ongoing demand for rental property against the backdrop of a dysfunctional owner-occupier market.

Mortgage arrears and possessions fall in third quarter

Thu, 11 Nov 2010 13:21:20 +0100

Mortgage arrears and possessions continued to decline in the third quarter, according to CML data published today, showing that a combination of low interest rates, a responsible approach by borrowers and lenders, and support from the government and debt advisers has been helping to keep payment problems in check.

September sees little movement in mortgage market

Thu, 11 Nov 2010 12:57:26 +0100

Slight falls in lending to some groups of new borrowers were tempered by comparable rises to others leading to a flat mortgage market in September, according to new data from the Council of Mortgage Lenders.

No quibble money back guarantee for ISO 22222

Wed, 10 Nov 2010 13:38:32 +0100

Standards International, the UK’s leading ISO 22222 certification body, today announced a groundbreaking money back guarantee for financial planners who commit to gaining ISO 22222 - the internationally recognised benchmark for the delivery of personal financial services.

94% of parents want financial education in schools

Tue, 09 Nov 2010 16:37:46 +0100

In light of recent reports that a third of parents believe their children will be less equipped to deal with their finances than they are, leading instant online credit information provider, Equifax believes it is more important than ever that future generations are taught financial skills. In recent research conducted by Equifax amongst parents, 35% said they don’t think their children have a good understanding of the value of money and 94% believe financial education should be part of th ...

OFT acts to improve lending practices

Tue, 09 Nov 2010 11:19:07 +0100

The OFT has taken action to address unsatisfactory business practices of payday lender CIM Technologies Ltd, known as Tooth Fairy Finance.

New plans to secure the future of the Post Office

Tue, 09 Nov 2010 11:07:13 +0100

The Government has today published a policy statement giving further detail on its plans to secure the long-term future of the Post Office.

Perspective make 18th purchase with acquisition of Applewood Wealth Management

Tue, 09 Nov 2010 10:44:15 +0100

Perspective Financial Group Ltd, the consolidation vehicle for IFA firms, has today (9th November 2010) announced the purchase of its 18th practice with the acquisition of Applewood Wealth Management.

Free independent online advice to help Brits tackle Â£1.5 trillion personal debt

Tue, 09 Nov 2010 00:00:01 +0100

My Money Steps is being launched today by debt advice charity the Money Advice Trust. It’s a new interactive online tool to help the growing numbers who need debt advice. Developed in partnership with Barclaycard, it gives people access to advice online in their own time so that they can find the best solutions to get their finances back on an even keel.

Stella Creasy MP campaigns for Post Office to offer credit union services

Mon, 08 Nov 2010 15:51:15 +0100

According to the latest issue of ABCUL news, making credit union services available through the Post Office network has been on the agenda in Parliament recently as part of a campaign led by Labour MP for Walthamstow, Stella Creasy.

FLA warns MPs not to play into the hands of loan sharks

Mon, 08 Nov 2010 11:38:19 +0100

Ahead of a debate on consumer credit regulation on Tuesday, the FLA has briefed MPs that rather than protecting consumers, calls for further regulation of credit markets could drive people into the arms of illegal loan sharks.

Bridgewater Broker Forums head to Potters Bar And Warrington

Mon, 08 Nov 2010 11:01:05 +0100

Bridgewater Equity Release, the home reversion specialist, has today (8th November 2010) announced two further dates for its regular regional broker forums which will take place at the end of November.

Paradigm Mortgage Services announces first MMR workshop for members

Mon, 08 Nov 2010 10:54:29 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today announced the first in a series of Mortgage Market Review (MMR) workshops for its member firms.

Rugby hero launches project to help children tackle numbers

Fri, 05 Nov 2010 15:22:06 +0100

Saracens captain and England rugby star Steve Borthwick, one of the sport’s best known figures, has launched Tackling Numbers in association with MBNA, a ground-breaking campaign teaching basic mathematics to thousands of schoolchildren in England.

PPR Estates comment on todayâs Bank Base Rate announcement by the Monetary Policy Committee

Thu, 04 Nov 2010 17:32:20 +0100

Nick Hopkinson, director of PPR Estates, comments on today’s Bank Base Rate announcement by the Monetary Policy Committee (MPC):

FSA reiterates importance of Mortgage Market Review

Thu, 04 Nov 2010 17:26:27 +0100

The Mortgage Market Review aims to address the major failures that have occurred in the mortgage market and to replace risky lending and unaffordable borrowing with common sense standards. While many people are currently benefiting from historically low interest rates, market contraction has already impacted over 2 million borrowers and our evidence has found that almost half of UK households (46%) have had little or no money left after their mortgage and other bills were deducted from their inc ...

New research prompts CML to urge FSA to announce responsible lending reconsultation

Thu, 04 Nov 2010 17:20:28 +0100

At the launch today of two major pieces of independent research on the potential impact of the FSA’s responsible lending proposals, CML director general Michael Coogan called on the FSA to make an early announcement before the consultation deadline of 16 November that it will reconsult on a new draft of responsible lending rules, with a full and complete impact analysis.

FSA fines mortgage lender for irresponsible lending and unfair treatment of customers in arrears

Thu, 04 Nov 2010 17:10:52 +0100

The Financial Services Authority (FSA) has fined small mortgage lender, Bridging Loans Ltd, £42,000 and its director Joseph Cummings £70,000 for serious failures relating to lending practices and for failing to treat customers fairly in arrears.

OFT publishes review of barriers to entry in retail banking

Thu, 04 Nov 2010 10:49:05 +0100

New entrants to the retail banking sector face significant challenges in attracting customers and expanding their market shares, an OFT review has found.

VocaLink Take Home Pay Indices - private sector pay at 12 month high as public sector pay stagnates

Thu, 04 Nov 2010 09:20:22 +0100

Annual growth of the VocaLink FTSE 350 Take Home Pay Index, which measures private sector take home pay, has hit a 12-month high after continuing to edge up over the three months to October, rising to 1.6 per cent.

CML News & Views - can we spread the benefits of home-ownership?

Tue, 02 Nov 2010 17:07:59 +0100

Since 2003, we have seen the first significant decline in home-ownership. And in the coming years, the benefits of owner-occupation – and the wealth it delivers – will increasingly be concentrated in the hands of those in their 40s, 50s and 60s. If the government really wants to deliver an age of aspiration, therefore, it needs to begin to develop policy that will create more opportunities for younger buyers.

Loss of income is top reason for debt for Britons

Tue, 02 Nov 2010 13:15:30 +0100

The UK may escape a double-dip recession but Brits are still suffering the consequences of a tough economic environment with salary cuts and job losses hitting particularly hard. New data from leading debt solutions provider, Atlantic Financial Management, reveals that loss of income has been the top reason for Britons seeking help with their debts in the past 7 months. And the company believes this trend could continue as the impact of the Government’s Spending Review is likely to s ...

Hometrack Monthly National Housing Survey: October 2010

Mon, 01 Nov 2010 00:00:59 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Mortgage lending by mutuals grows 10% in September

Fri, 29 Oct 2010 16:56:40 +0100

Gross mortgage lending by mutuals was £2.2 billion in September, which is 10% greater than the £2.0 billion lent in August. Mortgage approvals made in September amounted to £1.9 billion, a slight increase on the £1.8 billion approved in August.

âParliament will lead push for big and brave reforms on economic governanceâ â ...

Fri, 29 Oct 2010 16:46:51 +0100

Ahead of the European Council meeting on the 28th and 29th of October, Sharon Bowles MEP, Chair of the European Parliament's Economic and Monetary Affairs Committee, warned against backroom deals on economic governance and reminded that the proposed legislation on the table will see Parliament and Member States negotiating on an equal level, as was the case with the financial supervisory rules.

ifs School of Finance welcomes new âJunior ISAsâ

Fri, 29 Oct 2010 16:35:56 +0100

Financial education charity, the ifs School of Finance, has welcomed the Government’s announcement that a new tax free savings account, dubbed ‘Junior ISAs’, is planned as a successor to the Child Trust Fund.

Callcreditâs call centre becomes FSA authorised

Fri, 29 Oct 2010 10:48:35 +0100

Callcredit Information Group is proud to announce that in October its UK call centre became authorised and regulated by The Financial Services Authority (FSA). This authorisation enables Callcredit’s Agents to carry out telephone based non-advised, non-investment life assurance sales on behalf of its clients.

FSB supports Bill for responsible banking

Fri, 29 Oct 2010 10:28:01 +0100

The Federation of Small Businesses (FSB) is supporting The Secured Lending Reform Bill, tabled by George Eustice MP set for its Second Reading in the House of Commons today (Friday 22 October).

August consumer credit up by 1%

Fri, 29 Oct 2010 10:25:07 +0100

Consumer credit provided by Finance & Leasing Association members grew by 1% in August. But a closer look at these figures shows that the growth was driven by sales of used cars on dealer motor finance.

September figures for the main high street banks

Fri, 29 Oct 2010 10:21:17 +0100

The annual growth in the banks’ net mortgage lending is 3.9%, substantially ahead of the 1.0% for the whole mortgage market in August.

Interim Chair for the Competition Commission

Fri, 29 Oct 2010 10:18:00 +0100

The Department for Business, Innovation and Skills (BIS) is announcing that it has extended Peter Freeman’s appointment as Chair of the Competition Commission until 6 May 2011.

Consumer Focus: appointment of interim Chair

Fri, 29 Oct 2010 10:16:34 +0100

The Department for Business, Innovation and Skills (BIS) has appointed Christine Farnish as Interim Chair of Consumer Focus.

BSA welcomes Governmentâs Junior ISA

Wed, 27 Oct 2010 13:14:56 +0100

Commenting on HM Treasury’s announcement of a new tax-free account for children - the Junior ISA - Adrian Coles, The Building Societies Association (BSA) Director-General, said:

YES-secure.com announces exciting 2% Cashback Offer for all lenders

Wed, 27 Oct 2010 11:44:24 +0100

YES-secure.com, the first social lending and borrowing networking website in the UK has announced a new exciting cashback offer for lenders.

August consumer credit up by 1%

Tue, 26 Oct 2010 15:55:18 +0100

Consumer credit provided by Finance & Leasing Association (FLA) members grew by 1% in August. But a closer look at these figures shows that the growth was driven by sales of used cars on dealer motor finance.

Bridgewater Equity Release comments on SHIP Q3 figures

Tue, 26 Oct 2010 13:43:31 +0100

Comments from Peter Welch, Head of Sales and Distribution at Bridgewater Equity Release, on today’s equity release figures for Q3 from SHIP:

Ruth Lea speaks at Kleinwort Benson CSR Forum

Mon, 25 Oct 2010 16:52:59 +0100

Ruth Lea*, one of the country’s most eminent economists was the guest speaker at this morning’s Kleinwort Benson Comprehensive Spending Review Forum. Addressing the great and good of the City on the implications of the CSR for the British economy, Lea parked firmly the notion that George Osborne was somehow gambling with the future of the British economy.

Working Together - a New Industry Guide

Fri, 22 Oct 2010 17:11:19 +0100

A new industry guide, jointly published today by the Association of Mortgage Intermediaries (AMI), the Council of Mortgage Lenders (CML) and the Intermediary Mortgage Lenders Association (IMLA), brings greater clarity and transparency on how lenders and intermediaries work together on mortgage sales and administration.

PFG Interim management statement

Fri, 22 Oct 2010 13:02:22 +0100

Provident Financial plc (PFG), the leading UK non-standard lender, made the following Interim Management Statement today covering the period from 1 July 2010 to 21 October 2010.

Weak retail sales reinforce need to minimise risks of setback, says BCC

Fri, 22 Oct 2010 12:17:02 +0100

Commenting on the retail sales figures for September, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

The Impact of the Spending Cuts on Debt Management by Apex Credit Management

Thu, 21 Oct 2010 19:26:11 +0100

After extensive trailing, the Chancellor of the Exchequer finally announced the spending cuts designed to put the UK economy on an even keel and reduce the deficit. The 19% average cuts to departmental budgets were less severe than the 25% expected - thanks to bigger savings from the welfare budget but nonetheless, the impact on the economy will be very significant and there will be an impact on consumer debt, according to Neil Clyne, CEO at Apex Credit Management.

Crown Mortgage Management comment on the spending review

Thu, 21 Oct 2010 18:46:12 +0100

Eric Stoclet, managing director of Crown Mortgage Management, comments: "Low interest rates and government support kept a lid on arrears and possessions during the financial crisis, helping homeowners in difficulty to keep up with mortgage payments and to remain in their homes.

UK Government publishes draft legislation on the Bank Levy

Thu, 21 Oct 2010 11:22:52 +0100

Financial Secretary to the Treasury, Mark Hoban MP, announced today the publication by the Government of draft legislation on the Bank Levy, which was announced in the June Budget.

BSA calls for new regulatory regime to promote corporate financial diversity

Tue, 19 Oct 2010 19:15:33 +0100

The Building Societies Association (BSA) has identified a number of key concerns regarding the proposed new approach to financial regulation. These include the concentration of power in the Bank of England, increased costs and complexity, and overlapping responsibilities. It believes the contrasting objectives of the Prudential Regulation Authority and Consumer Protection and Markets Authority will externalise conflicts that under the FSA have been managed within a single body. ...

Comment from Callcredit Information Group on government spending cuts:

Tue, 19 Oct 2010 19:07:40 +0100

65% of Brits have experienced a sudden change in finances over the past two years, and tomorrow’s spending cuts are set to send this figure sky rocketing, says Callcredit Information Group.

Perspective reveal increased web traffic plus boost to online presence

Tue, 19 Oct 2010 19:03:59 +0100

Perspective Financial Group Limited, the consolidation vehicle for IFA firms, has today (19th October 2010) reported a significant increase in traffic to its website fuelled by a growing interest in its proposition as IFAs consider their options ahead of the implementation of the RDR in 2013.

LSL buys Pink Home Loans

Tue, 19 Oct 2010 18:40:27 +0100

LSL Property Services has today agreed to acquire the award winning mortgage distribution company, Advance Mortgage Funding Limited (trading as Pink Home Loans) and its subsidiary business BDS Mortgage Group Limited, (together known as Pink), from Skipton Building Society subject to approval from the FSA. LSL is acquiring the entire share capital in AMF for a purchase price of £1.59 million which LSL is funding from existing banking facilities.

Consumer credit and insolvency â A fairer deal

Mon, 18 Oct 2010 17:36:30 +0100

Consumer Minister, Edward Davey, and Financial Secretary to the Treasury, Mark Hoban, have launched a joint call for evidence into how people can get a fairer financial deal as part of the Government’s review into consumer credit and personal insolvency.

Paradigm add Clydesdale Bank to PFA lender panel

Fri, 15 Oct 2010 10:39:14 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today (1 October 2010) added Clydesdale Bank to the lender panel of Paradigm Financial Advisers (PFA), the network service for appointed representatives.

MBNA launches new website

Thu, 14 Oct 2010 09:53:12 +0100

MBNA has announced the launch of a new-look website. Changes to the website www.mbna.co.uk include improvements to the navigation of the site which is now easier to use and more accessible for customers.

Safeguarding the future of Royal Mail and the Post Office

Wed, 13 Oct 2010 19:34:24 +0100

The Government has today put plans before Parliament to protect two cornerstones of British life – the Royal Mail and the Post Office.

Press Statement from Co-operatives UK following today's announcement on the Postal Services Bill

Wed, 13 Oct 2010 19:27:02 +0100

Speaking following today’s announcement by the Business Secretary, Vince Cable, of the Postal Services Bill, Ed Mayo, Secretary General of Co-operatives UK, said:

FSA granted new consumer redress power

Tue, 12 Oct 2010 17:32:41 +0100

The Financial Services Authority (FSA) has today been granted a new power to deliver prompt and effective redress for consumers.

FSA to contest the BBAâs judicial review of new PPI complaints handling measures

Tue, 12 Oct 2010 12:29:15 +0100

The Financial Services Authority (FSA) will contest the British Bankers’ Association’s (BBA) judicial review of new payment protection insurance (PPI) complaints handling measures.

Only a quarter of all new home loans in August were for remortgage

Tue, 12 Oct 2010 11:56:39 +0100

Remortgaging accounted for only 25% of loans in August, the lowest proportion in over 10 years, according to the latest survey data from the Council of Mortgage Lenders (CML).

Paradigm Mortgage Services celebrate third birthday

Tue, 12 Oct 2010 11:42:45 +0100

Paradigm Mortgage Services, the mortgage partnership proposition, has today celebrated its third birthday following the launch of the business in 2007.

VocaLink Take Home Pay Indices shows public sector pay growth falls behind private sector

Mon, 11 Oct 2010 17:10:04 +0100

VocaLink’s new Public Sector Take Home Pay Index, shows annual pay growth in this sector of 1.3 per cent for the three months to September. This is below the 1.4 per cent annual pay growth in the private sector as measured by the VocaLink FTSE 350 Take Home Pay Index. This is the first time since March 2009 that private sector pay growth has exceeded the public sector pay growth.

Britain suffers from low levels of fairness according to new economic indicator

Mon, 11 Oct 2010 16:18:57 +0100

A new economic indicator launched by Co-operatives UK outside the Stock Exchange today reveals that, while politicians talk fairness, the public believe that the UK is an unfair nation.

New vice chair of FLA helps to challenge perceptions of the credit industry

Mon, 11 Oct 2010 16:05:38 +0100

The Finance & Leasing Association (FLA) today announced Gerald Grimes appointment as vice-chair of the Consumer Finance Division committee.

Black Horse Leads The Way on CCD

Fri, 08 Oct 2010 11:38:56 +0100

Leading point of sale finance provider, Black Horse, has said that the Consumer Credit Directive (CCD) will benefit customers, credit lenders and intermediaries when the firm implements it next month.

VocaLink Take Home Pay Indices shows public sector pay growth falls behind private sector

Thu, 07 Oct 2010 19:19:32 +0100

Credit unions can help increase diversity in financial services

Thu, 07 Oct 2010 19:15:32 +0100

Credit unions, according to Mark Lyonette, Chief Executive of ABCUL – the Association of British Credit Unions – are in an ideal position to help the Government achieve its aim of increasing diversity in financial services.

Inaugural Credit Excellence Awards at CCR-interactive hailed a success

Thu, 07 Oct 2010 16:26:29 +0100

The inaugural CCR Credit Excellence Awards ceremony, in association with Philips' Homecoll service, was held at the Guoman Tower Hotel in London on Tuesday evening.

Debt charity delighted at OFT crackdown

Wed, 29 Sep 2010 19:36:10 +0100

Debt-counselling charity Christians Against Poverty welcomed a report exposing 129 debt management firms who dupe vulnerable people.

Debt Advisory Line at the forefront of compliance

Wed, 29 Sep 2010 19:32:02 +0100

Debt Advisory Line, one of the UK’s leading providers of consumer debt advice, is maintaining its position at the very forefront of the debt management sector. An active member of DEMSA, the Debt Managers’ Standards Association, the company encourages the highest standards within the debt management industry and promotes good practice throughout the sector; ensuring customers are dealt with in a responsible, compassionate and transparent manner.

BSA fears over-burdensome regulation will stifle interest only mortgage market

Wed, 29 Sep 2010 19:24:49 +0100

The Building Societies Association (BSA) has today responded to the FSA's discussion paper on the potential changes in regulation of interest only mortgages, which could considerably restrict this market.

Eurodebt welcomes OFT review of debt management companies

Wed, 29 Sep 2010 19:20:16 +0100

Leading debt management provider, EuroDebt Financial Services, has responded to the Office of Fair Trading’s (OFT) compliance review of Debt Management Companies to reassure its clients and Introducer Network that its own practices and processes have been thoroughly assessed.

Mortgage lending holds steady at mutuals in August

Wed, 29 Sep 2010 19:03:33 +0100

Gross mortgage lending by mutuals was £2.0 billion in August, which is unchanged from the £2.0 billion lent in July. Mortgage approvals made in August amounted to £1.8 billion, slightly lower than the £1.9 billion in July.

OFT takes action to address widespread problems in debt management industry

Tue, 28 Sep 2010 00:00:01 +0100

The OFT has told 129 debt management firms that they face losing their consumer credit licences unless immediate action is taken to comply with its Debt Management Guidance.

The church gets serious about helping communities as cuts loom

Mon, 27 Sep 2010 19:00:12 +0100

Hundreds of churches are reacting to the financial squeeze by reaching out to their communities with advice about money management.

Online Marketing Specialist Streamlines Data Expertâs Websites

Thu, 23 Sep 2010 18:43:22 +0100

A leading search specialist today announced the latest in a clutch of high-profile account wins as it revealed it has developed a new website for experts in consumer data management, Callcredit Information Group, along with ongoing work to oversee the company’s SEO and PPC.

462% increase in credit cards restricted to existing customers

Thu, 23 Sep 2010 18:28:43 +0100

Analysis by independent financial research company Defaqto has revealed an increasing trend for credit cards to be restricted to existing customers. There are now 45 credit cards which are restricted to existing customers which represents a 462% increase from the 8 credit cards that were similarly restricted 3 years ago.

Slow credit markets in July ahead of changes to consumer regulation

Thu, 23 Sep 2010 18:07:21 +0100

At a time when significant new consumer protection measures are being implemented in the financial services sector, figures published today show that consumer credit markets remain subdued. The figures from the Finance & Leasing Association show that car finance was the only form of lending to grow in July compared to the same time last year.

'European Supervision for European Marketsâ says Sharon Bowles MEP

Wed, 22 Sep 2010 09:28:19 +0100

Liberal Democrat MEP Sharon Bowles, recently named the most influential woman in world finance by FCI, welcomes a more unified European system of supervision of financial institutions.

movewithus launches re-brand as âMove with Usâ takes off

Mon, 20 Sep 2010 19:07:10 +0100

Property specialist, movewithus has launched its new re-brand to become Move with Us, a more consumer-orientated brand that will still hold onto the business’ core ethos.

FLA launches campaign to promote âgood creditâ at Lib Dem Conference

Mon, 20 Sep 2010 19:03:15 +0100

The Finance & Leasing Association (FLA) is challenging perceptions of the credit industry with a series of fringe meetings at the Liberal Democrat, Labour and Conservative party conferences. The fringe meetings also mark the launch of the FLA’s ‘Good Credit’ campaign, which aims to improve the level of understanding of the credit market amongst politicians and government officials.

Gross mortgage lending declines in August

Mon, 20 Sep 2010 18:24:00 +0100

Gross mortgage lending declined to an estimated £11.4 billion in August, down 14% from £13.3 billion in July and 6% from £12.1 billion in August 2009, according to new data from the Council of Mortgage Lenders (CML).

CML survey shows long-term desire for home-ownership stronger than ever

Thu, 16 Sep 2010 18:02:43 +0100

Despite the credit crunch, and the knocks to consumer confidence of the past few years, more people than ever before want to be home-owners in the long term. This is one of the many findings of a consumer opinion survey undertaken by YouGov for the Council of Mortgage Lenders (CML) in advance of the CML's "Future Housing" conference on 22 September.

New Survey Reveals Job Sector with Happiest Employees

Thu, 16 Sep 2010 17:58:11 +0100

Infogroup, the leading provider of data driven and interactive resources for targeted sales, marketing and research solutions today announced new research findings from its ORC International division that shows employees in the global financial services sector are the most satisfied.

Welsh Government Minister announces Â£3.4 million funding for credit unions

Wed, 15 Sep 2010 18:28:22 +0100

Social Justice Minister Carl Sargeant has announced £3.4 million to support the continued growth and sustainability of credit unions in Wales.

Sharon Bowles MEP comments on European Parliamentâs Hearing on Economic Governance

Wed, 15 Sep 2010 18:07:30 +0100

Sharon Bowles MEP, who chairs the Economic and Monetary Affairs Committee in the European Parliament, today welcomed the contributions to the current debate on establishing a new and more robust economic governance framework in Europe.

ifs School of Finance welcomes decision to review vocational education in England

Wed, 15 Sep 2010 18:01:48 +0100

Financial education charity, the ifs School of Finance, has welcomed Education Secretary, Michael Gove’s decision to review vocational education in England. The ifs School of Finance was the first organisation to provide GCSE, AS and A level equivalent qualifications in personal finance back in 2006. It says much more needs to be done to address the low levels of financial capability in the UK.

FSA Mortgage Lending Data published

Tue, 14 Sep 2010 18:40:23 +0100

The Financial Services Authority (FSA) has today published its latest mortgage lending data for the United Kingdom covering the period Q2 2010.

Ombudsman releases latest complaints data on individual financial businesses

Tue, 14 Sep 2010 18:24:55 +0100

The Financial Ombudsman Service (FOS) today releases its third set of six-monthly complaints data relating to individual financial businesses – including banks, insurance companies and investment firms.

Why stop at employee ownership?

Tue, 14 Sep 2010 18:18:01 +0100

Ed Mayo, Secretary General of national trade body Co-operatives UK believes business leaders and decision makers should give employees more than just ‘some’ of a company to control.

âEuropean Parliament must remain firm on Baselâ - Sharon Bowles MEP

Mon, 13 Sep 2010 18:19:39 +0100

Sharon Bowles MEP, who chairs the Economic and Monetary Affairs Committee in the European Parliament, today welcomed the agreement by the Basel Committee to introduce higher capital requirements for banks but warned against watering down the requirements.

Financing Loans from Friends and Family with YES-secure

Mon, 13 Sep 2010 18:01:41 +0100

YES-secure has set itself up as a “SOCIAL NETWORK LENDING & BORROWING” website in the P2P lending space. This is a marketplace for people as members to explore and evaluate lending opportunities with other YES-secure members.

Crown Mortgage Management comments on the latest CML lending figures and Basel III developments

Mon, 13 Sep 2010 17:42:07 +0100

Eric Stoclet, managing director of Crown Mortgage Management, comments on the latest Council of Mortgage Lenders (CML) lending figures and Basel III developments:

Moodyâs confirms Coventry Building Society strength

Mon, 13 Sep 2010 17:25:51 +0100

Coventry Building Society, which has retained “A” ratings from Moody’s Investor Service throughout the credit crisis, has had its position as one of the UK’s strongest building societies reaffirmed by an assessment issued today by the credit rating agency.

July sees continuing subdued mortgage market

Mon, 13 Sep 2010 17:14:22 +0100

Demand for mortgages in July continued to be weak in what is traditionally a strong month, according to the latest regulated mortgage survey by the Council of Mortgage Lenders (CML).

Government implements saving ideas submitted through the Spending Challenge

Fri, 10 Sep 2010 18:27:07 +0100

The Government announced today that three ideas submitted to the Spending Challenge by members of the public and public sector workers will be implemented as policy by the Government.

MP advises: shun Christmas savings clubs in favour of credit unions

Fri, 10 Sep 2010 18:05:13 +0100

Yvonne Fovargue, MP for Makerfield and Secretary of the All-Party Parliamentary Group on Credit Unions, has urged people to save with their local credit union rather than unprotected savings schemes such as Farepak which collapsed four years ago. She also calls for those who lost funds to be compensated.

VocaLink Take Home Pay Index jumps to 1.3% but inflation still way ahead at 3.1%

Thu, 09 Sep 2010 18:12:51 +0100

Annual growth in the VocaLink Take Home Pay Index has jumped by 0.5 percentage points in the three months to August to 1.3 per cent from 0.8 per cent over the three months to July. However, it is still short of the consumer price index (CPI) measure of inflation which stands at 3.1 per cent in July year-on-year. Over the three months to July, therefore, inflation was 2.4 percentage points higher than the VocaLink Take Home Pay Index over the same period.

Lord Sassoon welcomes Indian Banks to the UK

Tue, 07 Sep 2010 17:56:11 +0100

Commercial Secretary to the Treasury, Lord Sassoon, while on a visit to India, today launched a UK financial services guide in Mumbai as a direct response to the interest of Indian banks and financial firms, keen to set up businesses in the UK.

Changes to the Financial Services Authority Board

Tue, 07 Sep 2010 17:50:34 +0100

Mark Hoban MP, Financial Secretary to the Treasury, today announced the appointment of Margaret Cole to the Financial Services Authority (FSA) Board, with effect from 7 September 2010.

No linked products - Coventry Intermediaries launches a new pledge

Tue, 07 Sep 2010 17:33:42 +0100

Today Coventry Intermediaries have pledged not to offer linked products as part of their mortgage portfolio.

FSA bans insurance broker David Marriott for persistent misuse of client money

Thu, 02 Sep 2010 16:11:18 +0100

The Financial Services Authority (FSA) has imposed a lifetime ban on David Marriott, former chief executive of two insurance intermediaries, Target Underwriting Ltd (Target) and Professional Insurance Select LTD (PISL) for failing to segregate and protect money from clients’ insurance premiums.

FSA fines Moneywise IFA Limited for advice failings in relation to platforms

Thu, 02 Sep 2010 15:44:38 +0100

The Financial Services Authority (FSA) has fined Moneywise IFA Limited (Moneywise) £19,600 for failing to have sufficiently robust compliance arrangements for the investment advice it gave customers using platforms and discretionary portfolios.

4 million benefit recipients still prevented from using UK cash machine network

Thu, 02 Sep 2010 15:37:19 +0100

Today, LINK, the UK cash machine network, has published its annual Consumer Committee Report. The report regrets that despite successfully installing 740 new free-to-use ATMs in the country's most deprived areas, 4 million consumers with government-issued Post Office Card Accounts - used for withdrawing benefits - are still unable to use them.

Godiva strengthens its position in the prime residential market

Tue, 31 Aug 2010 17:47:15 +0100

Godiva Mortgages has underlined its recent entry into the prime residential mortgage market by launching new residential and buy-to-let mortgage deals, including a market-leading 3 Year Fixed Rate for residential purchases and remortgages.

Confusing benefits leave some indebted families out of pocket

Fri, 27 Aug 2010 13:03:16 +0100

Leading debt solutions provider, Atlantic Financial Management, is warning that many families and individuals already in financial difficulty are facing further hardship because they are under claiming for the various welfare benefits and tax credits to which they are entitled.

Falling credit demand reflects economic uncertainty

Thu, 26 Aug 2010 21:01:43 +0100

Low consumer confidence in the economy is affecting the take-up of consumer credit products. This is the implication of the latest consumer credit figures from the Finance & Leasing Association (FLA), which show that consumers used 8% less credit in the 12 months to June 2010 than in the previous 12 months.

Home-ownership - the end of a golden era or start of a new age of aspiration?

Tue, 24 Aug 2010 18:24:49 +0100

Are we at the end of a golden era of owner-occupation, or the beginning of a new age of aspiration, with home-ownership at its centre? Today’s issue of CML News & Views looks at the contrasting claims of the Chartered Institute of Housing and the new housing minister, Grant Shapps.

New reports reveal all about payments in the UK

Mon, 23 Aug 2010 17:48:09 +0100

UK Payments Statistics 2010 and UK Plastic Cards 2010, two reports published by the Payments Council and The UK Cards Association, reveal all you ever wanted to know about payments in the UK.

Lend and Borrow on YES-secure to Win Exciting Freebies

Mon, 23 Aug 2010 15:52:45 +0100

YES-secure.com recently launched its innovative online financial social lending and borrowing platform in the UK consumer loans space and would like to involve the public with a series of exciting promotional offers. We would like to highlight the various offers before their time runs out and our registered members as well as general public lose out on some great investment propositions.

Connections on YES-secure.com give better rates for borrowers and higher returns for lenders

Thu, 19 Aug 2010 18:47:50 +0100

YES-secure.com, a web marketplace for people to find, help and evaluate lending and borrowing opportunities with other people, has introduced social networking to the lending and borrowing community in the UK.

Gross mortgage lending up 5% in July

Thu, 19 Aug 2010 18:31:57 +0100

Gross mortgage lending totalled an estimated £13.6 billion in July, a 5% increase from £12.9 billion in June but down 3% from £14 billion in July 2009, according to new data from the Council of Mortgage Lenders (CML).

Public invited to vote on ideas to make savings

Wed, 18 Aug 2010 18:15:54 +0100

The public is today being asked to vote to find the best ideas from over 44,000 submitted to the Treasury as part of the public engagement through the Spending Challenge website. The most promising ideas will be taken forward as part of the Spending Review process, which will set budgets for public services for the next four years.

MPC August minutes - comments from Nick Hopkinson, Property Portfolio Rescue

Wed, 18 Aug 2010 17:45:12 +0100

Comments from Nick Hopkinson, Director of Property Portfolio Rescue – the UK-based residential property landlord – in relation to the release of today’s minutes for the August meeting of the Monetary Policy Committee:

Credit unions highlighted as alternative to payday lending by Consumer Focus

Tue, 17 Aug 2010 17:28:05 +0100

A report from Consumer Focus on the pay-day lending market has recommended the extension of support for credit unions and an expansion of their services through the Post Office network to address the detriment that can be caused by high-cost, instant borrowing.

CBS to focus on Coventry Intermediaries following merger

Tue, 17 Aug 2010 17:16:10 +0100

Coventry Building Society has announced that ITL Mortgages Ltd, the intermediary subsidiary of Stroud & Swindon Building Society, will close to new business when the two societies merge on 1st September.

More than 250,000 use forecourt finance for car purchases this year

Mon, 16 Aug 2010 15:14:47 +0100

In the first six months of 2010, more people used dealer finance than personal loans or savings to make a new car purchase. New figures show that 264,377 people used forecourt finance to buy a new car, which was 49.4% of all new cars sold to consumers. The number of new cars bought on finance was up 26% in the first half of 2010.

Veri-check selects Equifax to help landlords with tenant verification & credit checking

Mon, 16 Aug 2010 14:56:02 +0100

Veri-Check, the background check and public information provider has selected leading consumer credit and business information expert, Equifax, for its new online Tenant Verification service. Through Veri-Check, landlords and rental agents will be able to check the identity of potential tenants using Equifax consumer data before signing any rental agreements.

Beating the Banks â A new way for Lenders and Savers to make Inflation beating Returns

Fri, 13 Aug 2010 18:55:35 +0100

YES-secure.com offers lenders a secure peer to peer borrowing and lending marketplace to garner healthier inflation beating returns on their investment compared to the traditional investment vehicles offered by banks and other institutions.

Crown Mortgage Management comment on CML arrears and possessions figures

Thu, 12 Aug 2010 15:05:50 +0100

Eric Stoclet, managing director of Crown Mortgage Management, commented on the latest CML arrears and possessions figures:

Debt charity warns of rise in repossessions

Thu, 12 Aug 2010 13:38:16 +0100

National debt charity Consumer Credit Counselling Service (CCCS) welcomes the fall in repossessions in the UK for the second quarter of 2010 that was announced today by the Council of Mortgage Lenders. However, CCCS is warning that a rise in repossessions is likely over the next year.

Repossessions see continued decline

Thu, 12 Aug 2010 13:33:52 +0100

Figures published today by the Council of Mortgage Lenders (CML) show that the number of repossessions in the second quarter of this year reached 9,400 – down 4% from 9,800 in the first quarter and down from 11,800 on the corresponding quarter of 2009.

CML reports second quarter buy-to-let results

Thu, 12 Aug 2010 13:18:44 +0100

The freezing up of the buy-to-let mortgage market that emerged as an unwelcome side-effect of the credit crunch appears to have eased a little, according to the latest buy-to-let survey results from the Council of Mortgage Lenders (CML).

Second-charge mortgage lenders repossess 50% fewer properties

Thu, 12 Aug 2010 12:55:22 +0100

Repossessions for second-charge mortgages were halved in the second quarter of 2010, compared with Q2 2009 according to latest figures from the Finance & Leasing Association (FLA).

CML reports decline in arrears and repossessions

Thu, 12 Aug 2010 12:48:48 +0100

The number of properties taken into possession by first-charge mortgage lenders continued to fall in the second quarter of 2010, according to the latest data from the Council of Mortgage Lenders (CML). There were 9,400 repossessions (down from 9,800 in the first quarter and 11,800 in the second quarter of 2009).

PPR Q2 âdistress indexâ confirms housing market mood swing

Wed, 11 Aug 2010 17:49:56 +0100

Property Portfolio Rescue (PPR), the UK-based residential property landlord, has today published the results of its quarterly Distress Index. The Distress Index uses data on the latest PPR enquiries from distressed sellers to forecast future mortgage possessions, company liquidations and UK unemployment.

Fixed rate mortgages gained popularity in June

Wed, 11 Aug 2010 17:26:38 +0100

According to new data from the Council of Mortgage Lenders (CML), 48% of new borrowers took out a fixed rate mortgage in June, the highest proportion so far in 2010. Fixed rates had proved unpopular this year compared to the last several years due to an historic low bank rate with little prospect of the rate rising. But with fixed rate prices falling they are starting to find favour again.

Local authorities able to sell renewable energy to the National Grid

Tue, 10 Aug 2010 17:31:24 +0100

Speaking in response to the announcement yesterday by Chris Huhne, Secretary of State for Energy and Climate Change, that from next week local authorities will be able to sell renewable energy to the National Grid, Ed Mayo, Secretary General of Co-operatives UK, who co-authored discussion paper – A new energy infrastructure – in November 2009, which called for this step as part of a wider move towards community level energy, said:

Co-operatives UK press statement - A co-operative BBC

Tue, 10 Aug 2010 17:08:02 +0100

Speaking in response to the news that Labour leadership candidate David Miliband and former culture secretary Tessa Jowell are calling for the BBC to be transformed into a co-operative, Ed Mayo, Secretary General of Co-operatives UK, said:

FSA confirms measures to reform PPI market and protect consumers

Tue, 10 Aug 2010 16:55:57 +0100

The Financial Services Authority (FSA) today published a policy statement confirming its package of measures to protect consumers in the Payment Protection Insurance (PPI) market.

Co-operatives UK press statement - Co-operative pubs

Mon, 09 Aug 2010 19:25:20 +0100

Speaking in response to the news reported in The Sunday Telegraph - that a £3.3 million fund set up by the Department for Communities and Local Government to help stem the closure of local pubs has been closed down before a penny was paid out – Ed Mayo, Secretary General of Co-operatives UK, said:

One in three Brits opt for budget holiday this year

Mon, 09 Aug 2010 19:10:00 +0100

More than a third of Brits (38%) are spending less on their holidays this year and a quarter aren’t having a holiday at all, according to new research by insolvency trade body R3.

Debt levels are 'tip of the iceberg'

Fri, 06 Aug 2010 11:10:00 +0100

Figures published today by the Insolvency Service show the number of personal insolvencies in England and Wales reaching 34,743 in the second quarter of 2010 - a decrease of 2.6% on the previous quarter but an increase of 5.0% on the corresponding quarter a year ago. The figures consisted of 13,466 Individual Voluntary Arrangements (IVAs), an increase of 10.2% on the corresponding quarter in 2009, 14,982 bankruptcies, representing a decrease of 20.6% on the corresponding quarter of 2009 and 6,29 ...

Take Home Pay Index increases to 0.8% but is dwarfed by 3.2% inflation

Fri, 06 Aug 2010 11:06:19 +0100

The VocaLink Take Home Pay Index has edged up again in July by 0.2 percentage points to reach 0.8 per cent, but is falling well short of inflation rates. According to the consumer price index, the annual rate of inflation reached 3.2 per cent in June which is four times higher than the growth in take home pay. This continued gap between take home pay and inflation is eroding real disposable income as the cost of essential spending increases at a greater pace than growth in pay.

Coventry reduces rates by up to 0.24% on fixed rate mortgages

Fri, 06 Aug 2010 10:29:31 +0100

Coventry has today reduced their rates on two fixed rate mortgage deals. These include a reduced rate of 3.05% previously priced at 3.15% for 2 years and 3.99% reduced to 3.75% for 3 years.

FSA confirms Stroud & Swindon Building Society merger with the Coventry Building Society

Tue, 03 Aug 2010 17:43:27 +0100

The Financial Services Authority (FSA) has announced that it has confirmed the proposed transfer of the engagements of the Stroud & Swindon Building Society to the Coventry Building Society.

All in Property calls for Contractor Code of Conduct to support MMR

Tue, 03 Aug 2010 17:02:39 +0100

All in Property, the UK’s largest independent contractor firm has called for code of conduct for contractors to support proposals contained within the new Mortgage Market Review (MMR).

SAV Credit completes senior management team for growth

Tue, 03 Aug 2010 16:58:13 +0100

SAV Credit Limited, the UK’s leading specialist credit card provider, has appointed Brian Loehr as Managing Director to spearhead its focus on best-practice credit risk management and modelling techniques.

Landlords increasingly uncertain about BTL market outlook

Tue, 03 Aug 2010 16:54:03 +0100

Specialist lender, CHL Mortgages, has today revealed the results of its second survey of landlord customers with landlords slightly less positive about the outlook for the buy-to-let market in the UK than six months ago.

Cabot Financial awarded Bronze status by Investors in People

Mon, 02 Aug 2010 18:14:14 +0100

Cabot Financial, a market leader in debt purchase, has been accredited with Bronze status by Investors in People in recognition of the positive way in which they have harnessed the skills of their employees in working towards and achieving the company’s goals.

Over 2 million holidaymakers in debt over holiday

Mon, 02 Aug 2010 18:10:21 +0100

According to new figures published by R3, the insolvency trade body, over 2 million (2,329,500) holidaymakers have had to borrow on average more than £1000 (£1,130) and will spend seven months paying it back.

VocaLink provides Metro Bank with ATM Managed Services and Service Bureau connectivity

Fri, 30 Jul 2010 12:06:40 +0100

VocaLink, the international specialist payments partner, has announced it is providing Metro Bank, the first new full service high street bank to enter the UK market in over one hundred years, with a one stop shop solution for all its payment needs. Metro Bank has outsourced the management of its ATM estate, domestic and international payments and debit card processing to VocaLink. Metro Bank opened its first branch on 29 July 2010 in London.

Do you really know who your Facebook friends are?

Fri, 30 Jul 2010 12:03:46 +0100

The risk of personal details being spread across the net from Facebook has been highlighted by two pieces of research released in the last 24 hours. Ron Bowes, a security consultant, used a piece of code to scan the profiles of more than 100 million Facebook users, collecting data not hidden by privacy settings, and published it on the net. And whilst Facebook claims the data is already public information, new research from ID fraud expert, Equifax, suggests that the profiles could b ...

CML comments on Bank of England mortgage data

Thu, 29 Jul 2010 16:56:35 +0100

Today’s Bank of England lending data for June confirms that a quiet mortgage market is set to remain into the autumn. The gross lending figure (not seasonally adjusted) was £12.9 billion in the month, a little lower than the CML’s earlier estimate of £13.1 billion. And the number of approvals for both house purchase and remortgaging were lower than in June last year.

Gross lending at mutuals up 19% in June

Thu, 29 Jul 2010 16:50:49 +0100

According to the latest press release from the Building Societies Association (BSA), gross mortgage lending by mutuals was £1,798 million in June, 19% greater than the £1,507 million in May, and 34% higher than the average of £1,345 million over the previous five months. Mortgage approvals worth £1,735 were made in June, an increase of 11% on the £1,559 million in May and the highest level this year.

Total UK personal debt UK Debt Statistics - August 2010

Thu, 29 Jul 2010 16:24:14 +0100

UK banks and building societies wrote off £9.6bn of loans to individuals in the last 12 months to end Q1 2010. In Q1 2010 they wrote off £2.13bn (£1.25bn of that was credit card debt). This amounts to a write-off of £23.35m a day.

Metro Bank joins LINK ATM Network

Thu, 29 Jul 2010 11:43:10 +0100

Metro Bank, Britain’s first new high street bank in over 150 years, has joined the LINK ATM network, giving its customers access to the entire UK cash machine network.

Noble Systems Receives â2010 IP Contact Centre Technology Pioneerâ Award

Wed, 28 Jul 2010 17:43:55 +0100

Noble Systems, a global leader in innovative contact centre technology solutions, has received a “2010 IP Contact Centre Technology Pioneer Award” from Technology Marketing Corporation’s (TMC) Customer Interaction Solutions magazine for Noble SIPhony.

Business Growth Day for Daviker's TouchStar Customers

Wed, 28 Jul 2010 09:49:12 +0100

Daviker has announced that the third edition of their hugely successful TouchStar User Group Conference will be taking place at the Hilton Hotel, Manchester on Thursday, 7th October.

Fall in consumer credit spending reflects economic uncertainty

Wed, 28 Jul 2010 09:40:35 +0100

Many consumers are waiting to see what happens in the wider economy before making credit commitments. This is the implication of the latest consumer credit figures from the Finance & Leasing Association (FLA) . The statistics show that consumers used 8% less credit in the 12 months to May than in the 12 month period to May 2009.

GCS Recruitment launches Banking & Financial Services division

Wed, 28 Jul 2010 09:30:22 +0100

GCS Recruitment Specialists has formed a new Banking & Financial Services division, led by industry veteran John Kennedy. This is in response to a growing demand for sector specialists, in particular to fill critical roles in the areas of risk, regulation and compliance.

FLA responds to regulatory reform of financial services

Tue, 27 Jul 2010 13:15:21 +0100

Responding to the Financial Secretary’s announcement on regulatory reform of financial services, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:

Roger Liddell to retire in 2011

Mon, 26 Jul 2010 18:29:43 +0100

Roger Liddell has informed the Board of his intention to retire from his role as chief executive of LCH.Clearnet Group Limited and its subsidiary company LCH.Clearnet Ltd in July 2011, after five years with the group.

FSA implements new powers granted by Financial Services Act 2010

Fri, 23 Jul 2010 13:51:30 +0100

The document includes new rules and guidance covering the following areas:

European Stress Testing results 5pm today - SAS comment?

Fri, 23 Jul 2010 13:35:51 +0100

With The Committee of European Banking Supervisors set to release the European Stress Testing results today at 5pm London time, Leigh Bates, Head of Financial Services Practice at SAS, comments :

âDebt Consolidationâ and âStudent Feesâ most popular loans approved through ...

Fri, 23 Jul 2010 13:18:19 +0100

YES-secure.com, the UK’s first truly social network aimed at peer to peer (person to person) social lending and borrowing, announced that the two most popular unsecured loan categories currently being approved through its web marketplace are “Debt Consolidation” and “Student Fees”.

Avoid exorbitant overdraft charges with a Credit Union Current Account

Wed, 21 Jul 2010 17:55:56 +0100

News that unauthorised current account overdrafts can result in exorbitant charges (up to 167% APR, on average) might have been a shock to many people – but not to those with a Credit Union Current Account.

OFT launches consultation on online consumer protection

Wed, 21 Jul 2010 17:47:00 +0100

Protecting UK consumers online is the focus of a long-term strategy launched for consultation by the Office of Fair Trading (OFT) today.

HSBC chooses Target to manage investment portfolio

Tue, 20 Jul 2010 17:27:07 +0100

HSBC has appointed leading financial outsourcer and software solutions company, Target Group, to manage and service one of its structured investment products’ portfolios.

Gross mortgage lending up 15% in June

Tue, 20 Jul 2010 16:53:15 +0100

Gross mortgage lending in June was an estimated £13.1 billion, a 15% increase from £11.4 billion in May and a 7% increase from £12.2 billion in June last year, according to new data from the Council of Mortgage Lenders (CML).

Precise Mortgages Cuts Product Fees

Mon, 19 Jul 2010 12:04:56 +0100

Precise Mortgages have slashed the product fee on their exclusive and semi exclusive mortgage products. The fee has been cut from 3% to 1.5% which makes them amongst the most attractive in the BTL market.

REC response to latest unemployment figures

Fri, 16 Jul 2010 10:10:29 +0100

Figures released this week by the Office for National Statistics have shown a slight drop in the number of people out of work. Between March and May, the number fell by 34,000 to 2.47 million.

Monetary Policy and Financial Stability Speech by David Miles

Fri, 16 Jul 2010 10:08:40 +0100

In a speech to the Bristol Business Forum, David Miles – an external member of the Bank of England’s Monetary Policy Committee (MPC) – explains his view of the appropriate policy response to the financial crisis.

Spanish formula launched for UK football clubs

Thu, 15 Jul 2010 15:29:05 +0100

The way to improve football in the UK, now the World Cup is over, is to follow the approach of leading Spanish clubs and hand them over to their fans, according to a new report being launched today (15 July) by Co-operatives UK and Supporters Direct.

Coalition Government launches consultation document on Bank Levy

Thu, 15 Jul 2010 10:56:46 +0100

Financial Secretary to the Treasury, Mark Hoban MP, has launched a consultation document on the Bank Levy.

Consumer credit review provides an opportunity to streamline regulation

Wed, 14 Jul 2010 14:56:43 +0100

Responding to the Consumer Affairs Minister’s announcement of a review later this year into the consumer credit market, Finance & Leasing Association (FLA) Director General, Stephen Sklaroff said:

Liberal Democrat MEP Sharon Bowles named as most influential woman in European finance

Wed, 14 Jul 2010 13:29:25 +0100

Liberal Democrat MEP, Sharon Bowles, who represents the South East of England at the European Parliament, has been named as the most influential women in European finance according to a Top 100 list published in the Financial News this week.

Review of consumer credit announced

Wed, 14 Jul 2010 12:41:46 +0100

Consumer Affairs Minister Edward Davey has announced that a review of consumer credit and personal insolvency will be undertaken by the Government.

Hitachi Capital Consumer Finance announces record growth

Wed, 14 Jul 2010 10:54:46 +0100

Hitachi Capital Consumer Finance, the UK's leading finance provider of point of sale (POS) credit solutions,has announced a record year for new business, reporting an impressive 53 per cent growth in volume of business for 2009/2010 and is on course to write over £1 billion of new business in the current year.

UK ATMS open to German girocard holders

Wed, 14 Jul 2010 10:38:49 +0100

Holders of German debit cards – known as ‘girocards’ – are now able to withdraw cash from ATMs across the UK. The UK’s LINK ATM network has opened all 63,000 UK cash machines to all users of the German card scheme (more than 92 million) operated by the Zentraler Kreditausschuss (German Banking Community).

YES-secure successfully approves its first three Social Lending Loans

Wed, 14 Jul 2010 10:22:22 +0100

YES-secure.com, UK’s first truly social networking lending and borrowing web marketplace specifically for consumers in the UK has successfully closed its first THREE social lending loans in its very first month of operations with several more loan requests in the approval pipeline.

Movers spend lowest ever average proportion of income on their mortgages

Tue, 13 Jul 2010 09:08:04 +0100

Borrowers moving home in May saw their mortgage interest payments accounting for the lowest proportion of their income in 35 years, according to new data from the Council of Mortgage Lenders (CML).

Adeptra advisory round table highlights new era of consultative customer communication

Thu, 08 Jul 2010 09:25:18 +0100

Adeptra, the recognised leader in automated contact and resolution services to companies, announced it has hosted its Summer 2010 Advisory Round Table for UK and European customers.

VocaLink Take Home Pay Index edges up by just 0.1 percentage points in June

Thu, 08 Jul 2010 08:02:12 +0100

The VocaLink Take Home Pay Index for June witnessed a marginal increase, edging up by 0.1 percentage points from its lowest level ever recorded in May, to reach 0.6 per cent annual growth.

Euro MP Sharon Bowles hails victory over bankersÂ´ bonuses and casino banking

Thu, 08 Jul 2010 07:50:49 +0100

Southeast Lib Dem MEP Sharon Bowles, who chairs European Parliament's influential Economic and Monetary Affairs Committee, has hailed the new EU law to rein in bankers´ bonuses a landmark success.

International Co-operative Alliance names Charles Gould as Director-General

Thu, 08 Jul 2010 07:46:35 +0100

Following a search by Global Recruitment Specialists, the Board of the International Co-operative Alliance (ICA) has selected Charles Gould to serve as the organisation’s Director-General.

FSA announcement of new rules to protect vulnerable customers in arrears

Mon, 05 Jul 2010 17:11:09 +0100

Neil Smith, Associate Solicitor, Optima Legal, comments on the Financial Services Association (FSA) announcement of new rules to protect vulnerable customers in arrears on their mortgages or entering sale and rent back.

Avoid spiralling debt with summer saving tips

Mon, 05 Jul 2010 16:58:49 +0100

As the UK prepares for the school summer holiday season amidst unpredictable volcanic ash, the Greek financial crisis and Spanish economic problems, holidaymakers are being urged to enjoy a UK staycation, to save hard earned cash and avoid spiralling debt at the end of the summer.

Minister sets out Government support for credit unions and mutuals

Thu, 01 Jul 2010 16:26:27 +0100

Financial Secretary to the Treasury, Mark Hoban MP, yesterday confirmed the new Coalition Government’s commitment to credit unions and mutuals at a House of Commons reception organised by the All-Party Parliamentary Group on Credit Unions.

Coventry Building Society works with local schools to promote financial literacy

Thu, 01 Jul 2010 16:09:18 +0100

Today Coventry Building Society has been working with the students of Stoke Park School and Community College as part of PFEG’s My Money Week (See notes to editors). Staff from the society are running financial literacy sessions with Year 10 students to improve their understanding of simple money management and the difference between financial products.

New product exclusives from Precise Mortgages

Thu, 01 Jul 2010 15:54:44 +0100

Precise Mortgages has enhanced its product range by launching two new exclusive Buy to Let Products. Legal & General Mortgage Club ARs, and select DA members will benefit from a 4.99% Lifetime Tracker, whilst Mortgage Intelligence, Mortgage Next AR and select DA members have access to a 4.95% 2 Year Tracker, both products at 75% LTV.

OFT revokes credit licence of Middlesbrough businessman

Thu, 01 Jul 2010 15:38:15 +0100

The Office of Fair Trading (OFT) has revoked the credit licence of Middlesbrough-based businessman Peter Hall, preventing him from carrying out consumer credit activities such as lending money, arranging credit or collecting debts.

Baines and Ernst sign exclusive deal with IncomeMAX

Wed, 30 Jun 2010 16:19:56 +0100

Baines and Ernst, one of the UK’s largest providers of debt solutions, has partnered with the entitlement and benefit check experts IncomeMAX to provide free welfare benefits checks to their customers.

BSA comments on OFT response to cash ISA super-complaint

Tue, 29 Jun 2010 15:56:06 +0100

Commenting today on the Office of Fair Trading's (OFT) formal response to the Consumer Focus super-complaint on cash ISAs, Adrian Coles, Building Societies Association director-general, said:

Mortgage lending by mutuals picks up in May

Tue, 29 Jun 2010 15:45:28 +0100

Gross mortgage lending by mutual lenders in May was £1,508 million, 8% greater than the £1,399 million lent in April. Mortgage loans approved (but not yet made) in May were £1,571 million, similar to the £1,527 million approved in April, according to figures just released by the Building Societies Association (BSA).

Exact goes live with Phoebus Software

Tue, 29 Jun 2010 15:33:38 +0100

Phoebus Software is supplying the IT servicing platform and related interfaces for Exact Mortgage Experts.

LaSer UK reports strong growth, creates new employment and sets billion pound target for 2010

Mon, 28 Jun 2010 16:20:20 +0100

LaSer UK, the Solihull-based credit and loyalty business, has reported strong growth in 2009 and is confident of becoming a billion pound business in 2010.

Co-operative sector nudges Â£34 billion

Mon, 28 Jun 2010 15:59:27 +0100

Latest figures from Co-operatives UK reveal that co-operative businesses in the UK have pushed up their combined turnover by some 15.8% to almost £34 billion – during the same period UK GDP decreased by 4.9%.

CML Urges Treasury to grasp opportunity to improve building society prospects

Fri, 25 Jun 2010 17:21:12 +0100

The Council of Mortgage Lenders has responded to the Treasury discussion paper "Building society capital and related issues", urging the government to consider capital issues alongside regulatory and funding issues, to allow building societies to play their full role in the restoration of a healthy and competitive mortgage market.

LaSer UK reports strong growth, creates new employment and sets billion pound target for 2010

Fri, 25 Jun 2010 17:12:05 +0100

LaSer UK, the Solihull-based credit and loyalty business, has reported strong growth in 2009 and is confident of becoming a billion pound business in 2010.

CML responds to FSA policy announcements

Fri, 25 Jun 2010 16:30:44 +0100

The Council of Mortgage Lenders (CML) has responded to the FSA's policy announcements today on "arrears and approved persons" and "sale and rent back" with a mixed view.

Coventry launches new fixed rates from 4.20%

Thu, 24 Jun 2010 00:00:01 +0100

Coventry has today launched a new range of fixed rate mortgage products which includes a reduced rate of 4.20% for three years previously offered at 4.25%. These low rates are available for a range of LTV’s with competitively priced arrangement fees.

BSA Responds on Building Society Capital

Wed, 23 Jun 2010 18:48:55 +0100

The BSA has submitted its response to the Treasury's Discussion Paper on building society capital and related issues, detailing how building societies could develop a new form of Tier 1 capital, that fits the mutual model, if the right outcome is obtained in a forthcoming EU directive.

Emergency Budget - comment from Optima Legal

Tue, 22 Jun 2010 19:17:06 +0100

Anthony Ruane, Partner, Optima Legal, says: "The emergency budget comes as no real surprise - we all expected a difficult budget in the context of the unacceptable fiscal deficit.

BSA comments on emergency Budget measures

Tue, 22 Jun 2010 19:07:30 +0100

Commenting on the measures announced by the Chancellor in the emergency Budget today, Brian Morris, Head of Savings Policy at the Building Societies Association (BSA), said:

Credit union disappointment at Government decision to scrap Saving Gateway

Tue, 22 Jun 2010 19:03:05 +0100

ABCUL - the Association of British Credit Unions – has expressed its disappointment at the decision announced by the Government in today’s Emergency Budget to scrap Saving Gateway.

FSA Mortgage Lending Data published

Tue, 22 Jun 2010 18:35:44 +0100

The Financial Services Authority (FSA) has today published its latest Mortgage Lending Data for the United Kingdom covering the period Q1 2010.

Pioneering âformula for co-operationâ launched in the UK

Mon, 21 Jun 2010 19:15:17 +0100

Co-operation is back in vogue. The principles developed by the Rochdale Pioneers in the UK over 166 years ago, are now the foundation for a global economy supporting half of the world’s population, a co-operative sector in the UK to which one in five of us belong and the government’s new coalition leadership.

movewithus launch new innovative consumer website

Mon, 21 Jun 2010 09:53:08 +0100

Property specialists movewithus have launched a new website, which has been designed to provide maximum exposure for their client’s properties, whilst improving the customer journey.

Gross Mortgage lending up 7% in May

Mon, 21 Jun 2010 09:45:53 +0100

Gross mortgage lending totalled an estimated £11.3 billion in May, a 7% increase from £10.5 billion in April and up 10% from £10.2 billion in May 2009, according to new data from the Council of Mortgage Lenders (CML).

Business Debtline helps ten thousand businesses in 2010

Fri, 18 Jun 2010 17:08:20 +0100

Business Debtline – a helpline run by the Money Advice Trust - revealed today that it has helped its 10,000th business struggling with debt this year. The helpline, a unique national service that provides impartial advice to micro businesses and sole traders, will by the end of the year have provided expert advice and support to over 100,000 businesses struggling with debt since 1992.

National Payments Plan â a two-year progress update

Fri, 18 Jun 2010 11:39:09 +0100

The Payments Council today published an update on their work on their National Payments Plan. Work has primarily focused on the future of cheques, following the Payments Council Board’s decision to close cheque clearing in 2018 provided suitable alternatives are available.

FLA responds to Financial Secretary's statement on financial services reform

Thu, 17 Jun 2010 16:51:05 +0100

Responding to the Financial Secretary’s statement to Parliament on the reform of financial services, Stephen Sklaroff, Director General of the Finance & Leasing Association said:

Should regulators judge culture?

Thu, 17 Jun 2010 15:07:59 +0100

Unacceptable culture within firms was a major contributor to the financial crisis and so regulators should play a greater role in judging how culture drives firms' behaviour and impacts on society as a whole, according to the chief executive of the Financial Services Authority (FSA).

Action to tackle poor value for money and unfunded spending commitments

Thu, 17 Jun 2010 15:03:29 +0100

Today, the Chief Secretary to the Treasury, Danny Alexander, announced which projects re-submitted to the Treasury will be suspended and cancelled as part of a review of all spending decisions taken since 01 January. Projects have been cancelled where they were not affordable, did not represent good value for money, or where they did not reflect the Government's priorities.

Struggling debtors: over forty percent risk snowballing debts

Thu, 17 Jun 2010 12:45:45 +0100

Research commissioned by R3, the insolvency trade body, reveals that more than four in ten (44%) individuals who freely admit to struggling with their debt have not sought advice because they do not believe that their problem is big enough to need help.

Speech at The Lord Mayorâs Dinner for Bankers & Merchants of the City of London

Thu, 17 Jun 2010 12:43:47 +0100

Speech at The Lord Mayor’s Dinner for Bankers & Merchants of the City of London by The Chancellor of the Exchequer, The Rt Hon George Osborne MP, at Mansion House.

New report shows income inequality set to get worse for 7.2 million âsqueezed middle'

Thu, 17 Jun 2010 10:29:34 +0100

The Resolution Foundation, the low earners think-tank, today publishes a report which shows how the coalition government can share the pain of deficit reduction fairly across society. The report acknowledges that cuts are necessary but highlights how the overall deficit reduction plan in the emergency budget must ensure cuts and tax rises are proportional to ensure everyone shoulders the burden together - and the UK’s 7.2 million low income households do not remain the squeezed middle bear ...

Sir John Vickers to Chair the Independent Commission on Banking

Wed, 16 Jun 2010 14:15:57 +0100

The Chancellor of the Exchequer George Osborne today announced that Sir John Vickers will chair the Independent Commission on Banking.

VocaLink enhances its reach for payments into the UK

Wed, 16 Jun 2010 12:35:02 +0100

VocaLink, the international payment transaction specialist, today announced that it is enhancing its Euro Clearing and Settlement Mechanism (CSM) service. Banks and their customers will benefit from greater reach and flexibility in submitting SEPA and non-SEPA payments destined for UK Euro or pound sterling accounts.

CML comment on spending cap speculation

Wed, 16 Jun 2010 12:32:57 +0100

Responding to today's speculation that the Chancellor is set to announce that the Bank of England will gain new powers to impose limits on the type of mortgage lending that lenders will be able to undertake in the future, the Council of Mortgage Lenders says it is vital that there should be a logical discussion of what objectives such a measure would be designed to achieve. The characteristics of today's market are not likely to stoke risky mortgage lending, and the international and domestic me ...

FSA bans three individuals and fines two of them for mortgage fraud

Wed, 16 Jun 2010 12:31:07 +0100

The Financial Services Authority (FSA) today announced it has banned three mortgage brokers from working in the financial services industry; and fined two of the brokers £294,500 and £120,000.

Exact Mortgage Experts comments on the latest unemployment figures

Wed, 16 Jun 2010 12:27:10 +0100

Commenting on the latest unemployment figures, Alan Cleary, managing director of Exact Mortgage Experts, said:

Credit union response to publication of OFT review of high cost credit

Tue, 15 Jun 2010 15:06:02 +0100

ABCUL – the Association of British Credit Unions – has responded to the publication today (15 June) of the Office of Fair Trading’s final report on its review of high cost credit.

No easy solutions as consumer confidence in housing market recovery remains low

Tue, 15 Jun 2010 14:45:29 +0100

Just 45% of consumers surveyed in the BSA's latest, June 2010, quarterly Property Tracker survey think that now is a good time to buy property. This compares with a figure of 49% of those surveyed and asked the same question in March 2010.

FLA response to OFT High-Cost Credit Review

Tue, 15 Jun 2010 10:09:21 +0100

Responding to the OFT Review of High-Cost Credit, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association said:

Desperate times push nearly 70,000 towards loan sharks

Tue, 15 Jun 2010 10:06:20 +0100

As many as 67,000, or 7%, of those struggling with debts say they have already contacted a loan shark or doorstep lender, while a further 13% have considered doing so. This is based on research by insolvency trade body R3 who have identified a group of 961,000 individuals who describe themselves as ‘struggling with debt but have not sought help’.

Money Advice chief awarded OBE

Mon, 14 Jun 2010 15:48:36 +0100

The Money Advice Trust (MAT) is delighted to announce that Chief Executive Joanna Elson has been awarded an OBE in the Queen’s birthday honours list for services to people in debt.

Credit Action President and founder receives OBE

Mon, 14 Jun 2010 12:43:08 +0100

The President and founder of Credit Action, Keith Tondeur, has been appointed Officer of the Order of the British Empire (OBE) in recognition of his services to financial education.

Institutional investment 'could kick start recovery' in residential property sector

Mon, 14 Jun 2010 11:54:27 +0100

The recent announcement that the £3.5bn London Pension Fund Authority (LPFA) is stepping in to fund impoverished property developers is great news for the residential property sector, says property specialists movewithus.

Ministers and MPs support credit unions in Parliament - ABCUL

Mon, 14 Jun 2010 11:50:11 +0100

Ministers from across Government have been making supportive statements on credit unions early in the new Parliament. MPs new and old have been putting incisive questions on the development of credit unions from opposition and have been met with enthusiasm from the dispatch box.

Adeptra continues momentum with appointment of new director, worldwide marketing

Fri, 11 Jun 2010 12:59:02 +0100

Adeptra, the recognised leader in automated two way customer communications, has appointed Bill Brown as Director of Worldwide Product Marketing.

BSA believes Government should act to support savers and homeowners

Fri, 11 Jun 2010 12:40:53 +0100

Ahead of the Emergency Budget on 22 June, the Building Societies Association (BSA) has written to the Chancellor of the Exchequer highlighting the issues that face savers and borrowers in the current economic environment. Adrian Coles, Director-General of the BSA commented:

Tieto upgrades its Summit mortgage and savings suite for enhanced efficiency and quality

Thu, 10 Jun 2010 09:24:45 +0100

Tieto has completed an upgrade of the Summit, part of its Mortgage & Savings Suite (MSS) aimed to manage mortgage lenders relationship with their customers from first contact to final payment. The new release (CSR2) delivers major enhancements to customer view, workflows, security and user experience together with changes to the technical architecture.

Barclays makes new mortgage offer to Bovis Homes customers

Wed, 09 Jun 2010 16:16:08 +0100

Barclays, through its mortgage arm Woolwich, has launched a market-leading mortgage offer for up to 90 per cent loan to value (LTV) available for people purchasing a new home with one of Britain’s leading housebuilders, Bovis Homes, as part of efforts to help stimulate the new-build market in a sustainable way and provide affordable mortgages for consumers with low deposits.

FSA takes action against two insurance brokers for failing to protect client money and assets

Wed, 09 Jun 2010 13:17:10 +0100

The Financial Services Authority (FSA) has today taken action against two insurance brokers - Delwyn Way of Shield Insurance Consultancy Ltd (Shield) and Adrian Shillaker of Griffiths McAlister Insurance Brokers Ltd (Griffiths McAlister) - for failing to adequately protect client’s money and assets.

Industry can work together to reform the home buying and selling process

Wed, 09 Jun 2010 12:38:06 +0100

The Building Societies Association (BSA) recently chaired a thought leadership discussion with representatives from the legal and conveyancing professions, estate agents, surveyors and consumer bodies to explore how the home buying process can be improved for consumers. The BSA has today published a summary incorporating initial thoughts on where industry and government should go from here.

Exact Strengthen Team with Senior Appointment

Tue, 08 Jun 2010 12:21:51 +0100

Exact are pleased to announce the appointment of Philip Horsfield as Director of Legal and Compliance. Philip will be responsible for overseeing the Legal, Compliance, Internal Audit and Operational Risk functions at Exact and Precise Mortgages.

Mortgage origination redefined with Tieto's Origination Suite

Tue, 08 Jun 2010 12:11:55 +0100

Leading European IT services company Tieto has unveiled the Origination Suite, designed to support sales of financial services such as mortgages, savings, loans, cards, insurance and current accounts. Focussing initially on mortgage origination, this highly configurable solution provides business users with an intuitive, easy-to-use system for the complete process, from initial customer engagement to loan fulfilment.

Emergency budget: focus on spending cuts, not tax hikes says BRC

Mon, 07 Jun 2010 13:23:48 +0100

Ahead of this month's Emergency Budget, the British Retail Consortium (BRC) is calling on the Chancellor to build on the Government's initial approach of focusing on public spending cuts over tax rises to tackle the deficit, but cautions against making reductions too quickly.

Clydesdale and Yorkshire Banks select Experian to optimise marketing campaigns

Mon, 07 Jun 2010 12:00:50 +0100

Experian®, the global information services company, today announces that Clydesdale and Yorkshire Banks have implemented the company’s Marketswitch Optimization software to improve returns from customer contact activity.

Group of Cheshire based companies shut down after Insolvency Service investigation

Fri, 04 Jun 2010 13:02:44 +0100

A group of Cheshire-based companies offering debt management and loan brokerage services to financially distressed clients have been wound-up in the High Court following an investigation by Company Investigations of the Insolvency Service.

FSA bans Swindon based mortgage broker for breaching a settlement agreement and lying to the FSA

Fri, 04 Jun 2010 11:06:50 +0100

The Financial Services Authority (FSA) has banned sole trader Joseph Masi, trading as Select Mortgage Services, for breaching a settlement agreement with the FSA and providing false and misleading information to the FSA.

New report shows trends in cash and cash machine usage

Fri, 04 Jun 2010 10:23:47 +0100

UK Cash & Cash Machines 2010, a report published by the Payments Council in co-operation with The UK Cards Association and LINK, shows how Brits go about getting their hands on cash.

Credit Action - Debt Statistics for June 2010

Thu, 03 Jun 2010 12:28:40 +0100

Total UK personal debt at the end of April 2010 stood at £1,460bn. The twelve-month growth was 0.8%. Individuals owe more than what the whole country produces in a year.

Policy choices - a role for the home finance forum?

Wed, 02 Jun 2010 17:39:47 +0100

The Council of Mortgage Lenders (CML) have said the reaction to the scrapping of home information packs (HIPs) proves they were unloved and are unlamented by consumers.

CML warns of downside risk on lending forecasts

Wed, 02 Jun 2010 17:32:55 +0100

Responding to the Bank of England lending data published today, the Council of Mortgage Lenders' (CML) director general Michael Coogan commented:

Savings balances increase at mutuals in April

Wed, 02 Jun 2010 17:26:19 +0100

Figures just released by the Building Societies Association (BSA) show that balances held in savings accounts at mutual institutions increased by £929 million in April compared to an increase of £534 million in March. After interest credited to accounts is excluded, mutuals had a net receipt of £537 million in April.

Election uncertainty puts dampener on housing market

Tue, 01 Jun 2010 11:57:48 +0100

Commenting on the latest monthly national housing survey, Richard Donnell Director of Research at Hometrack - the property analytics business - said:

Co-operatives UK comment on Lambeth Councilâs plans to become The Co-operative Council

Sat, 29 May 2010 09:22:26 +0100

Speaking about Lambeth Council’s plans to become The Co-operative Council published in its ‘white paper’ yesterday, Ed Mayo, Secretary General of Co-operatives UK, said:

New Recruits shine at LaSer UK

Sat, 29 May 2010 09:15:44 +0100

LaSer UK, the Solihull-based leading provider of credit and customer marketing programmes, has strengthened its operations team with two senior appointments.

FSA introduces temporary rule to give recent PPI complainants more time to refer to the FOS

Fri, 28 May 2010 12:54:39 +0100

The Financial Services Authority (FSA) has today announced a temporary rule to give customers who recently made a complaint about their purchase of a Payment Protection Insurance (PPI) policy more time in which to refer their complaint to the Financial Ombudsman Service (FOS).

New advice guide launched to help customers using cards abroad this summer

Fri, 28 May 2010 12:41:41 +0100

To coincide with the approach of the holiday season, The UK Cards Association and ABTA, the travel association, have today published a consumer advice guide – Using your card overseas – that provides the latest tips and useful information for holidaymakers and business travellers who are planning to use their cards abroad this summer.

Money Advice Trust appoints new Head of Research and Policy

Fri, 28 May 2010 12:17:57 +0100

The Money Advice Trust has appointed Louisa Parker as Head of Research and Policy. Louisa began her career at the Trust five years ago as a money adviser for National Debtline.

Consumer credit figures show government should take stock before introducing new regulation

Thu, 27 May 2010 17:18:50 +0100

Before considering any new regulation, the Government should take stock of the important new consumer rights already being introduced by lenders. This is the message from the Finance & Leasing Association (FLA), which released figures today showing that spending in March on loans, store cards and credit cards was down by 33%, 20% and 3% respectively compared with a year ago. Meanwhile, credit for car sales grew by 31%.

ABCUL Supports OFT's Loan Shark Campaign

Wed, 26 May 2010 16:44:07 +0100

ABCUL has welcomed this week’s launch of a new advertising campaign by the Office of Fair Trading (OFT) warning of the dangers of loan sharks and encouraging people to report them.

OFT launches review of barriers to entry, expansion and exit in retail banking

Wed, 26 May 2010 12:47:06 +0100

The Office of Fair Trading (OFT) has today launched a review of barriers to entry, expansion and exit in retail banking, to identify any obstacles facing new entrants and smaller banks seeking to expand.

More detail needed following Queen's Speech

Tue, 25 May 2010 17:04:45 +0100

Following today’s Queen’s Speech, the Finance & Leasing Association (FLA) is calling on the new Government to clarify some key policy areas.

James Caan's Look4aProperty backed by Hitachi Capital's property loan fund for sellers

Mon, 24 May 2010 17:45:28 +0100

Dragon's Den star James Caan has launched a second major initiative to pump life into the UK housing market.

Government announces Â£6.2bn of savings in 2010-11

Mon, 24 May 2010 13:06:25 +0100

Today the Chancellor of the Exchequer George Osborne and Chief Secretary to the Treasury, David Laws announced:

A new breed of mortgage lender is launched

Mon, 24 May 2010 11:48:03 +0100

Today the team at Exact Mortgage Experts announced they have launched a brand new lender called Precise Mortgages, focusing on the buy to let market.

Hitachi Capital Consumer Finance appointed by energy giant British Gas

Sat, 22 May 2010 10:08:49 +0100

Hitachi Capital Consumer Finance, one of the UK's leading point of sale finance providers, has been appointed to provide the nation’s leading energy supplier, British Gas with innovative finance solutions to facilitate sales across its boiler and central heating offering.

Tribute paid to cash machine inventor John Shepherd-Barron

Sat, 22 May 2010 09:57:31 +0100

John Shepherd-Barron, the man credited with inventing the world’s first cash machine, has died at the age of 84. Mr Shepherd-Barron’s invention has transformed the way that we get hold of our cash, not just for us in the UK but for people across the world. From humble beginnings, the cash machine has grown to the extent that last year UK cardholders withdrew £193 billion from cash machines.

MBNA Customers Raise More Than Â£820,000 for Haiti

Sat, 22 May 2010 09:47:16 +0100

Generous MBNA customers have donated more than £820,000 to the Haiti relief effort.

CML publishes April gross mortgage lending data and calls for funding issues to be addressed

Sat, 22 May 2010 09:29:42 +0100

Gross mortgage lending declined to an estimated £10.2 billion in April, down 12% from £11.6 billion in March and 1% from £10.3 billion in April 2009, according to new data from the Council of Mortgage Lenders (CML). This is the lowest April total since 2000 (£9.3 billion).

Fraction of Ombudsman Complaints about Credit Unions

Sat, 22 May 2010 09:17:04 +0100

The Financial Ombudsman Service’s (FOS) Annual Report has once more affirmed the level of satisfaction members have with credit union services.

R3 responds to Governmentâs consumer protection announcement

Thu, 20 May 2010 19:53:35 +0100

“We welcome today’s announcement by the new Conservative and Liberal Democrat coalition to ban excessive interest rates on credit and store cards as well as introducing a seven-day "cooling-off period" for store cards.

REDTRAYâs new ALTO learning portal for compliance managers reduces compliance risk

Thu, 20 May 2010 19:32:27 +0100

REDTRAY Ltd, one of Europe’s leading IT Training Outsourcing providers, launches ALTO v2.0, a new online portal that enables compliance managers to reduce the financial and regulatory compliance risk through comprehensive tracking and detailed reporting of training programmes.

Ombudsman Service publishes annual review of personal finance disputes

Wed, 19 May 2010 17:48:55 +0100

Financial Inclusion and Ethnicity

Wed, 19 May 2010 09:54:07 +0100

Thinktank, Runnymede has published a report arguing that people from Black and Minority Ethnic (BME) backgrounds are more likely to be unemployed or living in income poverty than the wider population and many are socially marginalized because of language and cultural differences.

MBNA Launches New Mobile Banking Text Service

Wed, 19 May 2010 08:15:36 +0100

A new mobile phone service enabling UK customers to text for their credit card information has been launched by MBNA.

Target Loan Servicing enables new lending for Link Loans

Mon, 17 May 2010 18:09:26 +0100

Secured lender, Link Loans, is the first client to sign up to Target’s ‘Lender Launchpad’ - a service that offers new lenders the assurance of long term control of funds and a flexible, cost effective and rapid launch platform. This new contract adds to Target’s list of software and servicing clients who are originating new loan business.

March sees continued growth in house purchase activity

Mon, 17 May 2010 12:51:14 +0100

House purchase lending increased by 45% year on year in March, making it the ninth consecutive month of year-on-year growth, according to figures released today by the Council of Mortgage Lenders (CML). Remortgaging, however, was 29% down year on year, the 23rd consecutive annual fall. This plainly shows the continuing trend of recovering house purchase activity but a moribund remortgage market.

Chancellor announces date of emergency Budget

Mon, 17 May 2010 12:07:46 +0100

The emergency Budget will be held on Tuesday 22 June, the Chancellor announced today.

Commitment to abolish HIPs is great news, but action needed now

Fri, 14 May 2010 16:21:56 +0100

The National Association of Estate Agents (NAEA) have welcomed the news that the new Government is committed to abolishing Home Information Packs (HIPs).

CC confirms case for Point-of-Sale prohibition for PPI

Fri, 14 May 2010 16:05:20 +0100

The Competition Commission (CC) has provisionally decided that consumers will benefit from the introduction of a point-of-sale prohibition for all forms of payment protection insurance (PPI), with the exception of retail PPI.

Statement regarding Competition Commission's decision on prohibition of point of sale PPI

Fri, 14 May 2010 15:12:04 +0100

The British Bankers Association (BBA) has issued the following comment: "We are very disappointed that the Competition Commission has decided to pursue a point of sale prohibition for payment protection insurance products.

Debt Advice Foundation Challenges New Coalition On Consumer Debt Strategy

Fri, 14 May 2010 12:41:53 +0100

As the nation prepares for its first coalition Government for 70 years and with official figures released this week showing personal insolvency at record levels, Debt Advice Foundation, a national debt advice charity is asking how the new UK Government will tackle the country’s growing consumer debt crisis.

Buy-to-let activity settles after stamp duty holiday

Thu, 13 May 2010 17:54:48 +0100

Data published today by the Council of Mortgage Lenders (CML) shows that buy-to-let activity in the first three months of this year settled back to former levels, following a modest upturn in house purchase by investors at the end of last year triggered by the stamp duty holiday. As a result, the number of buy-to-let loans declined by 15% to 22,000 in the first three months of 2010. Over the same period, the value of lending also declined, by 12% to £2.1 billion.

Arrears and repossessions down, but vulnerability remains

Thu, 13 May 2010 17:45:25 +0100

The number of mortgages in arrears and the number of repossessions both fell in the first quarter of 2010, according to the Council of Mortgage Lenders (CML). But this welcome decline gives no cause for complacency as a large number of households, who are just coping, still remain vulnerable to shocks that may arise from the economic uncertainty ahead.

BSA Welcomes Commitment to Mutuals in Coalition Agreement

Wed, 12 May 2010 16:26:38 +0100

The Building Societies Association (BSA) today welcomed the commitment in the Conservative/Liberal Democrat Coalition agreement to bring forward detailed proposals to foster diversity, promote mutuals and create a more competitive banking industry. The Association looks forward to commenting on the proposals, and joining the discussions on how the mutual sector can play an enhanced role.

Co-operatives UK press statement on the new coalition government

Wed, 12 May 2010 16:15:46 +0100

In response to new UK Prime Minister David Cameron forming a historic coalition with the Liberal Democrats, Ed Mayo, Secretary General of Co�operatives UK, said:

FSA complaints data for H2 2009 reveals increase caused by back-dated bank charges complaints

Tue, 11 May 2010 18:15:35 +0100

The Financial Services Authority (FSA) has today published its latest data on the aggregate number of complaints. The data, which firms are required to report to the FSA every six months, shows the volume of complaints regulated firms have received, how they have been handled and the amount of redress paid, split into product group and firm type.

25% of available mortgages are restricted to existing customers

Mon, 10 May 2010 15:50:26 +0100

Independent financial research from Defaqto shows that while the number of mortgage products available has increased to 2,948 from only 1,686 in July 2009, over a quarter of the mortgages available today are restricted to the lender’s existing customers.

Mutuals well placed to prosper, but capital reform must be addressed

Thu, 06 May 2010 17:56:57 +0100

Against a backdrop of financial instability, uncertainty and recession, building societies and the wider mutual sector have generally coped well with the pressures, continuing to offer good value and quality service to their members. However, there is no room for complacency; challenges remain and a solution to mutuals’ capital requirements must be found. This was the message from Graham Beale, BSA Chairman and Chief Executive of Nationwide Building Society, to the BSA Annual C ...

Mutuals optimistic as they stand up to challenges in 2010

Thu, 06 May 2010 17:24:45 +0100

58% of mutual Chief Executives say they are optimistic about the year ahead, and are less at the mercy of events beyond their control than they have been in the last two years. At the same time Chief Executives acknowledge the coming year will present challenges, including pressure on margins from unprecedentedly low interest rates.

New BSA Chairman elected

Thu, 06 May 2010 17:15:09 +0100

David Webster, Chief Executive of Hanley Economic Building Society has been elected Chairman of the Building Societies Association (BSA) for 2010/11. He replaces Graham Beale, Chief Executive of Nationwide Building Society, who has held the post for the past year.

Black Horse Finance director is new FLA chairman

Thu, 06 May 2010 17:05:08 +0100

Chris Sutton of Black Horse Consumer and Motor Finance has been elected Chairman of the Finance & Leasing Association (FLA) with effect from 6 May 2010. Chris takes over the Chairmanship from David Betteley, Director of Financial Services at Jaguar Land Rover, who is standing down as FLA Chairman after three years.

Unsecured lending rates increase despite low base rate

Wed, 05 May 2010 19:58:26 +0100

Independent financial research company Defaqto highlights the increased cost of unsecured loans.

UK Debt Statistics - May 2010

Tue, 04 May 2010 18:25:22 +0100

The latest UK debt statistics from Credit Action show that total UK personal debt at the end of March 2010 stood at £1,460bn. The twelve-month growth was 0.9%. Individuals owe more than what the whole country produces in a year.

LINK cash withdrawals - May Day weekend 2010 records

Tue, 04 May 2010 18:18:27 +0100

Friday 30 April was the busiest day ever for LINK cash withdrawals with £590 million withdrawn, beating the previous record, which was on Christmas Eve 2009, by £25 million. Over £1.5 billion had been withdrawn by the end of the Bank Holiday weekend, an increase of 9% on the same period in 2009.

Gross lending at mutuals up 36% in March

Tue, 04 May 2010 12:16:07 +0100

Latest figures from the Building Societies Association (BSA), show that gross lending by mutuals increased to £1,597 million in March, up 36% compared to £1,174 million in February. Approvals were also stronger at £1,677 million compared to £1,389 million in February – a 21% increase.

Mutuals retain customer service crown

Fri, 30 Apr 2010 17:26:52 +0100

Mutuals have consistently outperformed plc banks across various aspects of customer service, including treating customers fairly, value for money and being trusted to give good advice. These are the findings of independent research from GfK NOP, published today by the Building Societies Association (BSA).

UK Co-operative sector announces first-ever Co-operatives Fortnight

Fri, 30 Apr 2010 16:32:01 +0100

Ed Mayo, Secretary General of Co-operatives UK, has today announced the launch of a major sector-wide campaign – Co-operatives Fortnight (19 June to 3 July 2010) – to spread the message about the co-operative alternative across the UK.

FSA bans three individuals and fines a fourth for mortgage fraud and advice failings

Fri, 30 Apr 2010 12:48:54 +0100

The Financial Services Authority (FSA) today announced it has banned three mortgage brokers from working in regulated financial services; another individual has been fined £17,500.

First impressions from Natalie Ceeney, chief ombudsman, FOS

Thu, 29 Apr 2010 15:32:05 +0100

I have just completed my first month at the ombudsman service. During that time, as well as getting to know the different teams here, I’ve been busy starting to meet some of our key external stakeholders – including financial businesses, trade bodies and groups that work to support consumers. I have been receiving a great deal of positive feedback and I am looking forward to meeting more of our stakeholders over the coming months.

Exact Passes Â£5bn on Mortgage Due Diligence Service

Thu, 29 Apr 2010 11:07:11 +0100

Exact, the third party mortgage service provider has just completed its latest due diligence exercise on a large pool of mortgages that takes the total to over £5billion in the last two years.

Statement regarding the FSA bank complaint handling report

Wed, 28 Apr 2010 18:00:41 +0100

Eric Leenders, Executive Director of Retail Banking at the British Bankers Association (BBA) said:

FSA takes tough action against poor complaint handling in banks

Wed, 28 Apr 2010 16:52:04 +0100

The Financial Services Authority (FSA) is taking tough action after finding weaknesses in five banks handling of customer complaints.

Consumer credit too weak to support rate cap interventions

Tue, 27 Apr 2010 15:37:50 +0100

Although the recession officially ended months ago, consumers are still adopting a cautious approach to taking out credit, according to the latest figures published by the Finance & Leasing Association (FLA).

Credit Card Killers issued with Injunction - Optima Legal Comment

Mon, 26 Apr 2010 17:51:15 +0100

Today it has been revealed that an enforcement order against ‘debt sale’ company Momentum Network, which traded as Credit Card Killers, has been obtained.

Injunction secured against 'debt sale' firm

Mon, 26 Apr 2010 15:23:55 +0100

The Office of Fair Trading (OFT) has welcomed an interim Enforcement Order obtained by Birmingham Trading Standards against 'debt sale' company Momentum Network Ltd.

OFT announces criminal charges against north London credit company

Mon, 26 Apr 2010 11:32:25 +0100

The OFT has brought charges against London North Securities Limited and its director Harvey Collis, accusing them of carrying on a consumer credit business without a licence.

Housing Market Continues to Lose Momentum

Mon, 26 Apr 2010 00:01:00 +0100

Commenting on the monthly national housing survey, Richard Donnell Director of Research said:

Blu Debt Management becomes the debt solutions provider for Home of Choice

Fri, 23 Apr 2010 17:00:18 +0100

Blu Debt Management is now the chosen debt solutions provider to Home of Choice and its members.

Small business turnover reaches a two-year high

Thu, 22 Apr 2010 16:43:45 +0100

Small business turnover reached a 29-month high in March 2010, according to the latest Business Factors Index from Bibby Financial Services.

Gross mortgage lending up 24% in March

Mon, 19 Apr 2010 09:44:15 +0100

Gross mortgage lending was an estimated £11.5 billion in March, a 24% rise from £9.3 billion in February and a 3% rise from £11.2 billion in March 2009, according to data published today by the Council of Mortgage Lenders (CML). The figures are in line with the typical seasonal pattern of a rise in lending volumes in March.

Council increase successful cautions and prosecutions for benefit fraud

Fri, 16 Apr 2010 17:29:34 +0100

Wiltshire Council has increased its number of successful cautions and prosecutions for benefit fraud. In its first year the council has investigated 492 allegations of benefit fraud. It has detected more than £570,000 in benefits claimed without the right entitlement.

Benefit cheats claiming council tax discounts uncovered

Fri, 16 Apr 2010 17:25:14 +0100

An anti-fraud exercise has identified more than 150 benefit cheats claiming council tax discounts they were not entitled to.

FSA appoints CEO of new Consumer Financial Education Body

Thu, 15 Apr 2010 14:57:22 +0100

The Financial Services Authority (FSA) today announced the appointment of Tony Hobman as the chief executive of the newly created Consumer Financial Education Body (CFEB).

London stock broking firm and senior director fined for penny share failings

Thu, 15 Apr 2010 11:35:54 +0100

The Financial Services Authority (FSA) has fined Hythe Securities Limited (Hythe), a London-based stock broking firm and its senior director, Meenaz Mehta a total of £235,000 – Meenaz Mehta is also banned from holding senior positions in any firm selling penny shares to the public.

3 in 10 households billed wrongly by energy providers

Thu, 15 Apr 2010 00:01:00 +0100

Consumers have named energy suppliers as the worst culprits for getting bills wrong for the fourth year in a row, according to new research from uSwitch.com, the independent price comparison and switching service. The energy industry was voted worst for inaccuracy, ahead of banks, council tax departments and other utility providers, pipping the Inland Revenue to the post for the fouth year running.

Interest rate caps will damage consumer credit market, says FLA

Wed, 14 Apr 2010 16:09:19 +0100

Responding to the Liberal Democrats’ manifesto pledges to impose maximum interest rates for credit cards and store cards, Fiona Hoyle, Finance and Leasing Association (FLA) Head of Consumer Finance, said:

Co-operatives UK respond to Liberal Democratsâ manifesto

Wed, 14 Apr 2010 14:45:53 +0100

In response to the launch today of the Liberal Democrats’ election manifesto – Four steps to a fairer Britain - David Coulter, deputy chief executive of Co-operatives UK, said:

More green shoots in the housing market

Wed, 14 Apr 2010 11:50:44 +0100

Data from moneysupermarket.com has revealed that activity in the mortgage market is steadily increasing across a variety of borrower profiles, meaning the spring homebuying season has kicked off strongly and looks set to continue.

Co-operatives UK respond to Conservative Party manifesto

Wed, 14 Apr 2010 11:25:53 +0100

In response to the launch of the Conservatives’ manifesto – An invitation to join the Government of Britain - David Coulter, deputy chief executive of Co-operatives UK, said:

New Report Reveals Massive Change in the Ways We Pay over the Last Decade

Wed, 14 Apr 2010 00:01:00 +0100

A new report, ‘The Way We Pay 2010 ‘, published today (14 April) by the Payments Council shows a payments revolution occurred in the noughties, and this looks set to continue over the next decade. The last decade not only saw the rise of internet banking and shopping but it was also the decade where cards took control of our wallets as cheques and cash were increasingly replaced by a card – particularly the debit card.

Manifesto store card restrictions will damage High Street, says FLA

Tue, 13 Apr 2010 17:24:24 +0100

Responding to political party manifesto pledges on store cards, Fiona Hoyle, FLA Head of Consumer Finance, said:

FSA fines and bans former Northern Rock deputy chief executive and credit director

Tue, 13 Apr 2010 16:30:52 +0100

The Financial Services Authority (FSA) has today fined and banned the former Northern Rock deputy chief executive and the former credit director for misreporting mortgage arrears figures.

Mortgage market saw modest recovery in February

Tue, 13 Apr 2010 13:22:48 +0100

The number of loans advanced for house purchase increased by 12% in February, according to figures released today by the Council of Mortgage Lenders.

Considerable rise in consumerâs searching online for mortgage-related products

Tue, 13 Apr 2010 00:01:00 +0100

UK consumer online searches for terms relating to savings, credit and debit cards, mortgages and loans, increased considerably in January 2010, specifically terms relating to mortgages were the most searched for. This is according to the latest report ‘Retail banking sector report – Issue 4’, by leading independent specialist search engine optimisation (SEO) and pay per click (PPC) consulting and technology firm, Greenlight.

Local government leaders have 12-18 months to act 'before public sector recession hits'

Mon, 12 Apr 2010 17:12:39 +0100

All levels of government have been relatively cushioned against the tough times of recession as they have enjoyed a boost in demand for their services and a rise in public sector spending. The honeymoon period will soon be over, as cities and local government face up to the pressures of massive budget cuts, with reductions of 25%-30% having to be seriously considered according to a new PricewaterhouseCoopers LLP (PwC) report, “Seizing the day: The impact of the global financial crisis on c ...

Kensington Mortgage Company Limited fined Â£1. ...

Mon, 12 Apr 2010 16:37:15 +0100

The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited (Kensington) £1.225 million for poor treatment of some customers facing mortgage arrears. The firm has agreed to redress customers who were in arrears and charged specific unfair and/or excessive charges. It is estimated that the redress will cost the firm up to £1.066 million.

Barclaycard figures show increase in Easter credit and debit card spending

Mon, 12 Apr 2010 16:26:04 +0100

Latest figures from Barclaycard Global Payment Acceptance, which enables 87,000 retailers to accept debit and credit card payments, shows spending was up 8.5% this year compared to last Easter. The figures show shoppers spent £205.5m at retailers usually associated with the Easter weekend in 2010 compared to £189.4m over the same weekend in 2009.

FSA bans and fines North West London mortgage broker for submitting fraudulent mortgage applications

Mon, 12 Apr 2010 12:57:20 +0100

The Financial Services Authority (FSA) has fined mortgage broker Gary Lester £103,000 for knowingly submitting 42 mortgage applications to lenders containing false and misleading income information for his customers, and committing mortgage fraud to obtain a mortgage for himself.

A learning centre without boundaries

Mon, 12 Apr 2010 12:24:23 +0100

With four top Universities within a five miles radius, it is a well know fact that Manchester has a bustling student population which contributes to the city’s diversity and economic growth.

Standards International & ifs School of Finance announce collaboration

Mon, 12 Apr 2010 11:52:04 +0100

Standards International, the UK’s leading ISO 22222 certification body, and the ifs School of Finance today confirmed their agreement to work together to promote each others approach to improving the skills and knowledge of financial advisers.

March sales figures point to continued growth on the High Street

Fri, 09 Apr 2010 16:56:28 +0100

Mid-size high street retailers are going in to the second quarter of the year in a strong position after a second consecutive month of improvements in retail spending, according to accountants and business advisers BDO LLP. Figures from the BDO High Street Sales Tracker for March show overall like-for-like sales up by just over 8 per cent (8.1 per cent) on last year.

The death of the store card

Fri, 09 Apr 2010 15:31:40 +0100

Store Cards may soon be a thing of the past as retailers seek new ways of providing credit post recession according to Datamonitor.

A third of those with debt problems have not told their family or partner

Tue, 06 Apr 2010 13:13:56 +0100

The stigma of personal insolvency has not lessened as new research shows that 30% of those struggling financially without help haven’t even told those closest to them. According to research from the R3, the insolvency trade body, a further 19% can’t even face opening their bills, while 21% said they ‘didn’t know where to go for help.’

New FRAB Chair selected

Wed, 31 Mar 2010 16:31:17 +0100

Kathryn Cearns has been appointed as the Chair of the Financial Reporting Advisory Board (FRAB). Kathryn will take up the appointment with effect from 4 June. Elwyn Eilledge CBE, the current Chair, will step down following the 3 June FRAB meeting, having chaired the Board since its inception in 1996.

OFT Irresponsible Lending Guidance builds on industry good practice

Wed, 31 Mar 2010 13:12:15 +0100

Responding to the Office of Fair Trading’s (OFT) Irresponsible Lending Guidance, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association said:

OFT issues Irresponsible Lending Guidance

Wed, 31 Mar 2010 11:57:44 +0100

The OFT has today published guidance on the irresponsible lending element of the test of fitness to hold a credit licence. ...

The Government today laid new rules in Parliament to protect borrowers

Tue, 30 Mar 2010 17:02:11 +0100

These rules implement the European Consumer Credit Directive and will come into effect from 1st February 2011.

UK Debt Statistics - April 2010

Tue, 30 Mar 2010 17:00:34 +0100

Total UK personal debt at the end of February 2010 stood at £1,464bn. The twelve-month growth was 0.9%. Individuals owe more than what the whole country produces in a year.

BSA welcomes publication of Treasury Discussion Paper on Building Societies access to capital

Tue, 30 Mar 2010 16:59:05 +0100

Following the publication of the Treasury discussion paper on Building Societies and their access to capital, Adrian Coles, Director-General of the BSA, commented:

Ensuring long-term stability for building societies

Tue, 30 Mar 2010 16:55:31 +0100

The Treasury today published a discussion document on options for securing the long-term stability of the building society sector.

Ensuring long-term stability for building societies

Tue, 30 Mar 2010 16:52:44 +0100

The Treasury today published a discussion document on options for securing the long-term stability of the building society sector.

New Payments Council Chairman appointed

Tue, 30 Mar 2010 15:15:17 +0100

The Payments Council announces today (30th March) that it has appointed Richard North as its new independent Chairman.

FSA consults on enhanced client asset protection

Tue, 30 Mar 2010 12:16:52 +0100

The Financial Services Authority (FSA) has today published a consultation on changes to its client asset rules. The aim of the consultation is to ensure that clients have confidence their money and assets are safe and will be returned within a reasonable timeframe in the event that a firm becomes insolvent.

Free evening seminar to explain benefits of international standard

Tue, 30 Mar 2010 11:32:09 +0100

Standards International, the UK's leading certification body for ISO 22222, today confirmed that they will be holding a free evening seminar to explain the benefits of being certified to the only international standard for best practice in financial planning.

BBA statement on new financial services to be offered by the Post Office

Mon, 29 Mar 2010 13:12:12 +0100

The British Bankers Association (BBA) have responded to the announcement today by Lord Mandelson for a major expansion of the financial services offered by the Post Office.

Credit unions welcome Post Office link up proposals

Mon, 29 Mar 2010 12:49:10 +0100

ABCUL – the Association of British Credit Unions – has welcomed today’s response to the consultation on the future of financial services in the Post Office which sees the Post Office network as a natural distribution partner for credit union services.

CML Comments on Bank of England Mortgage data

Mon, 29 Mar 2010 11:12:09 +0100

Commenting on today's mortgage data published by the Bank of England, the Council of Mortgage Lenders (CML) notes that interest rates on new mortgages continue to fall, while the average rate on the outstanding stock is stable.

Lending to individuals: February 2010

Mon, 29 Mar 2010 10:44:03 +0100

The Bank of England has released the following lending statistics. Total net lending to individuals rose by £2.1 billion in February. The twelve-month growth rate ticked up to 0.9%. The three-month annualised growth rate was 1.5%, a 0.2 percentage points increase on January.

Savings balances increase at mutuals in February

Mon, 29 Mar 2010 10:14:14 +0100

Latest figures from The Building Societies Association (BSA) show that balances held in savings accounts at mutual institutions increased by £807 million in February compared to reduction in balances of £467 million in January. After interest credited to accounts is excluded, mutuals had a net receipt of £623 million February.

Next steps for Post Office banking

Mon, 29 Mar 2010 10:06:28 +0100

Business Secretary Lord Mandelson today announced a major expansion of the financial services offered by the Post Office, in a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable. He also announced £180m of new funding for the Post Office.

Progress made, but concerns remain, on specialist sourcebook for building societies

Fri, 26 Mar 2010 16:21:28 +0100

Commenting on the publication today of the FSA’s specialist sourcebook for building societies, Adrian Coles, Building Societies Association (BSA) Director-General, said:

Average house price in England and Wales now Â£164,455 26

Fri, 26 Mar 2010 12:38:48 +0100

The February data from Land Registry’s flagship House Price Index shows an annual price increase of seven per cent. This is the fourth month in a row in which the figure has been positive and takes the average property value in England and Wales to £164,455. The monthly change from January to February is a decrease of 0.3 per cent.

FSA introduces additional guidance for building societies

Fri, 26 Mar 2010 12:10:48 +0100

The Financial Services Authority (FSA) has today introduced additional handbook guidance to ensure that building societies diversifying from traditional business models have the risk management systems and skills necessary to operate safely.

Positive retail sales make it easier to present credible deficit-reduction plan

Thu, 25 Mar 2010 18:11:23 +0100

Commenting on the February retail sales figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

This was a Budget with an eye on the ballot box - BBA Budget 2010 comment

Thu, 25 Mar 2010 18:07:57 +0100

The British Bankers Association (BBA) has commented on yesterday's Budget.

Don't play politics with credit markets, warns FLA

Thu, 25 Mar 2010 17:48:46 +0100

The publication of the latest consumer finance figures by The Finance & Leasing Association (FLA), has led it to warn against excessive regulation that could cause further damage to the credit market.

Budget Comment from Optima Legal partner, Anthony Ruane

Thu, 25 Mar 2010 17:37:28 +0100

“Although largely a political budget the raising of the stamp duty threshold from £125k to £250k was a welcome development for the property sector, and particularly for first time buyers.

FLA response to budget announcement

Wed, 24 Mar 2010 17:13:39 +0100

Commenting on the decision to transfer regulatory responsibility for second charge mortgages from the OFT to the FSA, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said:

Budget includes bank benefits for debt sufferers

Wed, 24 Mar 2010 16:04:55 +0100

One of the UK’s leading providers of consumer debt advice has welcomed the Government’s firm action to tackle ‘financial exclusion’ outlined in today’s Budget.

BSA comments on Budget 2010

Wed, 24 Mar 2010 15:40:04 +0100

Commenting on the measures announced by the Chancellor in today’s Budget, Adrian Coles, Director-General of the Building Societies Association (BSA), said:

CML response to 2010 budget

Wed, 24 Mar 2010 15:24:22 +0100

The Council of Mortgage Lenders (CML) cautiously welcomes the Stamp Duty concession for first-time buyers, but warns that there will be genuine practical barriers to effective implementation. It would clearly be far simpler - but more expensive - to exempt all properties under £250,000, rather than to impose the additional first-time buyer restriction.

Stamp Duty - CML pre-Budget information note

Wed, 24 Mar 2010 10:50:53 +0100

There is speculation that the stamp duty threshold may be raised to £250,000 in today’s Budget.

Accelerating supply of homes for sale marks move back to normal market conditions

Tue, 23 Mar 2010 17:10:38 +0100

House prices rose by 0.3% in March according to the latest monthly housing survey published today by Hometrack, the housing intelligence business. The year on year rate of growth now stands at 1.3%.

Budget speculation on basic bank accounts

Tue, 23 Mar 2010 16:08:43 +0100

The British Bankers Association (BBA) comments on reports that under plans in Wednesday's Budget, UK banks would be legally obliged to provide a basic bank account to every citizen.

FSA publishes Mortgage Market Review Feedback Statement

Tue, 23 Mar 2010 15:41:28 +0100

The Financial Services Authority (FSA) has published its Mortgage Market Review feedback statement summarising the responses received following its Mortgage Market Review discussion paper (DP), which was published on 19 October 2009.

Equifax launches single customer view solution

Mon, 22 Mar 2010 16:10:07 +0100

Leading consumer and business information specialist, Equifax, is responding to the continuing challenge of the financial services market, providing better capabilities for businesses to manage and exploit customer relationships with the launch of its Single Customer View (SCV) Solution. The innovative tool also helps meet the latest financial services regulations.

David Lammy appoints three new Student Loans Company directors

Sun, 21 Mar 2010 11:43:51 +0100

Minister of State for Higher Education, David Lammy announced the appointment of three new non-executive directors of the Student Loans Company Limited (SLC) today.

Fans want to take over as Premier League club owners â reveals new survey

Fri, 19 Mar 2010 17:06:43 +0100

As the debate around football club ownership intensifies, new research conducted by Co-operatives UK has today revealed that fans want to take control at both Manchester United and Liverpool - and could afford to do so.

FSA confirms Chelsea Building Society merger with the Yorkshire Building Society

Fri, 19 Mar 2010 16:39:54 +0100

The Financial Services Authority (FSA) has announced that on 18 March it confirmed the proposed transfer of the engagements of the Chelsea Building Society to the Yorkshire Building Society.

Room for improvement in customer service as consumers urged to look out for OFT Approved logo

Fri, 19 Mar 2010 15:39:59 +0100

Good customer service matters hugely to consumers, but almost a quarter do not believe they receive good service from businesses, according to a new survey released today as the Office of Fair Trading (OFT) urged consumers to look out for the OFT 'Approved code' logo.

Credit and Store Card Review - Government Response

Fri, 19 Mar 2010 15:32:24 +0100

BIS launched its Review of the Regulation of Credit and Store Cards in October. Industry Minute’s summary of the proposals published for consultation at that time is available here. The review was committed to last summer as part of measures set out in the Government’s Consumer White Paper, “A Better Deal for Consumers”.

Banks determined to repay Exchequer in full

Thu, 18 Mar 2010 18:04:39 +0100

Banks are committed to repaying taxpayers in full for their support during the financial crisis, in addition to paying an extra £14 billion in fees, the British Bankers Association (BBA) said today.

ABCUL Annual Conference and AGM 2010

Thu, 18 Mar 2010 17:26:08 +0100

Last weekend saw ABCUL’s Annual Conference and AGM sweep into Blackpool for its tenth consecutive year in the famous seaside resort. Over 300 delegates took in the sea air and some lively debate in the largest annual credit union event of its kind in Britain.

Changes to the Financial Services Authority Board

Thu, 18 Mar 2010 12:10:09 +0100

The Chancellor today announced the appointment of Dame Sandra Dawson and Amanda Davidson as non-executive directors (NEDs) of the Financial Services Authority (FSA). They will take up their posts on 1 May 2010.

February gross mortgage lending

Thu, 18 Mar 2010 10:35:26 +0100

Gross mortgage lending in February increased to an estimated £9.2 billion, a 6% rise from £8.7 billion in January, according to new data published by the Council of Mortgage Lenders (CML).

BBA Statement on the FSA Business Plan

Wed, 17 Mar 2010 17:35:51 +0100

"Banks support the need for reform and will continue to work with the regulator to improve regulation and strengthen the financial system in the UK. We understand that effective regulation is vital in helping restore confidence in the banking system but supervision needs to be of high quality and holistic, looking at any organisation as a whole and not just a collection of parts.

Eurofinas Announces Improvement in European Consumer Credit Market Figures for Q4 2009

Wed, 17 Mar 2010 17:17:05 +0100

Eurofinas, the voice of specialised consumer credit providers at European level, has recently launched quarterly surveys of its members’ new lending business to track developments on the European consumer credit markets.

Credit union reform a step closer

Wed, 17 Mar 2010 16:13:44 +0100

A historic change in legislation, which will see credit unions freed up to increase membership and fulfill their potential as providers of financial services, has come a step closer.

Low earners still at risk despite fall in unemployment

Wed, 17 Mar 2010 13:09:34 +0100

The Resolution Foundation said that despite today’s improved unemployment figures, it’s still not plain sailing for the 9.4 million low earners in work. Continued falls in employment levels, growth in long-term unemployment, expectations of a sluggish economic recovery in the private sector and a squeeze on public sector activity and employment mean that sustained improvements in the labour market remain some months away.

Economy will drive banking performance in 2010, finds KPMG's Survey

Wed, 17 Mar 2010 12:55:40 +0100

A new report from KPMG - the UK Banks Performance Benchmarking Survey - concludes that retail banking will continue to improve should the economic recovery continue, but that questions hang over the sustainability of investment banking performance.

Homebuyers' Confidence Fragile Ahead of the Election

Wed, 17 Mar 2010 11:28:24 +0100

Confidence in the housing market remains fragile according to the Building Societies Association’s (BSA) Property Tracker survey, with buyers forecasting that property prices will grow, but uncertain if now is a good time to buy.

FSA publishes Business Plan for 2010/11

Wed, 17 Mar 2010 11:11:41 +0100

The Financial Services Authority (FSA) has today published its Business Plan setting out its priorities for 2010/11. The Plan is a demanding programme of work for the year requiring greater policy and supervisory resources, and focusing on a number of key areas:

BBA statement on OFT report on personal current accounts

Wed, 17 Mar 2010 10:43:57 +0100

Eric Leenders, British Bankers' Association (BBA) Executive Director, Retail said:

FSA Mortgage Lending Data published

Wed, 17 Mar 2010 10:26:29 +0100

The Financial Services Authority (FSA) has published its latest mortgage lending data for the United Kingdom covering the period Q4 2009.

CML welcomes new regulatory framework for social housing

Wed, 17 Mar 2010 10:20:25 +0100

The Council of Mortgage Lenders (CML) welcomes the publication by the Tenant Services Authority (TSA) of its new regulatory framework for the social housing sector in England.

Preliminary Results for the Year Ended 31 December 2009 - Fairpoint Group plc

Tue, 16 Mar 2010 11:45:55 +0100

Significant improvements in unarranged overdrafts build on progress in PCA market

Tue, 16 Mar 2010 11:31:47 +0100

Real progress is being made towards personal current accounts (PCA) that work well for consumers, with significant developments expected in the market over the next two years, the Office of Fair Trading (OFT) said today.

Media Statement on Voluntary Code for Credit Card Companies by the insolvency trade body

Mon, 15 Mar 2010 17:40:58 +0100

“R3 welcomes the Government’s new measures on credit cards and we expect that the changes to the allocation of payments will go some way to reducing the UK’s £54 billion credit card debt.

January snow fails to freeze motor finance sales

Mon, 15 Mar 2010 12:21:22 +0100

The latest motor finance figures from the Finance & Leasing Association (FLA) showed that the return of the 17.5% VAT rate and heavy snowfall impacted on sales in January, but consumer new car finance sales were up almost a quarter on last year.

John Denham: Â£50 million to help councils with economic recovery

Mon, 15 Mar 2010 12:16:41 +0100

An extra £50m is being given to councils to help them make big strides toward economic recovery in their local area, announced Communities Secretary John Denham today.

New rights for credit card customers

Mon, 15 Mar 2010 09:30:38 +0100

The UK Cards Association, which represents the credit card industry, is pleased to have reached a joint commitment with the Department for Business, Innovation & Skills (BIS) as a result of its consultation “Review of the Regulation of Credit and Store Cards”.

FLA and Government agree new credit and store card rights for consumers

Mon, 15 Mar 2010 07:52:12 +0100

Responding to the Department for Business, Innovation and Skills’ announcement on new rights for credit and store card users, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said:

January cheaper property sales hit by end of stamp duty holiday

Fri, 12 Mar 2010 13:13:24 +0100

House purchase loans fell by more than three times the decline in remortgages in January, according to data released today by the Council of Mortgage Lenders (CML). This emphatically demonstrates the effect on the mortgage market from the end of the temporary stamp duty holiday in December.

OFT seeks court order against gym management company

Thu, 11 Mar 2010 15:51:07 +0100

The OFT has issued High Court proceedings against a gym management company, Ashbourne Management Services Limited ('Ashbourne'), following concerns about its compliance with consumer credit law and the fairness of its contract terms.

New joint committee proposed to enhance consumer protection

Thu, 11 Mar 2010 15:18:15 +0100

The Financial Services Authority (FSA), Office of Fair Trading (OFT) and Financial Ombudsman Service (FOS) have today proposed the creation of a new consumer protection committee to scan for emerging risks.

Chancellor launches new free money advice service

Thu, 11 Mar 2010 15:12:56 +0100

Chancellor of the Exchequer, Alistair Darling is today launching a new free money advice service to be rolled out around the country.

Bank of America Europe Card Services supports Sport Relief

Wed, 10 Mar 2010 18:37:12 +0100

Almost 300 members of staff from Chester-based Bank of America Europe Card Services will take to the organisation’s call centre phones to collect donations for Sport Relief.

CML publishes budget submission

Wed, 10 Mar 2010 18:18:20 +0100

With the date of the Budget now confirmed as 24 March, the Council of Mortgage Lenders (CML) is urging the government to commit to the ongoing funding of measures to help borrowers in financial difficulty.

FSA update on PPI reforms

Wed, 10 Mar 2010 11:59:53 +0100

The Financial Services Authority (FSA) has published feedback to its plans to reform the Payment Protection Insurance (PPI) market and announced a further six week consultation on its revised package of measures.

Credit unions best hope to tackle financial exclusion

Tue, 09 Mar 2010 17:44:54 +0100

Support for the supply of affordable credit through credit unions both now and after the election was discussed at a major conference last week. According to the Association of British Credit Unions (ABCUL), if there is to be a real impact on financial exclusion, Government needs to act to create a step change in the scale and effectiveness of the sector.

Peter Sargent comments on Insolvency Service decision to raise cost of bankruptcy

Tue, 09 Mar 2010 16:54:31 +0100

In response to the Insolvency Service's decision to raise the cost of bankruptcy by £90, Peter Sargent, President of R3, the insolvency trade body, said: “Save up to go bust? With the Insolvency Service raising bankruptcy costs by £90 the price of going bust has never been so high, standing at £600 all in, including court fees.

Aspect to Demonstrate the Business Benefits of Unified Communications at UC Expo 2010

Tue, 09 Mar 2010 10:22:34 +0100

Aspect, a global provider of unified communications (UC) and collaboration services and software, today announced it will be showcasing its unified communications applications for the contact centre and discussing its UC services offerings at UC Expo 2010 on 10-11 March 2010 in Olympia, London.

Time running out for advisers to claim Government funding

Mon, 08 Mar 2010 17:06:37 +0100

Standards International today warned that many advisers eligible for Government funding to help with the costs of achieving the international standard in financial planning (ISO 22222) would miss out on the funds if they didn't apply soon.

Â£83 million backing for first time buyers and housebuilding jobs

Mon, 08 Mar 2010 15:11:44 +0100

Housing Minister John Healey has today announced £83 million to get building over 5,700 new and affordable homes stalled by the recession back on track.

February sales figures 'point to growth on the High Street'

Fri, 05 Mar 2010 14:59:03 +0100

Mid-size high street retailers are performing well and consumer demand continues to grow, according to accountants and business advisers BDO LLP. Figures from the BDO High Street Sales Tracker for the month of February show overall like-for-like sales up by just over 9 per cent (9.1 per cent) on last year.

Coventry cuts its Residential Remortgage Rates

Thu, 04 Mar 2010 17:15:09 +0100

Coventry Building Society is reducing rates on its range of Residential Remortgage products and launching a unique fixed rate deal, offering unlimited overpayments without penalty.

Halifax House Price Index - February 2010

Thu, 04 Mar 2010 16:45:57 +0100

Commenting, Martin Ellis, housing economist, said: "House prices fell by 1.5% in February, the first decline since June 2009 following seven consecutive monthly increases. Despite this fall, the average price is 8.0% above the trough reached in April 2009.

One year of base rate at 0.50%

Thu, 04 Mar 2010 16:37:26 +0100

The Monetary Policy Committee’s decisions to leave the Bank of England base rate at 0.50% for an entire year leaves the nation’s hard pressed savers between a rock and a hard place.

BRC-Nielsen Shop Price Index February 2010

Wed, 03 Mar 2010 16:40:37 +0100

The February BRC-Nielsen Shop Price Index showed that overall shop price inflation fell to 1.7% in February, with food inflation slowing to 1.3% from 2.9% in January. Non-food inflation was unchanged at 1.9% in February.

Nationwide Consumer Confidence Index rises to highest level for two years

Wed, 03 Mar 2010 15:26:12 +0100

The Nationwide Consumer Confidence Index has risen for the second consecutive month, increasing by six points to 80 in February. This increase means that the Index now stands at its highest level since January 2008, and almost double the level recorded during the same period last year (41).

CML: Falling home-ownership, and Vince Cable's views on responsible lending

Tue, 02 Mar 2010 13:00:59 +0100

Home-ownership has fallen in recent years, according to the Survey of English Housing. And a recent Council of Mortgage Lenders (CML) conference concluded that this trend is likely to continue, driven by a combination of a chronic lack of housing supply and affordability problems for first-time buyers. Find out more in today’s CML News & Views at http://www.cml.org.uk/cml/publications/newsandviews/59.

Credit Action figures for total UK personal debt

Tue, 02 Mar 2010 09:41:14 +0100

Total UK personal debt at the end of January 2010 stood at £1,463bn. The twelve-month growth was 0.8%.

Retailers: 'Budget must focus on spending cuts - not tax hikes'

Mon, 01 Mar 2010 17:05:11 +0100

The last budget of this Parliament must concentrate on public spending cuts, rather than tax increases, said the British Retail Consortium (BRC).

FSA finalises new framework for financial penalty-setting

Mon, 01 Mar 2010 16:39:12 +0100

The Financial Services Authority (FSA) has today published its new penalties policy, which establishes a consistent and more transparent framework for the calculation of financial penalties, and which could see enforcement fines treble in size.

Scotland 'losing out to scammers'

Mon, 01 Mar 2010 16:31:36 +0100

The Office of Fair Trading (OFT) is warning people in Scotland not to fall for scams, as new research reveals the most common types of mass-marketed cons in the country.

Mutual sector lending and savings figures for January 2010

Mon, 01 Mar 2010 16:25:28 +0100

Figures just issued by the Building Societies Association (BSA) show that the value of mutual sector approvals in January was £0.8 billion, and gross lending was £1.0 billion.

Combined âmutualâ statistics replace building society data

Mon, 01 Mar 2010 15:58:47 +0100

The Building Societies Association (BSA) has announced that when the Bank of England publishes its Monetary and Financial Statistics (Bankstats) for January 2010 on 1 March, statistics for the building society sector will no longer be split out to the extent that they have been previously.

Lloyds FY09 Figures

Fri, 26 Feb 2010 11:45:24 +0100

Lloyds Banking Group (A1s/As/AA-s) reported a net loss of GBP 6.3bn in FY09, based on "combined" figures which are adjusted for the HBOS acquisition. On a statutory basis, there was a GBP 2.8bn profit due to the GBP 11.2bn acquisition gain.

Hometrack's Monthly National Housing Survey: February 2010

Fri, 26 Feb 2010 10:00:01 +0100

House prices rose by 0.3% over February according to the latest house price survey published today by Hometrack, the housing intelligence business. However, Richard Donnell, Hometrack’s Director of Research, cautions that price rises alone are not indicative of strong foundations with 2010 seeing one of the slowest starts to the year.

Ombudsman releases latest complaints data on individual financial businesses

Thu, 25 Feb 2010 17:13:24 +0100

The Financial Ombudsman Service today releases its second six-monthly set of complaints data relating to individual financial businesses – including banks, insurance companies and investment firms.

FLA hits back at R3 proposals on store cards

Wed, 24 Feb 2010 13:07:01 +0100

The Finance & Leasing Association (FLA) has hit back at calls from R3 for restrictions on the sale of store cards.

BSA welcomes removal of Northern Rock's 100% savings guarantee

Wed, 24 Feb 2010 11:15:41 +0100

Commenting on the announcement today that Northern Rock will in three months have its 100% guarantee on savings removed, Adrian Coles, the Building Societies Association (BSA) Director-General, said:

Northern Rock takes another step towards independence

Wed, 24 Feb 2010 10:28:42 +0100

An important milestone has been reached in Northern Rock’s return to independent, commercial strength with notice given today for the end of the special guarantee for the bank’s retail deposits.

Scottish mortgage market recovering â but slower than UK as whole

Wed, 24 Feb 2010 10:23:08 +0100

House purchase activity in Scotland continued to pick up in the final three months of 2009, according to new data released by the Council of Mortgage Lenders (CML) today.

January figures for the main high street banks

Tue, 23 Feb 2010 16:15:15 +0100

As reported today by the British Bankers Association (BBA), mortgage lending in January was relatively weak, showing a reaction to the inflated December market and the adverse weather conditions which impacted on activity. Consumer credit declined further but personal deposits held up.

Cumberland Building Society selects Albany Software to facilitate FPS

Tue, 23 Feb 2010 12:29:11 +0100

Regional Building Society, Cumberland, has ‘gone-live’ with Albany ePAY from pioneering developer of electronic payment software solutions, Albany Software.

Christmas spending prompts sharp rise in retail instalment credit

Mon, 22 Feb 2010 17:31:03 +0100

Store instalment credit rose sharply in December as savvy consumers looked to use credit sensibly to meet specific purchase needs. Consumers spent 17% more using instalment credit in the run up to Christmas 2009 than they did in 2008, according to new figures from the Finance & Leasing Association (FLA).

Gross mortgage lending up 14% in December

Mon, 22 Feb 2010 16:41:03 +0100

Gross mortgage lending reached an estimated £13.7 billion in December, a 14% rise from £12.1 billion in November and up 3% on December 2008, according to the Council of Mortgage Lenders (CML). This is the first time the annual monthly comparison has been in positive territory since October 2007. However, other than in 2008, this is still the lowest figure for December since 2001 (£13.4 billion).

Christmas spending prompts sharp rise in retail instalment credit

Mon, 22 Feb 2010 12:41:54 +0100

Decline in retail sales highlights threats to the economy

Fri, 19 Feb 2010 23:34:25 +0100

Commenting on the January retail sales figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

Comment on the Office of National Statistics (ONS) retail sales figures for January 2010

Fri, 19 Feb 2010 23:32:30 +0100

Richard Lowe, Head of Retail and Wholesale, Barclays said:

Gross mortgage lending declined in January

Thu, 18 Feb 2010 10:08:16 +0100

Gross mortgage lending declined to an estimated £9.1 billion in January, a 32% fall from £13.4 billion in December and a 21% fall from £11.5 billion in January 2009, according to the Council of Mortgage Lenders (CML).

Inflation could rise to 4% in January, but no reason to panic

Thu, 18 Feb 2010 09:22:21 +0100

Consumer price inflation (CPI) rose sharply to 2.9% in the year to December 2009 and estimates by economists at PricewaterhouseCoopers LLP (PwC) suggest a further increase to around 4% when January figures are released tomorrow morning. But although inflation will then be around twice its target level, this is argued to be no serious cause for concern as it is driven by temporary factors that should be reversed later this year.

Unemployed targeted by rising work opportunity scams

Wed, 17 Feb 2010 12:52:54 +0100

Those looking for work are the latest targets of scammers according to new research from the Office of Fair Trading (OFT) which identifies work from home scams as among the most common cons in Britain.

Estate Agents look to online services for the next decade

Wed, 17 Feb 2010 12:47:35 +0100

Recent research carried out by movewithus, one of the UK’s leading property specialists, has revealed that 94% will be focusing on their web offering in the next decade, with many estate agents looking to move out of the high street.

FLA comment on pricing of credit card interest rates

Wed, 17 Feb 2010 09:59:28 +0100

Responding to Moneyfacts’ research on credit card APRs, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said:

Equifax appoints new director to head Personal Solutions business

Tue, 16 Feb 2010 17:34:41 +0100

Reflecting the growth of its direct-to-consumer business, leading consumer credit, business and marketing information provider, Equifax, has appointed Chris Sherlock to the newly created position of Equifax Director Personal Solutions. This follows more than 2 years as Marketing Director for the Equifax UK business.

So, why are arrears and possessions lower than expected?

Tue, 16 Feb 2010 17:28:13 +0100

Recent figures from the Council of Mortgage Lenders (CML) showed that, despite the length of the recession, mortgage arrears and possessions are lower than expected.

Scottish housing market continues to recover

Tue, 16 Feb 2010 00:01:00 +0100

The housing market continues to recover with most areas of Scotland showing price increases, according to the latest Scottish House Price Monitor from Lloyds TSB Scotland.

CML response urges Treasury not to regulate Buy-To-Let

Mon, 15 Feb 2010 16:14:44 +0100

The Council of Mortgage Lenders (CML) has today responded formally to the Treasury's consultation on whether to extend the scope of mortgage regulation.

Buy to Let Regulation 'would fail'

Mon, 15 Feb 2010 15:20:11 +0100

Plans to regulate buy to let mortgages could see the Government’s objectives to increase investment in the UK private rental sector fail, according to the Building Societies Association (BSA).

December sees record rate of growth in dealer finance for new cars

Mon, 15 Feb 2010 12:06:14 +0100

Figures released today by the Finance & Leasing Association (FLA) show that the number of new cars bought by consumers using dealer finance in December 2009 grew by a record rate of 91% compared to December 2008. In the final quarter of 2009, volumes increased by 56% compared with Q4 2008.

BRC-KPMG London Retail Sales Monitor January 2010: London retail's worst January for five years

Mon, 15 Feb 2010 11:50:18 +0100

Retail sales in central London in January were 3.5% higher on a like-for-like basis than a year ago, when sales had risen 6.5%. This was the worst January sales growth since 2005.

Stamp duty rush caused 2-year December high in first-time buyers

Fri, 12 Feb 2010 09:40:55 +0100

The number of loans to first-time buyers hit a two-year high in December 2009, driven by a rush to buy properties in the £125,000 - £175,000 bracket before the year-end stamp duty concession expired, according to figures released today by the Council of Mortgage Lenders.

NAEA: Buyers brave Britain's big freeze

Thu, 11 Feb 2010 15:29:00 +0100

Britain's house hunters braved freezing weather and blizzard conditions to bag themselves a bargain in January, according to estate agents.

Buy-to-let lending in 2009

Thu, 11 Feb 2010 10:22:34 +0100

New buy-to-let lending increased for the second consecutive quarter in the last three months of 2009, according to figures released from the Council of Mortgage Lenders (CML) today.

Mortgage arrears and possessions declined in fourth quarter of 2009

Thu, 11 Feb 2010 10:15:05 +0100

Mortgage lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter, and 2% down on the fourth quarter of 2008, according to the Council of Mortgage Lenders (CML). This figure reflects the number of possessions taken by first charge lenders on both home-owner and buy-to-let mortgages.

MoneyBackMortgages.com Bucks the Trend to See 191% Year-on-Year Growth

Wed, 10 Feb 2010 16:10:02 +0100

MoneyBackMortgages.com, the revolutionary commission sharing mortgage scheme continues to surprise the property market with the announcement that the number of last month's year-on-year mortgage applications increased by a staggering 191%.

Will Google level the playing field?

Wed, 10 Feb 2010 15:34:04 +0100

Google could be about to transform property searches in the UK, becoming the ultimate aggregator of aggregators. The Google property search will take consumers directly to the websites of agents, increasing the visitors and business that their online offering receives.

Buy As You View selects Welcom Software & K3 Retail

Tue, 09 Feb 2010 11:06:20 +0100

Buy As You View (BAYV), the UK’s leading supplier of consumer retail goods sold on a credit basis, has selected Welcom Software (Welcom) and K3 Retail for its new multi-million pound customer-centric CRM, supply chain and financial management solution. This will be the first time a fully integrated system of this nature has been developed in the UK, by UK businesses for a UK customer.

FSA chief executive officer to step down in the summer

Tue, 09 Feb 2010 10:44:08 +0100

The Financial Services Authority (FSA) today announces that Hector Sants will leave the organisation in the summer of 2010, after three years as chief executive officer (CEO).

Debt charities turn away debt-stressed consumers

Mon, 08 Feb 2010 11:30:14 +0100

Leading debt solutions provider, EuroDebt, is responding to a new report from the National Audit Office which indicates that some debt advice charities are struggling to cope with consumer demand for help. EuroDebt believes this presents a major issue for consumers struggling with their finances.

Developers switch from First Time Buyers to Family Homes in 2010s and âBanker Padsâ crash

Mon, 08 Feb 2010 10:44:57 +0100

Latest research conducted by property specialists, movewithus, has revealed that more residential property developers are expecting to build ‘family’ properties rather than First Time Buyer properties in the 2010s.

Clarity signs new two year sponsorship deal with MALG

Fri, 05 Feb 2010 15:31:46 +0100

Clarity Credit Management Solutions Ltd (Clarity) has signed a new two year deal to sponsor the position of Secretary for the Money Advice Liaison Group (MALG).

Iceland boss under fire from FPB over comments criticising new protection for suppliers

Thu, 04 Feb 2010 15:03:47 +0100

The Forum of Private Business (FPB) is responding to comments made by Iceland boss Malcolm Walker dismissing a new supermarket code of conduct and ombudsman as a “waste of time”.

VocaLink Take Home Pay Index takes a tumble as we enter 2010

Thu, 04 Feb 2010 13:01:42 +0100

The VocaLink Take Home Pay Index for January reflects the current challenges facing the UK labour market as we enter 2010. The Index has reversed its gains from December to drop back down to 1.4 per cent in January.

OFT launches market study into consumer contracts

Thu, 04 Feb 2010 12:34:48 +0100

The Office of Fair Trading (OFT) has today launched a market study to examine when, how and why contracts may cause difficulties for consumers.

Tough new code shows supermarkets committed to supplier relationships

Thu, 04 Feb 2010 10:41:41 +0100

A tough new code of practice demonstrates retailers' commitment to good, long-term relationships with suppliers.

The Card Awards winners announced

Wed, 03 Feb 2010 12:37:45 +0100

Last night, the payment card industry held its fifth annual ceremony to acknowledge customer service, excellence and innovation at The Card Awards. The Awards, hosted by top comedian, Rhod Gilbert, at the Grosvenor House in London, attracted around 1200 guests including many of the industry’s leading figures and benefited The Prince’s Trust through a charity raffle.

UK body leads world on standards for financial advisers

Wed, 03 Feb 2010 12:24:50 +0100

The achievement of ISO 22222, the international quality standard for providing financial advice, has been made compulsory in some countries yet the UK's Standards International remains the world’s only organisation that is dedicated solely to the certification of financial advisers to international standard IS0 22222.

Fall in spending confidence dents rosy start to 2010

Wed, 03 Feb 2010 11:01:03 +0100

Despite a downward stutter last month, the Nationwide Consumer Confidence Index recorded a three point increase in January to 73, almost double the level of confidence recorded during the same period last year (39%). While the Present Situation and Expectations indices both ticked up to 23 and 107 respectively, confidence in spending fell away sharply during the month and dropped to 96 in January from 108 in December.

Credit Action figures for total UK personal debt

Tue, 02 Feb 2010 12:53:40 +0100

Total UK personal debt at the end of December 2009 stood at £1,460bn. The twelve-month growth was 0.7%.

FSA confirms plan for publishing information on firms complaints handling

Mon, 01 Feb 2010 15:28:51 +0100

The Financial Services Authority (FSA) has confirmed that it will require firms to publish information on how they handle complaints, to help people see how firms are performing in this important area and to drive up complaints handling standards across the industry.

House prices up across just 7% of the country

Mon, 01 Feb 2010 15:23:37 +0100

Overall house prices rose by 0.1% in January according to the latest national house price survey published today by Hometrack, the housing intelligence business. The year on year rate of growth stands at -0.8%. The survey reveals a sluggish start to the year as the market shrugs off the usual seasonal affects after an unexpectedly strong end to 2009.

CML welcomes publication of FSA rules on sale-and-rent-back

Mon, 01 Feb 2010 15:12:20 +0100

The Council of Mortgage Lenders (CML) welcomed the recent publication by the Financial Services Authority (FSA) of new rules and guidance to provide full protection for consumers in the sale-and-rent-back market.

ABOVE AVERAGE Ranking Released On TDX Group As U.K. Consumer Finance Master Servicer

Mon, 01 Feb 2010 13:38:00 +0100

OVERVIEW
• We have released our ABOVE AVERAGE servicer ranking on TDX Group as a master servicer of consumer finance in the U.K.
• The outlook is stable.

Latest Bank mortgage lending figures may point to slower January

Mon, 01 Feb 2010 13:14:57 +0100

According to the Council of Mortgage lenders (CML), the latest Bank of England mortgage data published today confirms the likelihood that there may have been a "bunching" of house purchase transactions in December to beat the stamp duty concession deadline.

Gross lending up 15% at building societies

Mon, 01 Feb 2010 09:44:15 +0100

Figures just released by the Building Societies Association (BSA), show that gross mortgage lending by building societies was £1.8 billion in December, compared to £1.6 billion in November, an increase of 15%. Gross lending for 2009 totaled £18.6 billion compared to £37.5 billion in 2008.

FSA introduces further protections for sale and rent back customers

Fri, 29 Jan 2010 10:31:47 +0100

The Financial Services Authority (FSA) has today published new rules and guidance which put in place a strong framework of consumer protection for vulnerable consumers in the sale and rent back (SRB) market.

EuroDebt welcomes OFT clarification on 'unenforceable credit agreement' confusion

Thu, 28 Jan 2010 15:41:13 +0100

Leading debt solutions expert, EuroDebt, has welcomed the OFT’s publication of draft guidance for consumers on the application of important sections of the Consumer Credit Act 1974 that allow them to request information about their credit agreements. The guidance has arisen following on-going concerns that tens of thousands of debtors are being misled into thinking they can get their debts written off.

CML responds to FSA mortgage review and calls for government emphasis on funding

Thu, 28 Jan 2010 14:49:40 +0100

In two new separate but parallel policy papers, the Council of Mortgage Lenders today expresses support in principle for some of the regulatory reform proposed by the FSA under its mortgage market review.

CML chairman and deputy chairmen elected for 2010

Thu, 28 Jan 2010 12:17:16 +0100

The Council of Mortgage Lenders (CML) today confirmed Matthew Wyles, group distribution director of Nationwide Building Society, has been elected chairman of the CML for a second year.

BSA calls for a considered response in Mortgage Market Review

Thu, 28 Jan 2010 11:56:34 +0100

The Mortgage Market Review must result in future regulation proportionate to perceived failings in the market according to the Building Societies Association (BSA).

Money Advice Trust urges crackdown on CMCs

Thu, 28 Jan 2010 09:38:31 +0100

The Money Advice Trust (MAT) today backed the OFT consultation on unenforceable credit agreement guidance. Advisers at the Money Advice Trust’s helpline, National Debtline have long been aware of the problems that can arise when Claims Management Companies (CMCs) target people in debt.

FLA response to Equality Bill statement on age discrimination

Thu, 28 Jan 2010 09:10:06 +0100

Responding to the Government’s policy statement on ending age discrimination in the provision of financial services as part of the Equality Bill, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said:

Mortgages become 20% more affordable

Thu, 28 Jan 2010 00:01:00 +0100

Homeowners in England and Wales saw a 20 per cent drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009, according to the latest mortgage affordability research released by Woolwich, the mortgage arm of Barclays.

FLA welcomes clarity on unenforceable credit agreements

Wed, 27 Jan 2010 17:20:33 +0100

Responding to new draft guidance on unenforceable credit agreements published by the Office of Fair Trading, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association (FLA), said:

Derbyshire firm and its two partners fined a total of £49,000

Wed, 27 Jan 2010 15:17:38 +0100

The Financial Services Authority (FSA) has levied fines totalling £49,000 on a Derbyshire based financial advice firm and its two partners.

OFT consults on unenforceable credit agreements guidance

Wed, 27 Jan 2010 15:13:10 +0100

The Office of Fair Trading (OFT) has today published draft guidance for consumers and industry on the application of sections of the Consumer Credit Act 1974 (the CCA) that allow consumers to request information about their credit agreements.

December figures for the main high street banks

Tue, 26 Jan 2010 17:49:27 +0100

According to a report just published by the British Bankers Association (BBA), mortgage lending strengthened slightly in December, with gross lending inflated by some borrowers pushing through purchases ahead of the end of stamp duty relief. Consumer credit was weak, in line with weak retail sales volumes, but savings recovered from a weak November figure, to an above-trend rise.

CML reaction to FSA on arrears and approved persons

Tue, 26 Jan 2010 13:00:47 +0100

The Council of Mortgage Lenders (CML) broadly agrees with the proposals on arrears handling put forward today by the Financial Services Authority, but will need to review the practical implications to ensure there are no unintended consequences.

Christmas and VAT increase gives boost to consumer finance figures

Tue, 26 Jan 2010 10:34:15 +0100

Christmas spending and the rush to beat the VAT increase led to the first growth in consumer finance since April 2008, according to industry figures for November 2009 published by the Finance and Leasing Association (FLA).

FSA's new steps to ensure borrowers in arrears are treated fairly and to reduce mortgage fraud

Tue, 26 Jan 2010 09:11:35 +0100

The Financial Services Authority (FSA) has today set out a package of measures that will help to ensure that mortgage holders in arrears are treated fairly and which reinforces the FSA’s tough stance in its battle against mortgage fraud.

Brief opening comments to financial services seminar

Mon, 25 Jan 2010 13:07:11 +0100

Welcome to Downing Street. I would like to express to you my utmost gratitude for coming to this discussion today - academics, country officials, international and UK policy makers.

Supermarkets and online banking providers 'surprise losers'

Mon, 25 Jan 2010 12:33:11 +0100

Just 9% of British consumers are considering changing their banks in favour of new market entrants such as supermarkets and online providers, according to new consumer research commissioned by PricewaterhouseCoopers LLP.

Approval of B&B and Dunfermline wind-down plans

Mon, 25 Jan 2010 12:02:06 +0100

The Government today welcomes the European Commission’s (EC) approval of restructuring plans for Bradford & Bingley plc (B&B) and Dunfermline Building Society.

Confidence up but saving at five-year high

Mon, 25 Jan 2010 11:37:08 +0100

More people feeling positive about their job prospects and personal finances helped consumer confidence increase for the third consecutive quarter, although confidence levels remain well below pre-recession highs.

Disappointing retail sales point to a fragile recovery

Mon, 25 Jan 2010 11:03:48 +0100

Commenting on the December retail sales figures, published by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

Milder weather boosts high street sales

Mon, 25 Jan 2010 10:55:48 +0100

Sales figures from BDO’s High Street Sales Tracker for the week ending 17 January were as follows:

Gross mortgage lending up 14% in December

Mon, 25 Jan 2010 10:30:44 +0100

Gross mortgage lending reached an estimated £13.7 billion in December, a 14% rise from £12.1 billion in November and up 3% on December 2008, according to the Council of Mortgage Lenders (CML).

CHL arrears reduced by more than 25%

Mon, 25 Jan 2010 10:24:48 +0100

Specialist lender, CHL Mortgages, has today revealed further improvements in early and late arrears across its entire buy-to-let and homeloan mortgage book.

Aspect Statement on the Avaya/Nortel Roadmap Announcement

Fri, 22 Jan 2010 11:17:15 +0100

This statement is intended to help organisations inform future decisions as they evaluate short-term and long-term implications of the recently announced Avaya/Nortel roadmap for their offerings and potential operational challenges by Gary Barnett, Andy Bezaitis, Serge Hyppolite, and Brett Williams.

Debt charity launches Equity Release company to help older debtors

Thu, 21 Jan 2010 14:45:32 +0100

Older debtors can now receive direct help from the Consumer Credit Counselling Service (CCCS), the UK's leading debt charity, which is launching a new subsidiary offering equity release without fees to clients in need.

Government moves to support UK Islamic finance industry

Thu, 21 Jan 2010 11:47:03 +0100

The Treasury has introduced measures in Parliament to support Islamic finance and the issuance of corporate sukuk within the UK.

Race to beat VAT rise leads to strong growth in forecourt finance

Wed, 20 Jan 2010 17:40:55 +0100

Motorists buying new cars in November bought 82% more cars using dealer finance than in the same month a year earlier, according to new statistics released by the Finance & Leasing Association (FLA).

CML: What we like about the FSA - and no rogue's charter for tenants!

Tue, 19 Jan 2010 17:56:39 +0100

The Council of Mortgage Lenders (CML) have confirmed that, at the end of this month, they will be submitting their formal response to the FSA’s mortgage market review.

Insurance fraudster banned by FSA for deceiving customers out of almost £400k

Tue, 19 Jan 2010 17:48:48 +0100

The Financial Services Authority (FSA) has banned an insurance company director for lying to his customers, lying to the FSA and failing to pass on insurance premiums.

Nowinnofee.co.uk Granted Ministry of Justice Accreditation

Tue, 19 Jan 2010 00:08:33 +0100

Nowinnofee.co.uk, the UK’s first independent resource website for people looking to pursue compensation claims, has been granted Ministry of Justice Regulation in respect of regulated claims management activities.

BRC-KPMG London Retail Sales Monitor December 2009: best December for at least seven years

Mon, 18 Jan 2010 15:49:58 +0100

Retail sales in central London in December were 12.0% higher on a like-for-like basis than a year ago, when sales had fallen 0.7%, as financial turmoil hit consumer confidence – especially in the City. This was the best December since the survey began in 2002.

FSA removes directors approval to hold senior positions for two years

Mon, 18 Jan 2010 15:27:42 +0100

The Financial Services Authority (FSA) has revoked the approval of a Durham-based director of a mortgage broker firm, preventing him from holding senior positions in the financial services industry for at least two years.

Hostile weather wreaks havoc on the high street

Mon, 18 Jan 2010 15:20:15 +0100

Sales figures from BDO’s High Street Sales Tracker for the week ending 10 January were as follows:

FSA bans insurance broker for failing in his duties as a director

Thu, 14 Jan 2010 17:58:16 +0100

The Financial Services Authority (FSA) has banned Stephen Allen, a director of insurance broker, Fabien Risk Services Ltd, for failing in his duties as a director of a regulated firm.

Consumer confidence in the economic prospects for 2010 falling according to latest ABI research

Thu, 14 Jan 2010 17:56:25 +0100

Consumer confidence in the economy took a knock in the last quarter of 2009, with one-in-three consumers expecting the economy to worsen in 2010 according to research published today by the Association of British Insureres (ABI). Optimism over the economic prospects for 2010 fell significantly, as worries over job security increased.

Supermarket Ombudsman 'would cost customers millions'

Wed, 13 Jan 2010 17:41:47 +0100

A supermarket ombudsman would hand negotiating power to multi-national food businesses and cost customers millions of pounds in higher prices, said the British Retail Consortium (BRC).

Keep an eye on your credit file and avoid financial problems

Wed, 13 Jan 2010 17:30:44 +0100

The Information Commissioner’s Office (ICO) is urging consumers to ensure that their credit reference file is accurate and up to date in 2010.

December sales:"Stronger than we dared hope"

Tue, 12 Jan 2010 15:53:03 +0100

According to KPMG Retail Sales Monitor for December 2009, UK retail sales values rose 4.2% on a like-for-like basis from December 2008, when sales had dropped 3.3%, due to turmoil in financial markets hitting consumer confidence. On a total basis, sales rose 6.0% against a 1.4% decline in December 2008.

FSA takes action against London mortgage broker for lack of openness and co-operation

Tue, 12 Jan 2010 13:17:22 +0100

The Financial Services Authority (FSA) has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm. The permission of Trinity Network Services Limited (Trinity), where Oladipupo was sole principal and controller, has also been cancelled.

Consultation opens today on the Financial Ombudsman Service's corporate plan and budget for 2010/11

Tue, 12 Jan 2010 13:04:58 +0100

The Financial Ombudsman Service today publishes for public consultation its proposed budget for next financial year (2010/11) – together with an update on the numbers and workload for the current financial year (2009/10).

Comment on the Society of Motor Manufacturers and Traders car registration figures for December

Mon, 11 Jan 2010 18:14:21 +0100

Keith Parry, Head of Motor Retail at Barclays, said: “The government’s scrappage scheme has been a huge success, drawing people into showrooms and has accounted for almost 300,000 additional vehicles coming onto the market in 2009.

Orange and Barclaycard Deliver Next Step In Their Partnership With Contactless Credit Card

Mon, 11 Jan 2010 18:11:52 +0100

Orange and Barclaycard today launched a joint contactless credit card which offers customers the option to set their own spending levels and a choice in how they are kept up-to-date with their account. The Orange Credit Card is the first card to give customers this level of control over their account. It also provides customers with a great range of rewards, as well as the ability to make even easier and faster purchases of £10 and under using contactless technology. ...

Change at the top of Land Registry

Mon, 11 Jan 2010 12:42:38 +0100

Peter Collis, Chief Land Registrar and Chief Executive of Land Registry, has announced that he will be stepping down after 10 years in the role.

OECD unemployment rate stable at 8.8% in November 2009

Mon, 11 Jan 2010 11:41:57 +0100

The unemployment rate for the OECD area was 8.8% in November 2009, the same as the previous month and 2.1 percentage points higher than a year earlier.

New Local Government Ombudsman appointed

Fri, 08 Jan 2010 16:46:52 +0100

Dr Jane Martin has been appointed as a Local Government Ombudsman by Her Majesty The Queen following the recommendation of the Communities Secretary John Denham.

CHL launches quarterly Landlord Survey

Thu, 07 Jan 2010 09:44:17 +0100

Specialist lender, CHL Mortgages, has today revealed the results of its first quarterly survey of landlord customers.

Consumer confidence falls back in December

Wed, 06 Jan 2010 15:20:42 +0100

The Nationwide Consumer Confidence Index recorded a five point decrease in December to 69 – its biggest fall since November 2008. While the Present Situation Index remained unchanged on 20 points, the Expectations Index saw a significant drop, decreasing eight points to 101 in December.

Court advocate responds to advice charity response

Tue, 05 Jan 2010 15:56:15 +0100

LPC have responded to the ‘Turning the tide?’ report published by advice sector organisations Advice UK, Citizens Advice Bureau and Shelter on 15 December which suggested a third of mortgage lenders are failing to comply with the Mortgage Pre-Action Protocol (MPAP).

Banks push to become one-stop shops

Tue, 05 Jan 2010 11:10:46 +0100

Banks are increasingly focusing their sales efforts on their existing customers as they seek to cater for all their customers’ financial needs. Halifax is the latest to join the trend of larger banks and building societies which are targeting their current account customers with special deals on their other products.

FSA appoints consumer senior advisor

Tue, 05 Jan 2010 10:29:23 +0100

The Financial Services Authority (FSA) today announced the appointment of Julian Edwards to the role of consumer senior advisor.

Fluent Money announces Mortgage Brain partnership

Mon, 04 Jan 2010 16:21:04 +0100

Bolton-based secured loan broker, Fluent Money, has announced a five-year partnership with Mortgage Brain, the leading provider of mortgage technology solutions in the UK.

Barclaycard Payment Acceptance says card spending up this Christmas compared to last year

Mon, 04 Jan 2010 15:13:01 +0100

Barclaycard Payment Acceptance, one of the largest processors of debit and credit card transactions in the UK has announced that shoppers spent more on debit and credit cards from 19 December to 31 December compared to the same period last year.

Building society lending steady in November

Mon, 04 Jan 2010 11:56:14 +0100

According to figures just released by the Building Societies Association (BSA), gross mortgage lending by building societies was £1.6 billion in November, compared to £1.7 billion in October.

We've had better Christmas but 2010 will still be tough - Retailers

Mon, 04 Jan 2010 11:22:46 +0100

Retailers overwhelmingly believe 2010 will continue to be tough but won't be worse than this year.

Lending to Individuals November 2009

Mon, 04 Jan 2010 11:11:06 +0100

According to figures just released by the Bank of England (BoE), total net lending to individuals rose by £1.1 billion in November. The twelve-month growth rate remained at 0.7%. The three-month annualised growth rate was 0.6%, unchanged from a revised 0.6% for October.

Housing affordable for first-time buyers in four in ten areas

Mon, 04 Jan 2010 10:57:36 +0100

In 2009, the average price paid by a First Time Buyer (FTB) was affordable for someone on average earnings in nearly four in ten (39%) of local authority districts, according to this year's Halifax First-Time Buyer Annual Review.

Winners and losers from the stamp duty holiday

Thu, 31 Dec 2009 00:01:00 +0100

As the end of the stamp duty holiday looms on properties sold for between £125,000 and £175,000, the Council of Mortgage Lenders (CML) has looked at which regions have benefitted most and least from the temporary concession.

November house prices up 0.9 per cent since October

Wed, 30 Dec 2009 13:01:25 +0100

The November data from Land Registry's flagship House Price Index shows a positive monthly house price change of 0.9 per cent, which is the sixth month in a row in which the movement has been above nought per cent.

First monthly decline in buyer demand since January 2009

Mon, 28 Dec 2009 00:01:00 +0100

Hometrackhave published their Monthly National Housing Survey for December 2009.

Christmas transactions peaked on Saturday 19th December

Thu, 24 Dec 2009 08:00:43 +0100

Transactions peaked at 370 per second at 12.48 pm but Brits spending less on the last Saturday before Christmas

RICS comment on BBA mortgage approval figures

Wed, 23 Dec 2009 16:10:20 +0100

Commenting on the BBA mortgage approval figures, the Royal Institution of Chartered Surveyors (RICS) Senior Economist, Oliver Gilmartin, said:

November figures for the main high street banks

Wed, 23 Dec 2009 13:35:00 +0100

While mortgage lending continued to hold-up in November unsecured loans to consumers dropped further while personal deposits increased by less than in recent months. Loans to the corporate sector declined overall in November, though those to non-financial companies ticked up slightly.

BBA statement on OFT current account investigation

Tue, 22 Dec 2009 09:54:05 +0100

The British Bankers Association (BBA) have commented on the announcement by the OFT on bank charges.

OFT announces decision and next steps on bank charges

Tue, 22 Dec 2009 09:42:07 +0100

Following the Supreme Court's judgment last month, the OFT has today announced its next steps in securing changes to unarranged overdraft charges and the wider personal current account market.

Consumer Minister Reveals Plans to Ban Bills of Sale Lending

Tue, 22 Dec 2009 09:34:32 +0100

Consumer Minister Kevin Brennan today announced plans to ban the use of an outdated law used to sell high-cost loans.

Study of debtor behaviour and characteristics as a result of the recession

Tue, 22 Dec 2009 09:24:17 +0100

The TDX Group, who provide analytics-based debt management products and solutions, recently carried out a short study among industry specialists to explore opinions on debtor behaviour and characteristics as a result of the recession.

UN Proclaims 2012 as International Year of Co-operatives

Mon, 21 Dec 2009 15:52:55 +0100

Co-operativesUK has welcomed the decision by the United Nations (UN) which proclaimed 2012 as the International Year of Co-operatives at its General Assembly.

FLA calls for urgent government review of non-bank lending markets

Mon, 21 Dec 2009 11:39:33 +0100

The latest figures from the Finance and Leasing Association (FLA) show that consumer credit markets continue to reflect current economic conditions.

November Gross Mortgage Lending

Mon, 21 Dec 2009 09:49:50 +0100

Gross mortgage lending totalled an estimated £12 billion in November, a 10% drop from £13.3 billion in October and down 14% from £13.9 billion in November of last year, according to new data from the Council of Mortgage Lenders (CML).

One in three young people admit to drink-fuelled spending

Fri, 18 Dec 2009 18:29:40 +0100

One in three young people (34%) say they’ve spent more on evenings out than they originally set out to this year as a result of consuming alcohol, according to research released today by insolvency trade body R3.

Debt Advisory Line makes key compliance appointment

Fri, 18 Dec 2009 13:17:55 +0100

Award winning debt management provider, Debt Advisory Line, has appointed Grahame McGifford as Group Compliance Director.

UK retailers expect sales growth to fizzle out in new year - CBI

Fri, 18 Dec 2009 09:51:10 +0100

Retailers enjoyed a third consecutive month of sales growth in the early build up to Christmas, but are predicting flat sales in the New Year, according to the Confederation of British Industry (CBI).

November Gross Mortgage Lending

Fri, 18 Dec 2009 09:40:15 +0100

Repossessions warning in UK new Housing Review

Fri, 18 Dec 2009 09:31:35 +0100

The latest edition of the most authoritative guide to the UK housing market calls for the government to extend the safety net for home owners to ensure that repossessions do not continue to rise in 2010 with growing unemployment.

OFT consults on credit licence fee structures

Thu, 17 Dec 2009 15:14:33 +0100

The OFT has today launched a consultation on moving towards a new approach to the setting of fees for consumer credit licences.

All I want for Christmas is the train fare home

Thu, 17 Dec 2009 14:09:56 +0100

Far from being Scrooge like, cash-strapped students are forking out a substantial £1146.94 just to spend Christmas at home - 13.6% more than their £1010 student loans. Expensive train tickets, gifts, yuletide celebrations and rent on empty accommodation leave thousands of undergraduates in the red, seeing them handing over £136.94 more than the sum of their loan cheque during the festive holidays.

New figures show another month of motor finance growth, but 2010 will be tough on lenders

Wed, 16 Dec 2009 15:49:48 +0100

The latest motor finance statistics from the Finance & Leasing Association (FLA) show strong demand from consumers for new car finance, but motor finance providers remain cautious about the prospects for 2010 as the UK slowly recovers from recession.

Private car sales account for 40% of motor fraud

Wed, 16 Dec 2009 15:38:20 +0100

Almost 40% of motor finance fraud cases in Q3 2009 were committed by people selling cars which they did not own, according to new figures released today by the Finance and Leasing Association (FLA). Around 25% of motor fraud involved applicants giving false information on their finance application form.

Debt management now mainstream in financial services 1st class professional help readily ...

Tue, 15 Dec 2009 14:38:33 +0100

Debt solution website IVA.com is urging calm amongst those facing Christmas and the New Year under the shadow of unemployment and debt and will be open over the festive season to help them take the first crucial step to recovery.

CML comments on FSA third quarter mortgage statistics

Tue, 15 Dec 2009 12:49:58 +0100

The Council of Mortgage Lenders (CML) have commented on the FSA mortgage statistics just released.

FSA Statistics on Mortgage Lending : December 2009 Edition

Tue, 15 Dec 2009 11:57:42 +0100

FSA appoints a new senior advisor

Fri, 11 Dec 2009 15:11:56 +0100

The Financial Services Authority (FSA) today announced the appointment of a new senior advisor. Graham Halliday will advise across the FSA, with reference to his specialist area; retail banking.

Barclays predicts record Christmas spending

Fri, 11 Dec 2009 15:02:19 +0100

Shoppers are expected to shun the economic downturn in favour of festive cheer this December with record amounts set to be spent on the UK’s high streets.

Debt Advisory Line Working to Highest Standards with DEMSA Membership

Fri, 11 Dec 2009 11:24:28 +0100

Debt Advisory Line, one of the UK’s leading providers of consumer debt advice, has become a member of DEMSA, the debt managers’ standards association.

New guidance published for FSA banking rules

Thu, 10 Dec 2009 13:08:58 +0100

According to a British Bankers Association (BBA) news release, the rules which now govern high street banking became clearer today with the publication of new guidance to financial firms to replace the former Banking Code.

Bank of England Maintains Bank Rate at 0. ...

Thu, 10 Dec 2009 12:59:29 +0100

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.

Loans for house purchase at their highest for nearly two years

Thu, 10 Dec 2009 11:07:27 +0100

The number of loans for house purchase in the UK reached 55,000 in October, its highest level since December 2007, according to new data released by the Council of Mortgage Lenders (CML).

BSA comments on the Pre-Budget Report 2009

Thu, 10 Dec 2009 10:37:21 +0100

Commenting on the measures announced by the Chancellor in the Pre-Budget Report today, Adrian Coles, Director-General of the Building Societies Association (BSA), said:

CML responds to the chancellor's Pre-Budget Report

Thu, 10 Dec 2009 10:25:51 +0100

The Council of Mortgage Lenders (CML) welcomed the announcement by the chancellor that help with mortgage payments for working-age borrowers on income support will be maintained at current levels for the next six months. Payments of income support are helping around 100,000 households stay in their homes, and a further 113,000 older home-owners are receiving help with their mortgage through pension credits.

Drop in VocaLink Take Home Pay Index growth puts pressure on Christmas sales

Wed, 09 Dec 2009 19:56:45 +0100

The VocaLink Take Home Pay Index showed a weakness in pay growth as it fell to 1.4 per cent in November after remaining steady in the two previous months at 1.7 per cent. The continued fragility in the state of the economy, combined with poor prospects in the near-to medium-term, point towards ongoing slack in the labour market and a corresponding weakness in pay growth.

Optima Legal strengthens Professional Negligence and Dispute Resolution team

Wed, 09 Dec 2009 18:49:39 +0100

Optima Legal is further expanding its senior litigation team, with three new appointments, to deal with the increase work from its lender client base.

Exact Mortgage Experts comment on the PBR

Wed, 09 Dec 2009 18:35:25 +0100

Commenting on the pre-budget report, Alan Cleary, managing director of Exact Mortgage Experts, said:

BBA statement on Pre-Budget report

Wed, 09 Dec 2009 18:24:36 +0100

Commenting on the chancellor's pre-budget report, British Bankers Association (BBA) chief executive, Angela Knight said: "The Chancellor's comments on bonuses were well trailed and we now await the details.

BRC-KPMG Retail Sales Monitor November 2009: Christmas: All to play for

Tue, 08 Dec 2009 17:32:32 +0100

According to the BRC-KPMG Retail Sales Monitor for November, the UK retail sales values rose 1.8% on a like-for-like basis from November 2008, when sales had dropped 2.6%, due to turmoil in financial markets hitting consumer confidence. On a total basis, sales rose 4.1% against a 0.4% decline in November 2008.

HM Treasury confirms 1 January restructuring of Northern Rock

Tue, 08 Dec 2009 12:36:32 +0100

The restructure of Northern Rock will take place on 1 January 2010, the Treasury has confirmed today. The Northern Rock plc Transfer Order 2009 was made by the Treasury and laid before Parliament this morning.

CML media note on todays issue of News & Views

Tue, 08 Dec 2009 12:26:21 +0100

Over the last 18 months or so, the economy in the UK has shrunk more rapidly than in the US. So, why are US foreclosure rates at least four times higher than possession rates in the UK? Today, we attempt to explain why. How have differences in lending quality, interest rates, mortgage products and the legal process produced such different outcomes in the UK and the US?

OFT publishes emerging evidence in credit review

Tue, 08 Dec 2009 12:16:11 +0100

The Office of Fair Trading (OFT) has today published a summary of research and emerging evidence from its high-cost credit review.

Consumers bank on Debt Advisory Line for hassle free money management

Mon, 07 Dec 2009 17:38:58 +0100

Debt Advisory Line, one of the UK’s leading providers of consumer debt advice, has taken a further step towards becoming a wholesale financial solution with the announcement of a new current account and prepaid debit card.

Local authorities face surge in post-Christmas debt

Mon, 07 Dec 2009 15:37:06 +0100

Experian®, the global information services company, today advised local authorities to prepare for a significant rise in bad debt after Christmas and to ensure that departments responsible for council tax, rent collection and sundry fees are ready to cope with the rise in activity.

Treasury publishes details of Asset Protection Scheme

Mon, 07 Dec 2009 14:47:21 +0100

The Treasury has today published its final agreement with the Royal Bank of Scotland on the bank’s participation in the Asset Protection Scheme, along with further detail of the scheme’s operation and the assets it covers.

Treasury publishes details of Asset Protection Scheme

Mon, 07 Dec 2009 12:16:27 +0100

£30bn value decline within run-off mortgage portfolios

Mon, 07 Dec 2009 10:46:01 +0100

As much as £30bn has been wiped off the value of mortgage portfolios held by UK based financial institutions in run-off books.

Don't Scrooge up your finances this Christmas!

Mon, 07 Dec 2009 10:28:40 +0100

New research from the Finance & Leasing Association (FLA) has shown that last year, the average consumer spent 11% more on credit cards and 25% more on store cards than they spent during the other 11 months of the year. Latest figures from the FLA back this up with a small increase in store card use.

BSA calls for level playing field in financial services and more help for savers and borrowers

Thu, 03 Dec 2009 17:09:25 +0100

Ahead of the Chancellor’s Pre-Budget Report on Wednesday 9 December, the Building Societies Association (BSA) is calling on the Government to take stock of regulatory initiatives and to mitigate unfair competition from public-owned and part public-owned banks and NS&I. Only then can there be a level playing field within financial services that does not unfairly disadvantage building societies.

Debt charity offers new online tool to help struggling UK consumers

Thu, 03 Dec 2009 11:38:24 +0100

With personal insolvency at record-breaking levels, a UK debt charity has created an online self-help tool that calculates an individual’s debts and can help consumers outline their situation to relevant creditors.

Middle England shuns big four following financial crisis

Thu, 03 Dec 2009 10:32:31 +0100

England’s middle classes are turning their backs on large retail banks in favour of regional banks and building societies, new research has just revealed.

Royal Mail announces sale to help advertisers discover the benefits of direct mail

Thu, 03 Dec 2009 09:49:58 +0100

Royal Mail has announced the UK’s first-ever ‘DM Sale’ to help advertisers who use direct mail to try new campaign tactics and encourage those that don’t to discover its benefits.

CBI Comments on governments smart meter announcement

Wed, 02 Dec 2009 17:50:15 +0100

The Confederation of British Industry (CBI) today commented on the Government’s announcement that smart meters will be fitted in all homes by 2020.

Comment from Optima Legal re recent Yorkshire/Chelsea merger talks

Wed, 02 Dec 2009 10:01:14 +0100

Commenting on the Yorkshire/Chelsea merger talks Anthony Ruane, Partner, Optima Legal, which is a leading advisor to the lending sector, says:

Lending to individuals: October 2009

Mon, 30 Nov 2009 16:00:12 +0100

According to new figures issed today by the Bank of England (BoE), total net lending to individuals rose by £0.3 billion in October. The twelve-month growth rate fell to 0.7%, and the three-month annualised growth rate increased 0.3 percentage points to 0.5%.

New statistics show spending remains static over last quarter

Mon, 30 Nov 2009 15:44:36 +0100

Latest quarterly statistics, issued today by the Payments Council, using data from The UK Cards Association, Link, Bacs, Cheque & Credit Clearing Company and CHAPS Co, provide an account of all spending by plastic card, cheque, cash and automated payments over the last six years, and confirm little change beyond the usual variance to consumers' payment habits, despite the difficult economic conditions.

Building society approvals and gross lending hold steady

Mon, 30 Nov 2009 11:25:15 +0100

According to the latest information issued today by the Building Societies Association (BSA), the value of building society mortgage approvals in October was £1,511million - broadly in line with the £1,565 million of approvals in September. Gross lending also remained steady with £1,666 million being lent in October compared to £1,605 million in September.

Impact of Stamp Duty wont impact as much as feared, says whitehot property

Mon, 30 Nov 2009 11:15:47 +0100

Following an analysis of its properties, whitehotproperty.co.uk, a leading seller of chain free properties (repossessions, probate and part exchanged properties), has found that almost half (49.3%) of its properties on the whitehot property site are currently under the new returning stamp duty threshold of £125,000 planned for 2010.

House prices up for fourth month in a row

Fri, 27 Nov 2009 16:35:22 +0100

House prices grew by 0.2% in November 2009, according to the latest national house price survey published by Hometrack, the housing intelligence business, today. This is the fourth consecutive increase in house prices and brings the year on year rate of house price growth to -2.9%.

New online education film launched to help explain how a cheque clears

Fri, 27 Nov 2009 00:01:00 +0100

With market research confirming that consumer understanding of the cheque clearing process is still very low, the Cheque and Credit Clearing Company (C&CCC), has today launched an online film that helps explain the different stages involved in clearing a cheque.

Lenders should be cautious, warns Optima Legal

Thu, 26 Nov 2009 10:40:20 +0100

Neil Smith, Associate Solicitor, Optima Legal said; “The banking sector will obviously be relieved at this decision, but a note of caution should be sounded for a number of reasons. Firstly, Lord Walker made it clear that the scope of the appeal was limited to the question of whether the OFT could challenge the charges as being excessive in relation to the services supplied in exchange i.e. the applicability of Regulation 6(2). The court did not have the task of deciding whether the system ...

Is this the end of free banking as we know it?

Thu, 26 Nov 2009 10:29:32 +0100

The Supreme Court has today (25th November 2009) found in favour of the banks on overdraft charges, overturning earlier court rulings that allowed the Office of Fair Trading to investigate the fairness of these charges. Leading debt solutions provider, EuroDebt, believes this decision, which has shocked many consumer organisations, signals the end of free banking as we know it.

FLA responds to HM Treasury mortgage regulation review

Thu, 26 Nov 2009 10:25:23 +0100

Commenting on HM Treasury’s Mortgage Regulation recommendations, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said: “Second-charge lenders are not opposed to a move to FSA regulation, but they have yet to be persuaded that there is a compelling case for change. The current legislative standards already provide comprehensive consumer protection, which is reflected in the low level of repossessions.

HML Wins Global Excellence Award for BPM Project

Thu, 26 Nov 2009 10:19:03 +0100

HML, the financial outsourcing provider, has won the Silver Award for Europe in the 2009 Global Awards for Excellence in Business Process Management (BPM) and Workflow.

New Director of External Affairs for CCCS appointed

Thu, 26 Nov 2009 10:17:51 +0100

The UK’s leading debt charity, Consumer Credit Counselling Service (CCCS), has appointed Delroy Corinaldi as Director of External Affairs. ...

Two thirds of families plan to cut back on Christmas spending

Thu, 26 Nov 2009 10:10:17 +0100

According to the latest research by leading instant online credit information provider, Equifax, UK consumers are definitely planning to rein in spending this festive season.

A new stye of debtor?

Thu, 26 Nov 2009 10:08:30 +0100

Key representatives of the public, private and not-for-profit sector concerned with credit, debt, secured lending, repossession and claims management companies will be attending this year’s 21st annual Money Advice Liaison’s Group (MALG) conference in London.

Greater protections for mortgage borrowers

Thu, 26 Nov 2009 09:21:39 +0100

The protections enjoyed by UK mortgages borrowers are to be strengthened under new proposals published by the Treasury today.

CML responds to government proposals to extend mortgage regulation

Thu, 26 Nov 2009 00:05:07 +0100

The Council of Mortgage Lenders (CML) has a mixed response to the Treasury's proposals today to extend the scope of FSA mortgage regulation to cover second-charge mortgages, buy-to-let mortgages, and the sale of mortgage books to third parties.

ICM welcomes government retreat on limitations

Wed, 25 Nov 2009 23:56:53 +0100

The Institute of Credit Management (ICM) has praised the actions of the Ministry of Justice in retreating from planned changes to the Civil Law Reform Bill that could have seen hundreds of businesses forced to write off millions of pounds of debt.

OFT disappointed by Supreme Court judgment

Wed, 25 Nov 2009 23:49:27 +0100

The OFT is disappointed by today's Supreme Court judgment, which overturns previous High Court and Court of Appeal rulings that unarranged overdraft charging terms can be assessed in full for fairness. It will also be disappointing for many consumers.

Industry success in reform bill sees greater protection for consumers in Debt

Wed, 25 Nov 2009 23:45:43 +0100

The Credit Services Association (CSA) has succeeded with other industry partners in persuading government to halt plans for changes to the Civil Law Reform Bill and welcomed the increased protection it brings for consumers struggling with debt.

Lending to first-time buyers up 26% in Scotland

Wed, 25 Nov 2009 23:38:21 +0100

Mortgage lending to Scottish first-time buyers increased 26% in the third quarter of 2009, according to the Council of Mortgage Lenders (CML) Scotland. There were 5,400 first-time buyer loans (worth £471 million) in the third quarter, up from 4,300 in the previous quarter and unchanged from the third quarter of 2008.

Greater protections for mortgage borrowers

Wed, 25 Nov 2009 23:34:01 +0100

The protections enjoyed by UK mortgages borrowers are to be strengthened under new proposals published by the Treasury today.

Supreme Court Statement

Wed, 25 Nov 2009 23:17:04 +0100

The Supreme Court has today confirmed that the Banks' unarranged overdraft charges are an important part of current account services which the Banks provide to their customers and that the amount of those charges is not assessable for fairness.

Government launches consultation seeking views on future of Edited Register

Tue, 24 Nov 2009 17:36:02 +0100

Should the Government abolish the edited version of the Electoral Register or should it be retained but with changes made to who can purchase it?

CML media note on todays issue of News & Views

Tue, 24 Nov 2009 16:30:41 +0100

While our chairman Matthew Wyles hit the headlines in his speech suggesting the regulator saw lenders as like drug dealers with customers “hooked” on credit, our recent annual conference – and the rest of his speech – contained plenty of other highlights.

Two thirds of families plan to cut back on Christmas spending

Tue, 24 Nov 2009 16:15:20 +0100

According to the latest research by leading instant online credit information provider, Equifax, UK consumers are definitely planning to rein in spending this festive season.

pfeg launches manifesto for improved finance education

Tue, 24 Nov 2009 12:06:32 +0100

As political parties turn their focus to the forthcoming general election, pfeg has launched its manifesto - finance education: learning the lesson the hard way?

October figures for the main high street banks

Tue, 24 Nov 2009 11:22:22 +0100

New mortgage lending and house purchase approvals increased slightly as mortgage lending continued to grow from the low levels at the end of 2008. In contrast, consumer credit continued to be weak and lending to non-financial corporates fell.

Hitachi Capital Consumer Finance credited for customer services

Tue, 24 Nov 2009 10:56:17 +0100

Hitachi Capital Consumer Finance, one of the UK's leading finance providers of point of sale credit facilities, has been awarded the CCA Global Standard by the Customer Contact Association, the industry champion for all organisations working in the area of customer contact and service.

Government introduces Financial Services Bill

Mon, 23 Nov 2009 16:33:50 +0100

The Government has introduced the Financial Services Bill to Parliament. The Bill delivers significant reforms that will provide greater rights and information for consumers, in addition to stronger financial regulation to make banks safer and more robust in the future.

Experian appoints head of utilities in UK and Ireland

Mon, 23 Nov 2009 16:05:11 +0100

Experian®, the global information services company, today announced the appointment of Martyn Cladingbowl as Head of Utilities for the UK and Ireland.

Government introduces Financial Services Bill

Thu, 19 Nov 2009 18:17:33 +0100

The Government has today introduced the Financial Services Bill to Parliament. The Bill delivers significant reforms that will provide greater rights and information for consumers, in addition to stronger financial regulation to make banks safer and more robust in the future.

Government welcomes approval of Lloyds restructure

Thu, 19 Nov 2009 08:45:08 +0100

The Government has today welcomed the European Commission's state aid approval for the restructuring of Lloyds Banking Group.

FSA consultation welcomed by ABCUL

Mon, 16 Nov 2009 15:39:43 +0100

ABCUL has welcomed the publication of a consultation from the Financial Services Authority (FSA) which proposes a number of changes to the way that credit unions are regulated in preparation for new legislation coming into force next year.

Debt collectors' licences renewed

Mon, 16 Nov 2009 15:25:42 +0100

Debt collection group 1st Credit has said all its consumer credit licences had been renewed by the Office of Fair Trading.

Capital proposals must cater for mutuals, says BSA Chairman

Thu, 12 Nov 2009 17:41:43 +0100

Speaking at the Building Societies Association (BSA) Annual Lunch today, Graham Beale, Chairman of the BSA, said a fundamental concern of the sector is the proposals relating to building society capital. He also noted that societies are ‘socially useful’ with a profound benefit to local communities up and down the country.

Consumers urged to shop safely online this Christmas

Thu, 12 Nov 2009 12:25:09 +0100

To mark the first anniversary of the card industry’s Be Card Smart Online initiative, The UK Cards Association is again running its online safety campaign – helping to remind consumers of the steps they can take to minimise their chances of being a victim of card fraud online.

FSA proposes to strengthen prudential standards for credit unions

Thu, 12 Nov 2009 11:27:35 +0100

The Financial Services Authority (FSA) has set out its proposals for strengthening the financial resilience of the credit union sector and ensuring that its customers are adequately protected.

Early signs of recovery in motor finance, FLA figures show

Thu, 12 Nov 2009 10:25:26 +0100

According to figuress from the Finance and Leasing Association (FLA), the number of new cars purchased by consumers using dealer finance grew by 15% in September 2009, despite the scrappage scheme having limited impact on demand for finance.

BRC-KPMG Retail Sales Monitor October 2009 - best October sales for seven years

Thu, 12 Nov 2009 10:07:45 +0100

According to the BRC-KPMG Retail Sales Monitor October 2009, UK retail sales values rose 3.8% on a like-for-like basis from October 2008, when sales had fallen 2.2%, due to turmoil in financial markets hitting consumer confidence. On a total basis, sales rose 5.9% against a 0.1% decline in October 2008.

Buy-To-Let market grows for first time in two years

Thu, 12 Nov 2009 09:53:48 +0100

Gross lending in the buy-to-let mortgage market grew in the third quarter for the first time in two years, according to data published today by the Council of Mortgage Lenders (CML).

OFT publishes research as part of home buying market study

Wed, 11 Nov 2009 12:35:12 +0100

The OFT has today published four research reports undertaken as part of its market study into home buying and selling. These comprise a survey of estate agents, a survey of trading standard services and both qualitative and quantitative consumer research.

One third of first-time buyers make lucky stamp duty escape

Wed, 11 Nov 2009 10:30:42 +0100

One third of first-time buyers escaped paying stamp duty in September as a result of the government’s temporary £175,000 nil-rate threshold, according to new data released by the Council of Mortgage Lenders (CML).

BrightHouse Results for the Six Months ended 30 September 2009

Mon, 09 Nov 2009 10:52:14 +0100

BrightHouse, the UK’s leading rent-to-own retailer today announces interim results for the six months to 30 September 2009.

Credit card market 'needs urgent change to survive'

Mon, 09 Nov 2009 09:26:06 +0100

2009 has been a watershed year for consumer credit in the UK with both lenders and borrowers reassessing their balance sheets, says PricewaterhouseCoopers LLP (PwC) in its new report, Precious Plastic, published today.

IVA applications continue to rise, yet debtors paying less back

Fri, 06 Nov 2009 15:49:05 +0100

TDX Group, the leading provider of analytics-based debt management products and services, reports a rise of almost 40% in the volume of IVA applications from January to September this year.

More banking competition is good news for consumers, says Which?

Fri, 06 Nov 2009 12:04:05 +0100

As the Government announces plans to break up RBS and Lloyds Banking Group, Which? chief executive, Peter Vicary-Smith, says:

MPs and finance industry urged to visit the frontline of the recession

Fri, 06 Nov 2009 11:55:45 +0100

Speaking at the Citizens Advice annual Money conference today in London, Citizens Advice’s Director of Public Policy Teresa Perchard will be urging senior members of financial firms and MPs to see the effects of the recession and Government initiatives to tackle hardship first hand by taking the time to visit a bureau.

Still suffering the 'debt hangover'

Fri, 06 Nov 2009 11:06:51 +0100

Figures published today by the Insolvency Service show the number of personal insolvencies reached 35,242 in the third quarter of 2009 - an increase of 28.2% on the same period a year ago. The figures consisted of 12,390 Individual Voluntary Arrangements (IVAs), an increase of 20.9% on the corresponding quarter in 2008, 18,347 bankruptcies, representing an increase of 6.4% on the corresponding quarter last year and 4,505 Debt Relief Orders (DROs).

MALG News Bulletin to accompany 2nd edition Guidelines and website launch

Thu, 05 Nov 2009 22:37:58 +0100

The Money Advice Liaison Group, a discussion forum comprising representatives from creditor, advice and government sectors launched its first website today under the address of www.malg.org.uk.

VocaLink Take Home Pay Index shows flattening of wage growth

Thu, 05 Nov 2009 22:27:05 +0100

The VocaLink Take Home Pay Index for October showed flattening pay growth gripping the UK as it held steady at a low 1.7%. This is the third month in a row of broadly static wage growth, with levels predicted to remain steady for the next two or three years as the economy slowly recovers against a backdrop of fiscal tightening.

Fridays insolvency statistics likely to show real impact of recession say Paymex

Wed, 04 Nov 2009 14:47:52 +0100

According to many commentators, personal insolvency in the UK is likely to reach record levels by the end of 2009. The combination of growing unemployment and massive levels of personal debt will lead to at least 150,000 personal insolvencies by the end of 2009 according to many experts. ...

OFT announces review of debt management practices

Tue, 03 Nov 2009 17:42:38 +0100

The OFT has today launched a review of compliance levels across the debt management industry. The aim of the compliance review is to gain a deeper insight into the evolving practices of debt management firms. The review will inform any subsequent revision of the OFT's debt management guidance and could lead to the OFT taking formal action to stop any identified consumer harm.

OFT launches updated consumer education programme

Tue, 03 Nov 2009 17:40:51 +0100

The OFT has launched an updated version of its successful Skilled to go consumer education programme, providing teachers with new resources designed to turn students into confident consumers.

CML comment on September lending data

Tue, 03 Nov 2009 13:03:14 +0100

The September lending data from the Bank of England shows a continuation of recent trends in the mortgage market. Underlying levels of mortgage lending have edged a little higher driven by an increase in house purchase activity, but remortgaging volumes continue to decline.

Citizens Advice response to the credit and store card proposals

Tue, 03 Nov 2009 13:00:09 +0100

Citizens Advice Director of Public Policy, Teresa Perchard said: “The Government’s determination to develop a more responsible framework for credit and store cards is very welcome.

The Business Case for Financial Inclusion

Tue, 03 Nov 2009 12:55:12 +0100

This week saw pioneering research published into the economic case for financial inclusion intervention in Leeds.

FSA action on GMAC welcome but too late for some homeowners, says Which?

Tue, 03 Nov 2009 11:35:54 +0100

As the Financial Services Authority (FSA) fines mortgage provider GMACRFC £2.8 million for failing to treat customers fairly, Which? personal finance campaigner, Dominic Lindley, says:

Lending watchdog strengthens customer protection

Tue, 03 Nov 2009 11:32:18 +0100

The Lending Standards Board - an independent body - will look out for the interests of borrowers and monitor the actions of lenders when a new Lending Code is launched on the 1st November.

Banks want it all their own way - Cable

Tue, 03 Nov 2009 11:27:15 +0100

Commenting on the news that RBS and Lloyds Banking Group are to be broken up and that the Government is pumping another £30bn of public money into the banks, Liberal Democrat Shadow Chancellor, Vince Cable said:

Statement regarding bank break up plans

Tue, 03 Nov 2009 11:25:50 +0100

The British Bankers' Association said: "The Chancellor's announcement that there is to be a restructuring programme for those banks where there is a major public stake is neither unexpected nor surprising.

Rapid bank sell off will be a poor deal for taxpayers - Cable

Tue, 03 Nov 2009 11:23:55 +0100

Commenting on Government plans to break up state-owned banks, Liberal Democrat Shadow Chancellor, Vince Cable said: "It is obviously right that British retail banking becomes more competitive in order to stop the continual ripping off of customers.

FSA chairman says "no silver bullet" to address 'too-big-to-fail' challenge

Tue, 03 Nov 2009 11:11:11 +0100

There is no ‘silver bullet' to address the problem of banks being ‘too-big-to-fail', but instead the answer lies in a combination of different policies between which trade-offs can be made, according to Adair Turner, speaking this morning at the FSA's Turner Review Conference.

Implementation of financial stability measures for Lloyds Banking Group and Royal Bank of Scotland

Tue, 03 Nov 2009 11:06:36 +0100

The Government is today announcing the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland (RBS) regarding their participation in the Government's Asset Protection Scheme (APS).

Government calls on credit and store card companies to clean up their act

Tue, 03 Nov 2009 10:52:26 +0100

The Government has today announced new proposals to ensure that credit and store card companies give people a fairer deal, in the latest of a series of reforms designed to make financial services work for consumers.

RBS and Lloyds shake-up confirmed

Tue, 03 Nov 2009 10:17:02 +0100

Alistair Darling has defended Government plans to pump another £30 billion of public money into banks - insisting the taxpayer was getting a "better deal".

A Co-operative's Financial Services team cycled from London to Paris for RNID

Mon, 02 Nov 2009 15:28:31 +0100

Ten caring staff from The Co-operative’s Financial Services headquarters in Manchester got in gear to cycle 300km from London to Paris and raise vital funds for RNID’s pioneering Hear to Help service.

House prices edge up despite clear slowdown in buyer demand

Mon, 02 Nov 2009 11:07:28 +0100

House prices grew by 0.2% in October 2009, according to the latest national house price survey published by Hometrack, the housing intelligence business, today. This is the third consecutive increase in house prices and brings the year on year rate of house price growth to -4.2%.

Hamilton Brady Brings Justice to the Consumer

Mon, 02 Nov 2009 10:51:01 +0100

Cheshire-based financial claims management company Hamilton Brady has opened its doors to offer UK consumers a risk free way to claim back unfair charges from financial institutions.

Assisted Purchase Scheme is most popular property incentive

Mon, 02 Nov 2009 10:49:03 +0100

Latest research compiled bywhitehotproperty.co.uk, the UK’s largest seller of chain free properties (repossessions, probate and part exchanged properties), has revealed that theirAssisted Purchase Scheme incentive is the most popular property incentive forbuyers looking for their dream home. ...

NAEA comment on the latest Nationwide figures

Fri, 30 Oct 2009 17:40:29 +0100

Following the publication of the latest Nationwide figures, National Association of Estate Agents (NAEA) chief executive, Peter Bolton King, said:

House prices rise at slower rate in October

Fri, 30 Oct 2009 17:27:15 +0100

According to new figures from the Nationwide, house prices rose at a slightly slower pace of 0.4% in October, whilst annual house price inflation turned positive for the first time since March 2008.

Lending Watchdog Strengthens Customer Protection

Fri, 30 Oct 2009 17:07:37 +0100

The Lending Standards Board - an independent body - will look out for the interests of borrowers and monitor the actions of lenders when a new Lending Code is launched on the 1st November, according to the British Bankers Association.

Credit Unions help savers this Christmas

Fri, 30 Oct 2009 17:03:24 +0100

Three years after the collapse of Farepak, in which more than 150,000 customers lost their money, more and more people are choosing credit unions to help them save safely for Christmas.

RICS comment on Bank of England mortgage approvals

Thu, 29 Oct 2009 15:35:40 +0100

Commenting on Bank of England mortgage approvals, Simon Rubinsohn, RICS chief economist said: "Data released this morning by the Bank of England provides further evidence that a little more money is now flowing through into the mortgage market.

FSA fine GMAC-RFC Limited Â£2.8million for unfair treatment of customers in arrears and ...

Thu, 29 Oct 2009 11:04:56 +0100

The Financial Services Authority (FSA) has today announced it has fined GMAC‑RFC Limited (GMAC-RFC) £2.8million for failing to treat customers fairly and secured redress of up to £7.7million (plus interest) for over 46,000 mortgage customers.

CML comment on Bank of England September lending data

Thu, 29 Oct 2009 10:53:54 +0100

The Council of Mortgage Lenders (CML) report that the September lending data from the Bank of England shows a continuation of recent trends in the mortgage market. Underlying levels of mortgage lending have edged a little higher driven by an increase in house purchase activity, but remortgaging volumes continue to decline.

Mortgage approvals pick up in September

Thu, 29 Oct 2009 10:16:14 +0100

Figures issued today by the Building Societies Association (BSA) show that the value of mortgages approved by building societies increased to £1,565 million in September 2009 compared to £1,264 million in August. Gross lending by building societies was £1,605 million in September compared to £1,493 million in August. However, activity remains considerably more subdued than a year earlier.

Constraints on Northern Rock do not go far enough, says BSA

Wed, 28 Oct 2009 17:23:07 +0100

Commenting on today’s decision by the European Commission (EC) to approve the split of Northern Rock into a ‘good’ bank and a ‘bad’ bank, Adrian Coles, Director-General of the Building Societies Association (BSA), said:

Government welcomes approval of Northern Rock restructure

Wed, 28 Oct 2009 13:20:49 +0100

The Government has today welcomed the European Commission’s (EC) approval of the legal and capital restructure of Northern Rock.

Government welcomes approval of Northern Rock restructure

Wed, 28 Oct 2009 12:27:19 +0100

The Government has today welcomed the European Commission’s (EC) approval of the legal and capital restructure of Northern Rock.

Credit card industry commissioning evidence on consumer impact of government proposed changes

Wed, 28 Oct 2009 10:32:36 +0100

The UK Cards Association (formerly part of APACS) which represents the UK credit card industry, has issued an initial response to the publication of the Department for Business, Innovation and Skills (BIS) consultation on credit and store cards.

Response to the Consultation on the Review of Credit and Store Cards

Tue, 27 Oct 2009 18:08:16 +0100

Callcredit have responded to the Consultation on the Review of Credit and Store Cards launched today by the Department for Business Innovation and Skills (BIS).

CML media note on today's issue of News & Views

Tue, 27 Oct 2009 14:00:29 +0100

Today’s issue of News & Views looks at how quickly first-time buyers will return to the housing market.

Government calls on credit and store card companies to clean up their act

Tue, 27 Oct 2009 13:51:48 +0100

Government proposals on credit and store cards must not reduce credit availability says FLA

Tue, 27 Oct 2009 11:06:14 +0100

The Government’s proposals for credit and store card reforms published today coincide with the release of the FLA’s latest statistics for the consumer credit market. The market continues to shrink. Store and credit card spending were down 12 and 8 per cent respectively in August compared with the same month a year ago.

Women more likely to run away from financial decisions during the recession

Tue, 27 Oct 2009 11:00:32 +0100

Women are much less confident than men about making financial decisions, to the point where many refuse to take control of everyday economics, according to research released today.

BBA Code for Financial Reporting Disclosure

Mon, 26 Oct 2009 15:15:01 +0100

According to the British Bankers Association (BBA), the UK's seven largest lending institutions have today committed themselves to support a new BBA Code for Financial Reporting Disclosure, as part of their ongoing efforts to ensure disclosures continue to provide the market with high quality, decision useful information about their financial positions.

BBA statement on George Osborne

Mon, 26 Oct 2009 15:09:29 +0100

In response to George Osbornes speech today, the British Bankers Association said:

BSI to develop financial services compliance standard

Mon, 26 Oct 2009 12:13:44 +0100

The British Standards Institution (BSI), the UK’s national standards body, has brought together key stakeholders from the UK financial services sector to develop a standard for compliance teams. The standard will set out a common methodology, process and good practice which can be adopted by compliance teams in retail and wholesale financial firms.

FSA announces tough new code for financial reporting disclosure

Mon, 26 Oct 2009 11:51:43 +0100

The Financial Services Authority (FSA) has announced today that the major UK-headquartered banks have agreed to implement a tough new code for financial reporting disclosure.

Chordiant survey finds banks' customer service teams struggling to deliver on marketing strategy

Mon, 26 Oct 2009 10:09:47 +0100

Chordiant Software, Inc. (Nasdaq: CHRD), a leading provider of Customer Experience (Cx™) software and services, today released the results of its 2009 UK Retail Banking Survey which analysed marketing trends in the industry.

September figures for the main high street banks

Fri, 23 Oct 2009 13:20:55 +0100

According to figures just released by the British Bankers Association (BBA), the numbers of loans approved for house purchase are back to levels last seen at the end of 2007 and that increased activity is feeding through to increased mortgage lending.

CML responds to Bank's Lending Trends report

Fri, 23 Oct 2009 13:05:00 +0100

Commenting on yesterday's "Trends in Lending" report from the Bank of England, CML director general Michael Coogan said:

Alternative finance demystified

Thu, 22 Oct 2009 13:29:18 +0100

This week sees the launch of Bibby Financial Services’ new, easy-to-use website. Providing comprehensive information on a range of products and services at the touch of a button, the website will remove much of confusion surrounding alternative finance solutions as well as promote the benefits of working with Bibby Financial Services, the UK’s leading independent specialist in the provision of business cash flow solutions.

Government and Insolvency Trade Body sign agreement to help people facing redundancy

Thu, 22 Oct 2009 11:45:17 +0100

Jobcentre Plus, the Insolvency Trade Body, R3 and the Insolvency Service have joined forces to develop a system to share information about possible job losses in struggling companies, helping to ensure that people threatened with redundancy are offered support quickly and efficiently.

Rush to cut debt could endanger economic growth - Report

Thu, 22 Oct 2009 11:43:14 +0100

Deep cuts to public spending risk creating a “tsunami of a public sector recession” according to an influential think tank. The New Local Government Network (NLGN) says that inadequate investment into public infrastructure will hit investment in road and rail projects, housing, new school buildings and hamper the modernisation of public services.

BBA response to Mervyn King speech in Edinburgh

Wed, 21 Oct 2009 18:27:40 +0100

BBA Chief Executive, Angela Knight said: "The Governor has long held this view. We believe the key issue is not one of breaking up banks but of financing the economy. Our mixed banking model provides choice: big businesses may want big banks which offer a range of products and services while individuals may look to something smaller. There is a clear and unambiguous requirement for universal banks and that is acknowledged by authorities in all countries.

September gross mortgage lending

Tue, 20 Oct 2009 18:23:15 +0100

Gross mortgage lending totalled an estimated £12.5 billion in September, a 2% rise from the £12.3 billion in August but down 27% from September 2008, according to new data from the Council of Mortgage Lenders (CML).

Bradford & Bingley extends servicing contract with HML

Tue, 20 Oct 2009 18:11:04 +0100

HML, the financial outsourcing provider, has announced an extension of its servicing and administration contract with Bradford & Bingley (B&B), the nationalised mortgage lender.

Callcredit comment on the Mortgage Market Review

Tue, 20 Oct 2009 17:32:36 +0100

Callcredit have commented on the Mortgage Market Review, awaited with interest since its announcement in the Turner Review Report. It is the impact on the industry from the FSA’s shift to a more “intrusive and intensive” approach to regulation that will attract most attention.

Changes to the Financial Services Authority Board

Tue, 20 Oct 2009 14:13:58 +0100

The Chancellor today announced the appointment of Mick McAteer, Brian Pomeroy, Andrew Scott & James Strachan as non-executive directors (NEDs) of the Financial Services Authority (FSA).

Number of households without bank accounts cut by half

Tue, 20 Oct 2009 11:34:57 +0100

The Government and the Financial Inclusion Taskforce are pleased to announce today that the shared goal to halve the number of adults living in households without access to a bank account has been achieved.

BBA statement on FSA Mortgage Market Review

Mon, 19 Oct 2009 17:06:00 +0100

The British Bankers Association (BBA) have made the following statement on the FSA's Mortgage Market Review.

FLA response to FSA Mortgage Market Review

Mon, 19 Oct 2009 11:16:36 +0100

Responding to the Financial Services Authority’s discussion paper published today, Fiona Hoyle, head of consumer finance at the Finance & Leasing Association, said:

IMLA comment on FSA's Mortgage Market Review paper

Mon, 19 Oct 2009 11:15:25 +0100

Peter Williams, Intermediary Mortgage Lenders Association (IMLA) executive director, comments on the Financial Services Authority's Mortgage Market Review paper:

BSA responds to Mortgage Market Review

Mon, 19 Oct 2009 10:22:54 +0100

Commenting on the FSA’s discussion paper on the Mortgage Market Review, Paul Broadhead, Head of Mortgage Policy at the Building Societies Association (BSA), said:

CML welcomes FSA discussion paper on mortgage regulation

Mon, 19 Oct 2009 09:33:24 +0100

The Council of Mortgage Lenders (CML) welcomes the publication of today's Mortgage Market Review discussion paper, and looks forward to working with the FSA as it seeks to refine the system of mortgage regulation for the future.

FSA sets out major reforms for the mortgage market

Mon, 19 Oct 2009 08:57:51 +0100

The Financial Services Authority (FSA) today sets out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.

BBA cautions consumers on claims handlers

Thu, 15 Oct 2009 15:52:24 +0100

Bank customers could be putting their money at risk by paying consumer claims handlers who mis-manage their complaints, an independent study for the British Bankers' Association (BBA) has found.

City of London banks agree to support G20 bonus reforms

Wed, 14 Oct 2009 16:38:22 +0100

The UK subsidiaries and branches of leading overseas banks have agreed to support the implementation of reforms to bank pay agreed by the G20 in Pittsburgh, the Financial Services Secretary, Lord Myners, announced today.

Motor finance sales show first increase in more than a year

Wed, 14 Oct 2009 10:59:10 +0100

Sales of new cars bought by consumers using dealer finance have grown for the first time since July 2008, according to figures published today by the Finance & Leasing Association (FLA).

CPI annual inflation down in September

Tue, 13 Oct 2009 16:22:13 +0100

CPI annual inflation – the Government’s target measure – was 1.1 per cent in September, down from 1.6 per cent in August, according to latest figures from the Office for National Statistics (ONS).

CML says goals must be clear for regulatory reform

Tue, 13 Oct 2009 15:12:34 +0100

In publishing its submission today to the Financial Services Authority (FSA) on the future of mortgage regulation, the Council of Mortgage Lenders (CML) says that lenders recognise the need for change emerging from the FSA's ongoing review. But it also warns that, with the mortgage market still not functioning normally, there is a heightened risk that intervention could deliver the wrong outcome for consumers.

BRC-KPMG Retail Sales Monitor September 2009 - Customer confidence trickling back

Tue, 13 Oct 2009 12:08:35 +0100

According to the British Retail Consortium/KPMG Retail Sales Monitor for September 2009, UK retail sales values rose 2.8% on a like-for-like basis from September 2008, when sales had fallen 1.5%, due to turmoil in financial markets hitting consumer confidence and very wet weather.

HML maintains its position as the UK's leading servicer

Mon, 12 Oct 2009 18:30:21 +0100

HML, the financial outsourcing provider, has bolstered its reputation in the mortgage market by having its servicer ratings affirmed by each of the three major ratings agencies – S&P, Fitch and Moody’s - and has been awarded a special servicer rating by Fitch for the first time.

Two speed mortgage market in August

Mon, 12 Oct 2009 18:25:11 +0100

The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML).

Your money, your choice, your credit union

Mon, 12 Oct 2009 16:43:44 +0100

With credit union membership in the UK up by ten per cent, International Credit Union Day on Thursday 15 October, will celebrate the success of credit unions around the globe.

Recovery 'must be extended into second phase'

Fri, 09 Oct 2009 10:27:08 +0100

Lenders must do more to help facilitate the second phase of housing market recovery, according to the National Association of Estate Agents (NAEA).

Banks agree to make improvements to personal current account market in the UK

Fri, 09 Oct 2009 09:09:41 +0100

The OFT has announced that banks have agreed to make personal current account costs more transparent and the switching process more reliable and trusted.

IVAs rocket as debt advice continues to soar

Thu, 08 Oct 2009 17:28:48 +0100

Despite reports of economic green shoots, award winning debt management provider Debt Advisory Line continues to be inundated with requests for debt management plans and Individual Voluntary Arrangements (IVAs), which have seen a staggering 100% increase since August.

Half of adults in debt have a mental health problem - new report

Thu, 08 Oct 2009 13:41:38 +0100

New research published today states that one in two British adults in debt may also have a mental health problem.

Financial services industry and FSA agree a package to help MPPI customers

Thu, 08 Oct 2009 13:10:10 +0100

The Association of British Insurers (ABI), the British Bankers Association, the Building Societies Association and the Council of Mortgage Lenders have reached an agreement with the Financial Services Authority (FSA) that sets out a framework for dealing with recent and possible future changes to policy terms and conditions affecting some Mortgage Payment Protection Insurance (MPPI) customers.

Too much debt to retire

Thu, 08 Oct 2009 10:48:23 +0100

Following the failure at the High Court of the appeal against the mandatory retirement age, leading debt management provider, EuroDebt, is warning that those older workers forced into retirement could face serious debt problems. Analysis of the company’s current client base shows that of those over 60, almost 1 in 3 still have a mortgage and the average unsecured debt for these homeowners is just under £40,000.

Financial Meltdown - who can you trust?

Thu, 08 Oct 2009 10:44:57 +0100

Mark Hoban MP, Shadow Financial Secretary to the Treasury, addressed a fringe meeting at the Conservative Party Conference in Manchester this week, which examined the Government’s attitude towards mutuals following the recession.

FSSC appoints interim chief executive

Thu, 08 Oct 2009 10:00:46 +0100

Having submitted its proposed new strategy and role for official consideration*, the Financial Services Skills Council (FSSC) today announced the appointment of Liz Field as Interim Chief Executive. With over 20 years’ experience driving skills development and change programmes across banking, insurance, investment and non-financial sectors, Liz will lead the FSSC in implementing the new approach it has developed in consultation with the industry.

HSBC implements Experian's application processing

Wed, 07 Oct 2009 17:33:18 +0100

HSBC, one of the world's largest banking and financial services organisations, has implemented Experian’s Strategy Management software for its UK operations. The bank chose to rely on Experian’s expertise to strengthen its account processing for cards, loans, and mortgages and enhance its customer services.

Hometrack named as one of fastest-growing private technology companies in the UK

Wed, 07 Oct 2009 17:15:24 +0100

Hometrack, who have been providing information solutions to the UK housing and mortgage industries for the last decade, has been named as one of the fastest-growing private technology companies in the UK. The Sunday Times Tech Track 100 listed Hometrack at number 30 in its annual league table which ranks the fastest-growing private technology companies in Britain by sales growth over a three-year period.

Noble Systems Celebrates 20 Years of Innovation and Service to the Contact Centre Market

Wed, 07 Oct 2009 17:07:45 +0100

Noble Systems Corporation (NSC), a global provider of contact centre technology solutions, celebrates 20 years of delivering innovative products and services for the contact centre marketplace. Throughout the last two decades, Noble Systems has achieved a number of milestones, growing from a start-up technology provider to one of the industry’s leading developers of contact centre solutions.

Finance Ministers face up to tough decisions at IMF as G30 calls for sweeping reforms

Mon, 05 Oct 2009 15:40:23 +0100

As finance ministers and central bankers from around the globe gather for the semi-annual meetings of the International Monetary Fund and World Bank in Istanbul the tough decisions needed to restore stability in the global financial system remain top of the agenda.

Payments Council publishes Financial Inclusion Policy

Fri, 02 Oct 2009 13:28:02 +0100

In keeping with the commitment made in its landmark publication, National Payments Plan – setting the strategic vision for UK payments, to promote financial inclusion in all payment matters, the Payments Council today (2 October 2009) published a policy document which puts financial inclusion at the heart of any debate on major payment system change or payment innovation.

ifs to help senior managers understand FSA ARROW visit process

Fri, 02 Oct 2009 11:49:00 +0100

The ifs School of Finance has announced that they will run an executive education workshop to enable senior managers to gain a better understanding of an FSA ARROW (Advanced Risk Review Operational Framework) visit.

Experian saves local authorities Â£23 million in Council Tax fraud SO FAR

Thu, 01 Oct 2009 16:00:32 +0100

Experian has saved local authorities £23 million by preventing fraudulent single person discount claims on council tax. Over 100 local authorities have used Experian’s Residency Checker service since 2006 to prevent thousands of fraudulent applications for the single person discount on council tax.

British banks to lead the way on G20 bonus reforms

Wed, 30 Sep 2009 18:10:55 +0100

The UK's top five banks have committed to leading the way in implementing reforms to bank remuneration agreed by the G20 in Pittsburgh, Chancellor of the Exchequer Alistair Darling announced today.

OFT refuses doorstep lender licence

Tue, 29 Sep 2009 15:33:05 +0100

The OFT has refused an application from U-Turn Financial Solutions Ltd for a consumer credit licence.

Government should remutualise Northern Rock says new independent report

Tue, 29 Sep 2009 15:24:05 +0100

A report published today for the Building Societies Association (BSA) reveals a strong case for converting failed banks into mutual organisations. In light of the report, the BSA urges the Government to consider seriously returning Northern Rock bank to the mutual sector.

CML media note on today's issue of News & Views

Tue, 29 Sep 2009 15:18:40 +0100

The government and the Bank of England have responded with policy measures on a massive scale in response to the financial crisis. But from this autumn onwards, the process of reversing those policy measures is due to begin – despite the fragile state of recovery of mortgage and housing markets. Today, we identify those policies that will begin to unwind before the end of this year, and assess the likely impact.

FLA responds to FSA PPI complaints handling consultation

Tue, 29 Sep 2009 15:16:22 +0100

Responding to the Financial Services Authority’s proposed new measures on PPI complaints handling, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:

CML comment on Bank of England August lending data

Tue, 29 Sep 2009 15:14:13 +0100

Commenting on the latest data from the Bank of England, the Council of Mortgage Lenders (CML) economist Paul Samter said:

Lending to Individuals August 2009

Tue, 29 Sep 2009 15:10:56 +0100

Figures issued today by the Bank of England (BoE) shows that total net lending to individuals rose by £0.7 billion in August, in line with the previous six-month average. The twelve-month growth rate continued to fall, by 0.1 percentage points to 0.8%, and the three-month annualised growth rate remained at 0.2%.

Mortgage lending remains subdued

Tue, 29 Sep 2009 14:58:48 +0100

Gross lending by the 52 UK building societies in August 2009 was £1.5 billion, and building societies’ approvals totalled £1.3 billion in August 2009.

Credit market decline slows

Tue, 29 Sep 2009 09:53:31 +0100

The consumer credit market appears to have stabilised but remains down by almost £11 billion on last year, according to new figures published today by the Finance & Leasing Association (FLA).

New Chief Executive - Asset Protection Agency

Fri, 25 Sep 2009 18:21:09 +0100

HM Treasury today announces the appointment of Stephan Wilcke as Chief Executive of the Asset Protection Agency (APA) with effect from 28 September 2009.

Hometrack's Monthly National Housing Survey: September 2009

Fri, 25 Sep 2009 11:17:38 +0100

House prices grew by 0.2% in September 2009, according to the latest national house price survey published by Hometrack, the housing intelligence business, today. This is the second monthly increase in house prices since July 2007 - the year on year rate of growth stands at -5.6%.

Appeal tribunal upholds OFT refusal of credit licence to debt management firm

Thu, 24 Sep 2009 10:56:34 +0100

In the first appeal of its type, the Consumer Credit Appeal Tribunal has upheld the OFT’s refusal to grant a credit licence to a debt management company, Qsolvency Ltd, because it had insufficient skills, knowledge and experience in the running of a consumer credit business.

CML responds to Which? mortgage satisfaction survey

Wed, 23 Sep 2009 17:24:24 +0100

The Council of Mortgage Lenders (CML) is pleased to note that people are more satisfied with their mortgage lender than they were a year ago, according to a survey from Which? Money. Overall, average customer satisfaction rose from 58% to 62% and the CML believes this result reflects the efforts that the lending industry has been making to improve customer service and communication.

Leading industry professor opens movewithus annual conference

Wed, 23 Sep 2009 17:20:23 +0100

Renowned housing economist, Professor Michael Ball, opened movewithus’ Lenders’ forum this year, which brought together key industry figures from across the mortgage industry.

JaywingDMG thinks smart with major Smartlists update

Tue, 22 Sep 2009 12:33:34 +0100

JaywingDMG, the data, direct and digital specialist, is launching a suite of nine brand new Smartlists categories, providing the industry with an even wider range of pre defined yet intelligent list options.

Gross lending estimated at Â£12.6 billion in August - CML

Fri, 18 Sep 2009 10:14:23 +0100

Gross mortgage lending totalled an estimated £12.6 billion in August, according to the Council of Mortgage Lenders (CML). This represents a decline of 13% from July's revised total of £14.5 billion, but a seasonal fall in lending activity in August is to be expected. Estimated gross lending in the month was 37% lower than last August’s total of £19.9 billion.

Cautious Optimism Continues in the Property Market

Fri, 18 Sep 2009 09:22:22 +0100

The perceived increase in the availability of mortgage finance is seeing cautious optimism continue in the property market according to the The Building Societies Association's (BSA) Property Tracker survey.

peterevans increases content management capabilities

Wed, 16 Sep 2009 09:26:45 +0100

peterevans, leading solutions provider for financial services firms, today announced a partnership with IMTF, the specialist enterprise content management provider, to deliver more efficient content management and improved compliance within its xanite solution for the financial services industry.

FOS complaints data risks misleading consumers

Tue, 15 Sep 2009 12:56:18 +0100

Responding to publication by the Financial Ombudsman Service (FOS) of firm-specific complaints data, Maggie Craig, the Association of British Insurers' (ABI) Director of Consumer Strategy, said:

More vital than ever to keep track of your mobile at all times

Tue, 15 Sep 2009 12:03:20 +0100

Innovative mobile payment technologies are taking off around the globe. Juniper Research recently forecast that NFC (Near Field Communication) Payment transactions will significantly grow from values of $8bn in 2009 to $30bn within three years. Such offerings are set to reach the UK commercial market later this year.

Complaints data finds most customers content with bank

Tue, 15 Sep 2009 11:54:54 +0100

New figures out today reveal that most customers are satisfied with their bank. This is based on the number of complaints handled by the Financial Ombudsman Service. The figures also show that, when on the small number of times things go wrong, banks are committed to putting them right as quickly and efficiently as possible.

Ombudsman publishes complaints data on individual financial businesses

Tue, 15 Sep 2009 11:53:13 +0100

Following a year of extensive public consultation and planning, the Financial Ombudsman Service (FOS) today makes available for the first time a range of complaints data relating to individually named financial businesses – including banks, insurance companies and investment firms.

Go! Co-operative on track to create rail travel of the future

Mon, 14 Sep 2009 16:58:49 +0100

One of the newest co-operatives in the country - Go! Co-operative - looks set to shape the future of rail travel as it prepares to become the first co-operatively-owned train operating company (TOC) in the UK.

Motor finance market improves despite limited impact of car scrappage scheme

Mon, 14 Sep 2009 16:32:32 +0100

Motor finance business volumes remain lower than last year, but the rate of contraction recorded in July is the smallest this year, according to the latest figures released today by the Finance & Leasing Association (FLA).

July house purchase lending up on a year ago for first time in over two years

Mon, 14 Sep 2009 13:01:42 +0100

Although remortgaging remained unsurprisingly weak, lending for house purchase showed its first material annual growth in July for the first time since early 2007, according to the latest Council of Mortgage Lenders' (CML) survey. At £14.5 billion, total gross lending rose significantly for the second month running, but was still 42% lower than in July last year. Within this, house purchase lending accounted for 56,000 loans totalling £7.5 billion - up from 47,000 loans totalling £ ...

Most borrowers with mortgage arrears stay in their homes

Mon, 14 Sep 2009 12:35:50 +0100

Research published today by the Building Societies Association (BSA) finds that the majority of borrowers that fell into arrears in their mortgage over the last two years either have repaid or are currently repaying their arrears.

Credit unions can help parents set up and manage Child Trust Fund accounts

Fri, 11 Sep 2009 15:55:04 +0100

Following the official launch of the Child Trust Fund Age Seven Payments at 11 Downing Street (9 September 2009), the Association of British Credit Unions (ABCUL) is advising families that credit unions can offer assistance in setting up and managing Child Trust Fund (CTF) accounts.

CML comments on mortgage rates after MPC rate hold

Thu, 10 Sep 2009 15:40:10 +0100

Following today's rate hold decision by the Bank of England's Monetary Policy Committee, the Council of Mortgage Lenders (CML) points out that mortgage rates are set with reference to a complex range of factors, not just one or two as some recent commentary has tended to imply.

Halifax House Price Index for August 2009

Thu, 10 Sep 2009 13:41:03 +0100

The Halifax House Price Index for August 2009 (seasonally adjusted) for UK house prices, shows an annual change of -10.1%, a monthly change of 0.8% and an average house price of £160,973.

Confidence continues to edge upwards in August

Thu, 10 Sep 2009 13:38:02 +0100

The Nationwide Consumer Confidence Index recorded a two point increase in August to 63. All the indices rose during the month with the Expectations Index seeing the biggest increase of three points to 94; continuing the general upward trend which began at the start of the year.

Bank of England Maintains Bank Rate at 0.5%

Thu, 10 Sep 2009 13:28:23 +0100

The Bank of England’s (BoE) Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.

Invest in education to beat recession, boost earnings

Wed, 09 Sep 2009 16:06:37 +0100

Growing advantages for the better educated and likely continuing high levels of unemployment as economies move out of recession will provide more and more young people with strong incentives to stay on in education. Governments need to take account of this in planning education policies, according to the latest edition of the OECD’s annual Education at a Glance.

Report on Jobs - Slight growth of permanent and temporary staff appointments in August

Wed, 09 Sep 2009 16:04:31 +0100

The Recruitment and Employment Confederation (REC) and KPMG Report on Jobs – published today – provides the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies.

BRC-Nielsen Shop Price Index August 2009 - shop price deflation arrives

Wed, 09 Sep 2009 16:00:44 +0100

The British Retail Consortium (BRC)-Nielsen Shop Price Index reported annual shop price deflation, year-on-year, of 0.1% in August, the first time the index has shown deflation since February 2007.

CML welcomes government information scheme to help borrowers in difficulty

Wed, 09 Sep 2009 15:55:28 +0100

The CML welcomes the launch today of a new national campaign by the government to provide information to help home-owners struggling to meet their mortgage payments. The information campaign, which seeks to help borrowers stay in their homes by taking control of their payment problems, reinforces key messages from lenders to mortgage customers:

Debt advice charities struggling to cope with demand

Tue, 08 Sep 2009 10:12:46 +0100

EuroDebt, is warning that the growing number of people struggling to manage their finances is putting huge pressure on the debt advice charities

Natwest and RBS cut the price of unarranged borrowing

Mon, 07 Sep 2009 16:53:39 +0100

NatWest and RBS today announce that they are to significantly reduce the charges for customers who go overdrawn without agreement or exceed an agreed overdraft limit. The cuts, which will be effective from 1st October, will see the fee for returning a cheque, direct debit or standing order cut to £5. The fee for paying an item when overdrawn will be cut by half to £15 per day.

VocaLink Take Home Pay Index shows greatest rise in 18 months

Mon, 07 Sep 2009 13:27:55 +0100

The VocaLink Take Home Pay Index rose by 0.7% to show 2.0% annual wage growth in August, the greatest one month increase since February 2007. The figures are now back to the same levels seen in March this year when the VocaLink Take Home Pay Index was in the midst of a six month cycle of steadily falling wage growth. Economists see this turnaround of wage growth as an indication that the UK may be pulling out of recession.

From rationing to recession - Citizens Advice Bureaux turn 70

Fri, 04 Sep 2009 16:43:34 +0100

As the Citizens Advice Bureau service turns 70 today record numbers of people are turning to the charity for help with recession-linked problems of job loss and debt.

Up to 14 per cent of mortgages are unregistered with Land Registry

Thu, 03 Sep 2009 17:13:22 +0100

Land Registry, the government department responsible for registering ownership of land in England and Wales is encouraging lenders to confirm registration of secured loans with its Charge Validation service.

FSA publishes industry-level complaints data to increase transparency

Thu, 03 Sep 2009 12:26:16 +0100

The Financial Services Authority (FSA) has today for the first time published aggregate figures showing how many complaints regulated firms have received and how they have dealt with them.

Housing market report August 2009

Thu, 03 Sep 2009 12:11:25 +0100

The National Association of Estate Agents (NAEA) Monthly Market Survey for August revealed that the expected summer ‘dip' in activity was not as bad for the market as feared. August saw a decline in the number of registered house-hunters, as expected for the summer holiday season. Despite this, however, sales remained relatively strong, with the average agent selling eight properties - compared to five in the same month last year.

MBNA Launches New No Balance Transfer Fee Card

Wed, 02 Sep 2009 15:48:44 +0100

MBNA today announced the launch of a new credit card offering no balance transfer handling fee and an introductory rate of 1.9 % p.a. for 12 months on balance transfers. The standard rate of interest for purchases will be 15.9% APR (typical) variable.

International awarding body endorses CCCS debt advice training

Wed, 02 Sep 2009 15:16:06 +0100

The UK’s leading debt advice charity, the Consumer Credit Counselling Service (CCCS) has secured endorsement from Educational Development International (EDI) for its Introduction to Dealing with Debt training course qualification - the first time specialist debt training of any kind has received such recognition.

CML media note on today's issue of News & Views

Tue, 01 Sep 2009 17:00:06 +0100

According to the Council of Mortgaghe Lenders (CML), the FSA's long-awaited views on future regulation of the UK mortgage market are due to be published next month. So, now is not the right time for separate proposals from Europe. The European Commission should therefore shelve its own plans for regulation until the FSA’s proposals are clear.

Lending to Individuals July 2009

Tue, 01 Sep 2009 16:21:25 +0100

Bank of England (BoE) statistical figures released today show total net lending to individuals fell by £0.6 billion in July, showing a net repayment for the first time in the series (Table A). The twelve-month growth rate continued to fall, by 0.3 percentage points to 0.9%, and the three-month annualised growth rate also fell, by 0.5 percentage points, to 0.0%.

Debt Facts and Figures - Compiled 1st August 2009

Tue, 01 Sep 2009 15:50:26 +0100

Latest figures from Credit Action show that total lending in July 2009 fell by £0.6bn, showing a net repayment for the first time in the series; secured lending showed a net repayment of £0.4bn in the month; consumer credit lending fell by a net £0.2bn (total lending in Jan 2008 grew by £8.4bn).

House prices rise for first time in 2 years

Tue, 01 Sep 2009 15:31:16 +0100

House prices grew by 0.1% in August 2009, according to the latest national house price survey published by Hometrack, the housing intelligence business. This is the first monthly increase in house prices since July 2007 and follows 3 consecutive months of no price change.

Building society gross lending rises, but funding constraints will limit activity

Tue, 01 Sep 2009 15:22:20 +0100

As reported by the Building Societies Association (BSA), gross lending by building societies in July 2009 was £2.1 billion, the highest monthly figure this year, but 42% lower than the £3.6 billion lent in July 2008.

CML comment on Bank of England July lending data

Tue, 01 Sep 2009 15:12:28 +0100

The Council of Mortgage Lenders (CML) report that the latest approvals data from the Bank of England shows the number of loans for house purchase rose 5% from June to 50,123. This was a 50% increase from a year ago when the housing and mortgage market was in a sharp downturn, but compares to a monthly average of 104,000 in the 10 years to the end of 2007.

The Flying Lawyer Makes a Soft Landing!

Fri, 28 Aug 2009 16:26:13 +0100

After 5 years practising on his own account, leading consumer credit and asset finance lawyer James Daly aka ‘The Flying Lawyer’ has shut up his hangar.

House price bounce extends into August

Thu, 27 Aug 2009 10:36:54 +0100

According to the latest figures from the Nationwide, house prices rose by 1.6% in August, the year-on-year decline slowing from -6.2% to -2.7%, with low interest rates helping to underpin prices for the moment.

Scottish mortgage market begins to stabilise in second quarter

Wed, 26 Aug 2009 12:29:25 +0100

New data from the Council of Mortgage Lenders (CML) shows lending activity in Scotland began to stabilise in the second quarter, mirroring the trend seen in the UK more widely. In the second quarter of 2009 there were 11,400 house purchase loans taken out in Scotland, a 50% rise from 7,600 in the previous quarter, but 39% below the same quarter a year earlier.

July figures for the main high street banks

Tue, 25 Aug 2009 11:13:32 +0100

The July figures show increases in the number of mortgage approvals and the amount of new lending, though this was below seasonal expectations.

2008: A difficult year for most Building Societies, finds KPMG

Mon, 24 Aug 2009 18:30:23 +0100

2008 has been a tumultuous year for the building societies sector finds KPMG’s nineteenth annual Building Societies Database, which, through a series of statistical tables, ratios and rankings, summarises the financial performance of all current UK building societies as of April 2009.

Hitachi Capital Consumer Finance develops innovative to increase online sales

Mon, 24 Aug 2009 18:15:09 +0100

The industry body for global online retailing, IMRG, has predicted that by the end of this year, 20% of the UK's £300bn retail business will be e-commerce. In order to support its growing retail customer base who will need an online finance facility, leading point of sale finance provider, Hitachi Capital Consumer Finance, has spent over £450,000 developing an integrated point of sale finance solution to address the need for instant online credit decisions.

Consumer credit market remains under pressure and risk of too much regulation is highlighted

Mon, 24 Aug 2009 17:43:32 +0100

The Finance & Leasing Association (FLA) has published its latest figures on consumer finance, which show that new credit provided by FLA members fell in the second quarter of 2009 by 17% compared with the same period a year earlier.

Â£1.5 billion to fix DIY disasters

Mon, 24 Aug 2009 15:20:18 +0100

August bank Holiday is an excuse for budding DIY-ers to crawl out of the woodwork and dust off their tools. But hard-up handymen may find themselves with a hefty bill to fix their botched jobs.

The volume of retail sales in July was 3.3 per cent higher than in July 2008.

Fri, 21 Aug 2009 17:14:57 +0100

Latest figures from the Office of National Statistics show that total sales volume in the three months to July was 1.6 per cent higher than the same period a year ago.

Recession ending but huge public deficit will dampen growth prospects

Fri, 21 Aug 2009 16:10:41 +0100

Commenting on the public finance and retail sales figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

Comment on the Office of National Statistics Retail Sales figures for July 2009

Fri, 21 Aug 2009 15:58:07 +0100

Richard Lowe, Head of Retail and Wholesale, Barclays Commercial Bank said:

Gross mortgage lending up 26% in July

Fri, 21 Aug 2009 13:10:36 +0100

Gross mortgage lending totalled an estimated £16 billion in July, a 26% increase from £12.7 billion in June but down 36% from £24.9 billion in July 2008, according to new data from the Council of Mortgage Lenders (CML).

Value Of Commercial Debt Increases 105% Year On Year

Tue, 18 Aug 2009 19:20:51 +0100

Quarter 2 2009 brought more financial pain for UK businesses struggling with debt, according to the latest report from Lovetts, one of the UK’s leading debt recovery law firms. The total value of debt Lovetts is chasing through the courts on behalf of its clients rose a staggering 105.4% in quarter 2 2009 compared to the same period last year, with a quarterly increase of 42.4%

Unity Trust Bank reduces carbon footprint with Microgen e-billing

Tue, 18 Aug 2009 18:17:54 +0100

Microgen today announced that it is now providing Unity Trust Bank, the specialist bank for charities and social enterprises, with its online statement facility. The new e-Statements service will enable Unity Trust Bank to deliver an improved service to its customers, while furthering its commitment to corporate social responsibility and reducing its carbon footprint.

The Debt Advisor grows referral network

Mon, 17 Aug 2009 16:00:14 +0100

Award-winning, Manchester-based debt management company, The Debt Advisor, has been selected by support service provider, threesixty Services LLP, to offer personal and corporate non-lending solutions to its Independent Financial Adviser (IFA) clients.

Community Shares: promoting enterprise, equity and engagement through community shares and bonds

Mon, 17 Aug 2009 15:53:05 +0100

Community-owned enterprises can now apply to take part in a Government-funded research project which is looking at new ways for social enterprises to attract more funding.

Possessions fall and arrears flatten in second quarter

Fri, 14 Aug 2009 14:28:25 +0100

Statistics published today by the Council of Mortgage Lenders (CML) show that the number of mortgage possessions fell in the second quarter of the year, while cases of arrears levelled off.

Levels of repossessions falling

Fri, 14 Aug 2009 14:20:01 +0100

Figures published today by the Council of Mortgage Lenders show that the number of repossessions in the second quarter of 2009 reached 11,400 – down from 12,700 in the previous quarter but an increase of 14% on the corresponding quarter of 2008.

Second mortgage lenders cut forecast for possessions

Fri, 14 Aug 2009 14:12:32 +0100

Figures from the Finance & Leasing Association (FLA) for the second quarter of 2009 show that the number of properties taken into possession by FLA second mortgage providers grew by 1.7% compared with the same period in 2008.

Nostrum Appoints Industry Heavyweight as Chairman

Thu, 13 Aug 2009 11:09:33 +0100

The Nostrum Group, Harrogate based specialist Business and IT outsource service provider for the lending industry, is delighted to announce the appointment of Mr Arnie Iversen as Chairman with immediate effect.

Professional standards advisory group agrees draft core units for RDR qualification

Wed, 12 Aug 2009 17:11:28 +0100

As part of its role to develop new standards for qualifications in relation to the Retail Distribution Review (RDR) on behalf of the FSA, the Financial Services Skills Council (FSSC) today announced it will soon be publishing a draft set of core units for public feedback.

Positive first response by councils, but as the crunch bites deeper they will face social costs

Wed, 12 Aug 2009 11:24:17 +0100

Local and national government have made a positive initial response to the recession says an Audit Commission report, but it warns that councils should prepare for worsening social impact as unemployment rises. Demand for benefits, welfare and help with debt are growing, and social problems such as domestic violence and mental ill-health are expected to follow as the recession deepens.

FSA confirms introduction of remuneration code of practice

Wed, 12 Aug 2009 11:19:45 +0100

The Financial Services Authority (FSA) has today introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management.

Market stabilising but not yet 'normal'

Tue, 11 Aug 2009 13:18:39 +0100

New data from the Council of Mortgage Lenders (CML) shows further signs of stabilisation in the mortgage market, but transactions are still weak on a historic basis. Lending for house purchase and remortgaging both increased in June, albeit from very low levels.

Payments Council publishes response to the OFT's review of progress

Tue, 11 Aug 2009 12:52:11 +0100

The Payments Council today (11 August 2009) presents its response to the Office of Fair Trading’s Review of the Operations of the Payments Council, which was published on 25th March this year.

Government must help the car finance industry to prepare for future recovery, says FLA

Mon, 10 Aug 2009 17:26:01 +0100

Latest figures released by the Finance & Leasing Association (FLA) show the smallest drop in private new and used cars bought with dealer finance since September 2008.

Government Scrappage Scheme reaches halfway mark

Mon, 10 Aug 2009 17:15:12 +0100

Figures released today show that the Government’s scrappage scheme has been a real success up and down the country, with orders reaching 154,927.

MPs review mortgage lending and Financial Services Authority

Mon, 10 Aug 2009 16:55:16 +0100

The Treasury Committee have published a report focusing on households affected by the recession, struggling with mortgage arrears or at risk of repossession. The role of the Financial Services Authority (FSA) is also scrutinised.

CML response to the Treasury Committee report on mortgage arrears and access to mortgage finance

Mon, 10 Aug 2009 07:45:13 +0100

The Council of Mortgage Lenders (CML) welcomes the Treasury Committee’s findings that the majority of lenders are taking pro-active steps to support consumers in mortgage difficulties.

"Bankruptcy Lite" brings debt relief to many

Fri, 07 Aug 2009 16:40:08 +0100

Announcing its own Debt Relief Order (DRO) statistics, the Consumer Credit Counselling Service (CCCS) hailed the new DRO as "the best solution for many people in debt".

FLA responds to Treasury Select Committee Mortgage Finance report

Fri, 07 Aug 2009 15:15:00 +0100

The Finance & Leasing Association has responded to criticism of second charge mortgage lenders in today’s Mortgage Finance report from the Treasury Select Committee.

National insolvency statistics show rise in bankruptcies and IVAs gaining momentum

Fri, 07 Aug 2009 15:06:06 +0100

ClearStart CEO Chris Moat comments: “Today’s National Insolvency Statistics show a clear divergence in the way consumers are dealing with their debt. The figures show a record number of individual bankruptcies and Debt Relief Orders being declared over the second quarter of 2009, coupled with an increase in the take up of IVAs.

QE extension welcome but more may be needed later in the year

Thu, 06 Aug 2009 16:19:33 +0100

Commenting on today’s MPC decision, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

Bank Rate stays at 0.5%, Asset Purchase Programme increased by Â£50 Billion

Thu, 06 Aug 2009 12:16:35 +0100

The Bank of England’s (BoE) Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to £175 billion.

Mortgage Brain adds ClearStart Partnerships to platform

Wed, 05 Aug 2009 17:16:41 +0100

ClearStart Partnerships is partnering with Mortgage Brain, the market leading technology solutions provider, enabling intermediaries to gain free access to the complete range of debt solutions as a way of assisting their clients who are struggling with debt and who are unable to refinance, plus as a viable alternative revenue stream.

The Halifax House Price Index July 2009 (seasonally adjusted)

Wed, 05 Aug 2009 10:46:30 +0100

According to the Halifax House Price Index for July 2009, house prices increased by 1.1% in July. This was the second increase in the last three months and the third in the first seven months of 2009.

Northern Rock losses climb by 24%

Tue, 04 Aug 2009 17:48:52 +0100

Nationalised lender Northern Rock announced a 24% jump in half-year losses and warned rising unemployment could pile further pressure on its mortgage book.

CML media note on today's issue of News & Views

Tue, 04 Aug 2009 17:09:42 +0100

Today’s issue of CML News & Views looks beneath our monthly UK market data to what’s happening in the mortgage and housing markets of Scotland, Wales and Northern Ireland. Ten years on from devolution, we review the major policy issues for lenders in these countries.

Co-operatives welcome publication of Legislation Reform Order

Tue, 04 Aug 2009 13:26:09 +0100

Co-operativesUK – the organisation which represents co-operatives in this country – has welcomed the publication of a draft Legislation Reform Order by the Government to update the legislation which governs co-operatives and credit unions registered as Industrial and Provident Societies (IPSs).

Analysis of bank and building society deposits from and lending to UK residents 2nd Quarter 2009

Tue, 04 Aug 2009 13:19:04 +0100

According to the latest Bank of England (BoE) statistical release, deposits from other financial corporations (OFCs) increased by £14.0bn in Q2, following an increase of £50.2bn in Q1.

Homeowners spending power up by a tenth over the past year

Mon, 03 Aug 2009 11:28:29 +0100

UK homeowners with a mortgage have seen their spending power rise by a tenth over the past year, according to new research by Halifax.

Research into debt management

Mon, 03 Aug 2009 10:06:58 +0100

Companies that charge individuals fees to manage their debt have grown more than threefold in the last 10 years; customers and creditors have mixed experiences of the sector; and the OFT should require these companies to be more open about the fact that they charge for all services beyond initial contact.

Treasury Committee calls for clearer responsibilities amongst Tripartite

Fri, 31 Jul 2009 11:37:52 +0100

The Treasury Committee today releases its final Report following its evidence sessions this year on the Banking Crisis, entitled Banking Crisis: Regulation and Supervision. The Report considers how regulation and supervision have changed, and can be further improved, in order to return to and maintain more stable banking.

Debt Facts and Figures - Compiled 1st August 2009

Fri, 31 Jul 2009 11:09:04 +0100

Credit Action latest figures show that total UK personal debt at the end of June 2009 stood at £1,458bn. This has slowed further to 1.2% in the last 12 months which equates to an increase of ~ £14.35bn (the increase was ~£116bn in January 2008).

Responsible lending proposals may restrict access to credit, says FLA

Thu, 30 Jul 2009 17:01:47 +0100

Responding to the OFT’s Irresponsible Lending Guidance published today, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:

Credit unions greet Legislative Reform Order with delight

Thu, 30 Jul 2009 15:15:00 +0100

The publication of a Legislative Reform Order (LRO) by the Government to modernise the legal framework for credit unions in Britain has been warmly welcomed by ABCUL – the Association of British Credit Unions – and its members.

OFT consults on irresponsible lending guidance

Thu, 30 Jul 2009 14:41:02 +0100

The OFT today launched a consultation on draft guidance setting out practices the OFT considers constitute irresponsible lending. The proposed guidance clarifies minimum standards required from businesses engaged in lending which, if breached, could lead to the OFT taking enforcement action against the lenders.

CML comment on Bank of England June lending data

Thu, 30 Jul 2009 10:00:13 +0100

The latest figures from the Bank of England show 47,584 loans approved for house purchase in June, up from 44,169 in May, and the highest level since April 2008.

FLA responds to OFT financial services plan

Wed, 29 Jul 2009 16:55:11 +0100

Responding to the OFT’s Financial Services Plan published today, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:

ABCUL Vice-President Marlene Shiels Joins the WOCCU Board

Wed, 29 Jul 2009 10:02:53 +0100

Vice-President Marlene Shiels joined the World Council of Credit Unions (WOCCU) board this week. The move marks significant recognition of the progress the British movement has made in recent years in working towards WOCCU’s international standards.

OFT issues guidance for second charge lending

Tue, 28 Jul 2009 09:44:02 +0100

The OFT today published guidance on standards expected from businesses engaged in second charge lending.

Stronger Protection For Consumers Borrowing Money

Tue, 28 Jul 2009 09:42:30 +0100

Consumers taking out new deals on credit and store cards and personal loans are set to benefit from enhanced protection.

Generous Britons give more to charities on their plastic than ever before

Mon, 27 Jul 2009 20:24:08 +0100

Figures published today (27 July 2009) by The UK Cards Association show that donations to charitable organisations on plastic cards reached £1.19 billion in 2008 – up from £1.01 billion in 2007 – an increase of 18%.

Hometrack's Monthly National Housing Survey: July 2009

Mon, 27 Jul 2009 12:19:45 +0100

For the third consecutive month, house prices remained unchanged in July, according to the latest national housing market survey from Hometrack, the housing intelligence business.

UK's retailers must raise service standards or risk failure warns new report

Fri, 24 Jul 2009 09:28:16 +0100

Over the last 12-18 months consumers’ shopping habits have changed significantly. The advent of the credit crunch has seen the emergence the “Hypersensitive Consumer” – an individual that is both time and money poor, feels guilty about spending, is less loyal and believes that retailers are privileged to have them in their stores.

June figures for the main high street banks

Fri, 24 Jul 2009 09:19:30 +0100

New figures from the British Bankers Association (BBA) show there were modest increases in gross and net mortgage lending as a result of more new home loans being approved in recent months.

Kensington Financial Management Consultants Scoops Award for Excellence

Thu, 23 Jul 2009 11:28:13 +0100

Trafford-based Kensington Financial Management Consultants has received the Award for Excellence Employer Award, which honours businesses that have made a significant investment in young people in the region.

OFT issues guidance for second charge lending

Wed, 22 Jul 2009 19:22:22 +0100

The OFT today published guidance on standards expected from businesses engaged in second charge lending.

BBA response to opposition parties' banking reforms

Wed, 22 Jul 2009 19:06:44 +0100

"This week's City reform announcements from the main opposition parties - along with the government's own White Paper last week - map out the political landscape for financial services in the UK. It is clear everyone recognises the importance of financial services to the UK economy and the need to come up with sensible and appropriate regulation to meet the challenges of a global financial market. We are pleased there is a growing understanding that monetary policy and regulation are interc ...

Cautious consumers turn to in-store credit

Wed, 22 Jul 2009 18:57:08 +0100

Latest industry figures from the Finance & Leasing Association (FLA) show that consumers are continuing to take a cautious approach to spending. Only the store instalment market is bucking the trend with an 8% increase in new business in the last three months.

June gross mortgage lending

Wed, 22 Jul 2009 18:53:01 +0100

Gross mortgage lending in June was an estimated £12.3 billion, a 17% increase from £10.5 billion in May and a 48% decline from £23.8 billion in June 2008, according to new data from the Council of Mortgage Lenders (CML).

Hitachi Capital Consumer Finance announce record month and predicted £600m funding boost

Wed, 22 Jul 2009 17:47:18 +0100

Hitachi Capital Consumer Finance has given a welcome boost to retailers across the UK by announcing that the company will release a predicted £600m in point of sale finance this year.

LGA Recession Guide recommends Credit Unions

Mon, 20 Jul 2009 19:22:24 +0100

In a recession guide published recently by the Local Government Association (LGA), Global Slowdown: Local Solutions II, best practice case studies include recommendations for credit unions to be supported by local authorities in composing strategies to tackle the recession.

The July CML Market commentary

Mon, 20 Jul 2009 18:03:52 +0100

The July CML Market commentary can now be found on our website: http://www.cml.org.uk/cml/publications/marketcommentary

Cautious consumers turn to in-store credit

Mon, 20 Jul 2009 17:21:14 +0100

Exact Launches Intelligent Mortgage Servicing

Mon, 20 Jul 2009 17:16:49 +0100

Exact Mortgage Experts launches its Intelligent Mortgage Servicing platform today. The Exact platform uses predictive credit analysis to facilitate proactive mortgage account administration and collection strategies, delivering improved performance for lenders and borrowers. Exact clients can access 100% up to date management information on the performance of their book 24/7.

Two in five Financial Services workers more pessimistic about job prospect

Mon, 20 Jul 2009 17:08:19 +0100

45% of Financial Services workers are more pessimistic about job prospects now than last month, according to a survey of over 2,900 people by the Keep Britain Working campaign (keepbritainworking.com) released today, Monday 20 July 2009).

Osborne Says Bank of England Has Clout to Stand Up to Banks

Sun, 19 Jul 2009 22:27:14 +0100

Only the Bank of England has the authority to stand up the commercial banks, said George Osborne, the U.K. opposition Conservative Party member who would become finance minister if his party won the next election.

FLA supports calls for more help for motor finance lenders

Fri, 17 Jul 2009 16:22:38 +0100

Commenting on the Business and Enterprise Select Committee report on Government assistance for the car industry, in which they recognised the need to provide support for companies providing motor finance to consumers and businesses, Stephen Sklaroff, Director General of the Finance & Leasing Association, said:

Economic crisis has impacted six out of ten retailers

Fri, 17 Jul 2009 15:37:47 +0100

Research released from Barclaycard shows that six out of ten (62 per cent) of UK retailers have been impacted by the economic downturn with both visits to their stores from regular customers or new customers being affected. The situation is worse for owners/ proprietors with 68 per cent experiencing an impact on footfall.

Walker Review proposes fundamental changes to strengthen bank governance

Thu, 16 Jul 2009 16:03:07 +0100

Sir David Walker has recommended substantial changes to the way the boards of banks and other big financial institutions function in particular through boosting the role of non-executives in the risk and remuneration process.

Unemployment figures rising - increases the financial burden for consumers

Wed, 15 Jul 2009 15:17:28 +0100

Commenting on the rise in the unemployment figures, released today by the Office of National Statistics, ClearStart CEO, Chris Moat, said:

Unemployed increased by 281,000 over the last quarter

Wed, 15 Jul 2009 15:12:28 +0100

According to figures issued today by the Office of National Statistics (ONS), the employment rate and the number of people in employment have fallen.

OFT consults on transparency proposals

Wed, 15 Jul 2009 15:06:25 +0100

The Office of Fair Trading (OFT) today published a consultation setting out its provisional thinking on how it can become increasingly transparent and open in the way it works.

Government takes next step towards launching a Social Investment Wholesale Bank

Wed, 15 Jul 2009 13:25:00 +0100

Today the Government launches a consultation into the design and functions of a Social Investment Wholesale Bank. The consultation was announced in the Chancellor’s 2009 budget and will last 12 weeks.

Lords fear UK consumers may suffer under new EU proposals

Wed, 15 Jul 2009 09:09:23 +0100

The House of Lords EU Committee have today warned the Government against agreeing to the European Commission's Consumer Rights Directive, calling for further progress to await a more complete assessment of the likely impact.

Swap rates are not the only influence on mortgage pricing, says CML

Tue, 14 Jul 2009 12:39:41 +0100

The Council of Mortgage Lenders (CML) is concerned that some recent coverage of fixed-rate mortgage pricing fails to reflect the complex array of influences on lenders' pricing strategies at present.

House sales remain high

Mon, 13 Jul 2009 17:32:56 +0100

Politicians and banks must do more to sustain improvements in the housing market, Britain's estate agents warn today, after activity stabilised in June. The National Association of Estate Agents (NAEA) found that the average agent continued to make strong sales, despite having fewer properties available for sale resulting in slightly fewer people searching for a new home than in May.

OECD unemployment rate rises to 8.3% in May 2009

Mon, 13 Jul 2009 17:04:38 +0100

The unemployment rate for the OECD area was 8.3% in May 2009, 0.3 percentage point higher than the previous month and 2.4 percentage points higher than a year earlier.

FLA response to Treasury White Paper

Fri, 10 Jul 2009 17:47:07 +0100

Responding to the Treasury White Paper on the wider implications process, Fiona Hoyle, Head of Consumer Finance at the Finance & Leasing Association, said:

Foundation welcomes proposed funding for money guidance

Fri, 10 Jul 2009 17:40:31 +0100

The Resolution Foundation welcomes the extension of the Financial Services Authority levy to pay for the national roll out of Money Guidance. The Foundation has been working since 2005 to improve low earners access to financial advice. The Financial Services White Paper, just published, announced that the Money Guidance service will be funded through dormant bank accounts and by extending the FSA levy to include consumer credit firms.

IGI Insurance targets growth with senior business development recruit

Fri, 10 Jul 2009 10:03:39 +0100

Specialist UK general insurer, IGI Insurance, has signed up Steve Devine, chairman of Protect, the association of UK creditor insurers, to spearhead a move into the payment protection market. Mr Devine will also be responsible for growing the company’s established GAP insurance and warranty business.

Tightening in lending criteria abates - CML

Thu, 09 Jul 2009 15:33:31 +0100

New estimates from the Council of Mortgage Lenders suggest that a higher proportion of young first-time buyers than ever before are getting help from parents to enter the market.

CBI reaction to MPC meeting

Thu, 09 Jul 2009 15:02:30 +0100

Commenting on the meeting of the Bank of England's Monetary Policy Committee today, Ian McCafferty, CBI Chief Economic Adviser, said:

Chancellor should increase the size of asset purchase programme

Thu, 09 Jul 2009 15:00:44 +0100

Commenting on today’s MPC decision, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

Bank of England Maintains Bank Rate at 0. ...

Thu, 09 Jul 2009 14:58:34 +0100

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £125 billion financed by the issuance of central bank reserves.

Sound financial regulation welcomed by CBI, but risk of government going too far

Wed, 08 Jul 2009 18:06:23 +0100

The CBI today commented on the Government’s White Paper on reforming financial markets. Richard Lambert, CBI Director-General, said:

Financial Services White Paper, BBA reaction

Wed, 08 Jul 2009 17:41:39 +0100

Responding to the financial services white paper published today, British Bankers' Association (BBA) chief executive, Angela Knight said:

Halifax House Price Index for June 2009

Wed, 08 Jul 2009 17:33:14 +0100

According to the latest figures from the Halifax, house prices declined by 0.5% in June. The mixed picture of monthly rises and falls so far this year contrasts sharply with the consistent succession of significant monthly declines recorded in 2008. This indicates that the underlying rate of decline in house prices has eased.

Permanent placements fell at slowest rate for over a year in June

Wed, 08 Jul 2009 17:15:45 +0100

Competition Commission consults on draft order for PPI

Wed, 08 Jul 2009 17:09:20 +0100

The Competition Commission (CC) has today published a draft order for consultation setting out how measures to introduce competition into the Payment Protection Insurance (PPI) market will be implemented.

Government plans for the reform of financial markets

Wed, 08 Jul 2009 16:19:59 +0100

The Chancellor of the Exchequer Alistair Darling has today published 'Reforming Financial Markets', a document setting out the Government’s proposals for the reform of the financial system.

CML media note on todays issue of News & Views

Tue, 07 Jul 2009 16:43:18 +0100

Interest rates have now been low enough for long enough for us to begin to see more clearly whether borrowers are using lower borrowing costs as an opportunity to pay off mortgage debt.

Tougher rules needed to protect consumers, says OECD

Tue, 07 Jul 2009 12:45:35 +0100

Financial services firms must make sure their customers understand what they are letting themselves in for when they sign up for mortgages, consumer loans and other products, under new OECD guidelines designed to avoid a repeat of the sub-prime mortgage crisis and ensuing credit crunch that sent the world economy into recession.

FSA proposes bigger fines to achieve credible deterrence

Tue, 07 Jul 2009 12:21:37 +0100

The Financial Services Authority (FSA) has published plans to create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size.

Engage Launch Fun Website With Plans To 'Start Them Young'

Tue, 07 Jul 2009 11:35:45 +0100

KS1 pupils from New Park School in Harrogate played their part in a national initiative to raise the awareness of the importance of saving, when they helped engage Mutual launch a new, interactive website, www.funtosave.org.

Top barrister to advise claims management leader Ratio Money

Tue, 07 Jul 2009 11:23:09 +0100

Altrincham-based Ratio Money has reinforced its commitment to people who have been ripped off by banks and lenders by becoming the only financial claims management company to retain a top barrister.

In Debt - Dealing with your creditors

Mon, 06 Jul 2009 17:10:45 +0100

On 2nd July 2009 the Insolvency Service launched its new guide to debtors and debt advisors, entitled ‘In Debt - Dealing with your creditors.’ The guide contains an overview of the main debt solutions, not just those administered by the Insolvency Service, and addresses what we believe to be a gap in the literature currently available to debtors from all sources.

Barclays announce more support for credit unions

Mon, 06 Jul 2009 17:01:51 +0100

The funding from Barclays will enable ABCUL to help its members collaborate on key aspects of their operations; bring economies of scale to credit union operations, which will assist in achieving sustainability for many more credit unions and raise standards and improve quality through consistency in the delivery of key services to members.

June's retail sales result in rollercoaster ride for retailers

Fri, 03 Jul 2009 17:35:28 +0100

UK retail sales weakened again in June with like-for-like sales falling by 0.9 per cent according to the latest edition of the BDO Stoy Hayward High Street Sales Tracker.

Response to a White Paper banning credit card cheques

Fri, 03 Jul 2009 17:28:03 +0100

Responding to a White Paper banning credit card cheques and recommending a Consumer Advocate, Jan Smith, Director, Industry Relations, Callcredit comments:

OFT to review high cost consumer credit sector.

Thu, 02 Jul 2009 18:40:16 +0100

The OFT today launched a review into the supply of high cost credit as part of its ongoing Financial Services Strategy.

FLA responds to the announcement of the OFT's High Cost Credit Review

Thu, 02 Jul 2009 18:35:41 +0100

Commenting on the OFT’s High Cost Credit Review, Fiona Hoyle, Head of Consumer Finance at the Finance and Leasing Association, said:

CML response to latest Bank of England credit conditions survey

Thu, 02 Jul 2009 18:29:54 +0100

Council of Mortgage Lenders (CML) economist, Paul Samter, has responded to the latest Credit Conditions Survey from the Bank of England. Mr Samter said:

YES BANK to become a First Data preferred partner in India for ATM network

Thu, 02 Jul 2009 18:20:42 +0100

YES BANK, India’s new age private sector bank, and First Data, a global leader in electronic commerce and payment processing services, today signed a Memorandum of Understanding (MoU) for an innovative ATM deployment programme. In this strategic collaboration, First Data and YES BANK will jointly establish a widespread network of Automated Teller Machines (ATMs) across various cities in India.

Community Shares: First successful projects announced

Thu, 02 Jul 2009 18:18:26 +0100

The first five community-owned enterprises have been selected to participate in a Government funded two year action learning research project which aims to lead the way for communities in England to create common wealth in their local areas and transform communities for good.

Responsible lending important, but over-regulation could harm consumers, says FLA

Thu, 02 Jul 2009 17:14:25 +0100

The Finance & Leasing Association (FLA) has responded to the Consumer White Paper launched today by supporting responsible lending, but warning that too much regulation could slow down economic recovery and harm consumers.

Government action to secure a better deal for consumers

Thu, 02 Jul 2009 17:05:03 +0100

Cracking down on persistent rogue traders and a ban on unsolicited credit card cheques are at the forefront of measures announced in the Government’s Consumer White Paper today.

consumer responsibilities- chief ombudsman

Wed, 01 Jul 2009 15:49:19 +0100

Some parts of the financial services industry have been talking about what they call ‘consumer responsibilities’ – and pressing the Financial Services Authority (FSA) to say more about this. There are certainly many things that prudent consumers should do, in their own interests, and greater publicity for these things can only be welcome. But the law actually imposes few obligations on consumers – and the FSA itself has no power to impose obligations on them. ...

The time is right to promote the Co-operative Advantage

Wed, 01 Jul 2009 15:33:24 +0100

Business leaders within co-operatives believe the time is right to push the ‘Co-operative Advantage’ a survey conducted by Co-operativesUK has revealed. Chief executives of top co-operative businesses (representing an annual turnover of some £11.6 billion) also think the sector should work more closely with mutuals and other likeminded organisations to actively promote their business models.

Wedding debts outlive marriage by 5 years

Wed, 01 Jul 2009 15:26:56 +0100

Loved-upped couples are waltzing up the aisle with a £20,000 ball and chain of debt strapped to their ankles, only to be marching straight to the divorce courts a meagre 11.5 years after they say I Do – leaving them paying off their nuptials long after the ink is dry on the decree absolute.

Santander Consumer Finance appoints The Warranty Group to offer Service Plans to 6,000 dealers

Wed, 01 Jul 2009 12:54:47 +0100

Santander Consumer Finance has appointed The Warranty Group as its partner to supply Service Plans to more than 6,000 dealers for which it provides new and used car finance.

Ratio Money recognises Zoe with board promotion

Wed, 01 Jul 2009 12:44:59 +0100

A businesswoman from Wilmslow has been promoted to the board of fast-expanding financial claims management company Ratio Money, who recently announced the creation of 125 new jobs.

FSSC appoints Simon Ellis to head 'thorough and inclusive' strategic review

Wed, 01 Jul 2009 12:24:29 +0100

Following the recent decision by the Government and Devolved Administrations to extend the Financial Services Skills Council’s (FSSC) existing licence, allowing time for a review of its future role and strategy, the Council today announced the appointment of senior industry figure Simon Ellis to lead a thorough, independent review. Core to this review will be an intensive consultation process which will seek to sound out as many views as possible from employers and stakeholders. ...

Low earners exposed in recession & recovery

Tue, 30 Jun 2009 21:48:55 +0100

The Resolution Foundation today launches a new programme of work to raise the profile of the UK’s 13.4 million ‘low earners’ and to address their plight in the recession and recovery.

Credit Action UK Debt Statistics

Tue, 30 Jun 2009 21:28:17 +0100

Total UK personal debt at the end of May 2009 stood at £1,459bn. This has slowed further to 1.4% in the last 12 months which equates to an increase of ~ £17.9bn (the increase was ~£116bn in January 2008).

Chief ombudsman to step down after ten years

Tue, 30 Jun 2009 19:42:38 +0100

Walter Merricks, chief ombudsman at the Financial Ombudsman Service (FOS), announced today that he would be stepping down – after ten years in the post which have seen him set up and run what has grown to become the world's largest ombudsman scheme.

RICS comment on Bank of England Mortgage Approvals

Mon, 29 Jun 2009 13:06:58 +0100

Commenting on the Bank of England Mortgage Approvals data, Simon Rubinsohn, Royal Institution of Chartered Surveyors (RICS) chief economist said:

Celebrating co-operative excellence: Awards winners revealed

Mon, 29 Jun 2009 13:04:02 +0100

The inaugural Co-operative Excellence awards have been presented to five outstanding co-operative enterprises at Co-operatives 2009.

Building society lending steady, but remains depressed

Mon, 29 Jun 2009 13:01:09 +0100

Gross mortgage lending by building societies was £1,515 million in May 2009, compared to £3,530 million in May 2008.

Lending to individuals: May 2009

Mon, 29 Jun 2009 12:41:17 +0100

The increase in total net lending to individuals in May (£0.6 billion) was lower than both the April increase (£1.1 billion) and the previous six-month average, according to new figures just released by the Bank of England (BoE).

UK co-operative sector nudges £29 billion

Fri, 26 Jun 2009 16:42:15 +0100

Co-operative businesses in the United Kingdom have pushed up their turnover to almost £29 billion it was revealed at Co-operatives 2009.

100% increase in calls to the National Debtine

Fri, 26 Jun 2009 16:34:09 +0100

Today Joanna Elson, Chief Executive of Money Advice Trust addresses members of the Council of Mortgage Lenders (CML) at their annual conference in London.

Payments Council sets a time frame for withdrawing the guarantee scheme for cheques

Thu, 25 Jun 2009 16:01:16 +0100

The Payments Council has today announced that following a full stakeholder review and detailed research, it believes that use of the Cheque Guarantee Card Scheme is in terminal decline and that this needs to be managed to provide clarity and certainty for users and acceptors. It has therefore taken the decision to set a timescale for managing the decline of guaranteed cheques and ultimately to close the Scheme.

Mortgage famine for high net worth borrowers, warns wealth manager HFM Columbus

Thu, 25 Jun 2009 13:25:39 +0100

BORROWERS looking for mortgages in the £1 million plus bracket are finding lean pickings from lenders, according to wealth manager HFM Columbus.

One in five ID fraud victims not reimbursed

Thu, 25 Jun 2009 11:27:09 +0100

Most victims of financial fraud get their money back, but new research from Which?* has found that one in five victims has not got the full amount back and in some cases their bank has refused to reimburse them at all.

Eurodebt invests in its regional network

Wed, 24 Jun 2009 12:09:55 +0100

Leading debt management provider, EuroDebt Financial Services, is stepping up the level of support for its franchises with the appointment of two new Regional Sales Managers. Stephen Owen is working in the North, while Sue Davison is covering the Midlands, both with the goal of increasing the level of sales and profitability of franchises in those regions.

Shrinking credit market may put consumer choice at risk, says FLA

Wed, 24 Jun 2009 09:49:34 +0100

The consumer credit market is shrinking and consumers could face even less choice and reduced availability in future, according to the Finance and Leasing Association (FLA), which today published its latest consumer lending figures.

2.26mn Britons fight for Job Vacancies

Tue, 23 Jun 2009 18:26:27 +0100

With unemployment rising and the number of job vacancies falling, ClearStart warns that many Britons may have to seek a role with a lower income. The risk is that although they are working, they may not be able to afford their out goings and may put themselves into financial difficulty.

Callcredit walk raises over Â£7000 for Macmillan

Tue, 23 Jun 2009 18:13:29 +0100

On Friday 19th June 2009, a team of 54 people - 36 clients and 18 staff from Leeds-based credit reference agency Callcredit - set off to walk the Yorkshire Three Peaks to help raise money for cancer support charity Macmillan.

Callcredit response to OFT report

Tue, 23 Jun 2009 16:16:58 +0100

Callcredit welcomes today’s warning by the OFT about ‘debt sale’ scam companies who tell consumers that they can “buy” their debts from them, freeing them from liability.

Hope for hardship cases as Lords scrutinize bank charges

Mon, 22 Jun 2009 17:16:45 +0100

As the House of Lords prepares to hear the latest appeal in the bank charges <http://www.which.co.uk/bankcharges> test case next week, Which? chief executive, Peter Vicary-Smith, says:

Positive revisions to CML housing market forecasts

Mon, 22 Jun 2009 12:58:27 +0100

The Council of Mortgage Lenders today updated its housing market forecast for 2009.

WOCCUs Brian Branch calls for Emphasis on Consumer Protection and Education

Fri, 19 Jun 2009 16:35:05 +0100

At a recent roundtable event with the Organisation for Economic Cooperation and Development (OECD), Brian Branch executive vice president of the World Council of Credit Unions (WOCCU) called for a greater emphasis on consumer protection and education. The event was attended by 250 leading policymakers and executives from leading organisations around the world.

TSELF bridges the finance gap for The Sustainability Centre

Fri, 19 Jun 2009 10:19:33 +0100

The Social Enterprise Loan Fund (TSELF) stepped in to help The Sustainability Centre in Petersfield, Hampshire, with a £36,000 bridging loan while they waited for grants for a new solar panel installation to come through.

Comment on the Office of National Statistics (ONS) Retail Sales figures for May 2009

Fri, 19 Jun 2009 10:00:59 +0100

Richard Lowe, Head of Retail and Wholesale, Barclays Commercial Bank said:

May gross lending still subdued

Fri, 19 Jun 2009 09:49:45 +0100

Gross mortgage lending totalled an estimated £10.3 billion in May, a 2% decline from the £10.5 billion in April and down 58% from May 2008, according to new data from the Council of Mortgage Lenders (CML).

Debt Dupes Dads out of Fathers Day

Fri, 19 Jun 2009 09:45:27 +0100

Over a third of Brits are putting the brakes on Father’s Day this year, opting NOT to buy Dads a gift, according to a national survey. Penny-pinching shoppers are cutting back on costs due to limited funds caused by spiralling debts, leaving Dads with nothing more than the Sunday papers to open come 21st June.

Thompson Joins Hitachi Capital Consumer Finance

Fri, 19 Jun 2009 09:36:49 +0100

Hitachi Capital Consumer Finance, one of the UK's leading finance providers of point of sale credit facilities, has further strengthened its team with the appointment of Richard Thompson as Strategic Relationship Manager.

Government continues investment in financial advisers

Fri, 19 Jun 2009 09:33:36 +0100

Following the initial success of the Government’s "Train to Gain" initiative, the funding for many financial advisers to obtain ISO 22222 through Standards International has been extended for a further year.

Speech by The Chancellor of the Exchequer at Mansion House 17 June 2009

Wed, 17 Jun 2009 22:04:41 +0100

My Lord Mayor, ladies and gentlemen.

It is an honour to be with you again tonight at this prestigious event.

Ratio Money appoints manager to help partner network

Wed, 17 Jun 2009 18:45:23 +0100

Ratio Money, the leading financial claims management company, has recruited Tracy Daly as account manager to support its expanding introducer network.

Downturn continues in motor finance markets

Wed, 17 Jun 2009 09:00:04 +0100

The FLA’s latest statistics show that the recent slow-down in new motor finance business has continued.

BRC-KPMG London retail sales monitor - May 2009: weakest London sales growth this year

Tue, 16 Jun 2009 17:58:26 +0100

Retail sales in central London in May were 1.6% higher, on a like-for-like basis, than a year ago, when sales were up 8.5%, driven by much warmer weather.

Equifax director appointed President of ACCIS

Tue, 16 Jun 2009 17:39:34 +0100

Neil Munroe, External Affairs Director, Equifax, has been appointed President of the Association of Consumer Credit Information Suppliers (ACCIS), the trade body that represents the interests of European consumer credit bureaux and associates from around the world. The two-year appointment became effective from 12th June 2009.

Landsbanki Depositers Action Group urges CPA to act on offshore losses

Mon, 15 Jun 2009 16:40:48 +0100

THE Landsbanki Guernsey Depositors Action Group (LGDAG) today called on the Commonwealth Parliamentary Association (CPA) – which is currently holding a four day conference on the island of Guernsey* – to support its attempts to recover 100 per cent of its members’ savings deposited with Landsbanki Guernsey.

Gap between asking and selling prices appears to be narrowing - RICS

Mon, 15 Jun 2009 15:58:35 +0100

The majority of surveyors (almost 60 percent) are now reporting that the gap between asking and selling price is narrowing says RICS research published today. In contrast, last August results of the same survey revealed that the gap was widening.

Positive economic news bolsters retail sales to two month high

Fri, 12 Jun 2009 16:16:43 +0100

Sales figures from BDO Stoy Hayward’s High Street Sales Tracker for the week ending 7 June 2009 were as follows:

CCCS wins award for hi-tech help for debtors

Fri, 12 Jun 2009 15:47:00 +0100

The UK’s leading debt charity, the Consumer Credit Counselling Service (CCCS), won an award at the tenth annual Charity Awards last night (June 11) for innovative use of technology in helping tens of thousands of people in debt.

Citizens Advice launches online debt management campaign for young people

Fri, 12 Jun 2009 15:44:07 +0100

Young people who have struggled with debt problems and sought advice to overcome them have created two entertaining documentary style short films in a bid help others in the same situation.

UK wealth loss from credit crunch shrinks from £40,000 to £36,000 on average per adult

Fri, 12 Jun 2009 15:41:37 +0100

Recent recoveries in share prices and house prices have reduced the total UK household wealth loss from the credit crisis from its peak of around £1.9 trillion in March 2009 to around £1.7 trillion in May 2009, according to updated analysis by PricewaterhouseCoopers LLP (PwC).

Borrowers switch back to fixes

Thu, 11 Jun 2009 15:45:52 +0100

Take up of fixed-rate products increased further as the interest rate cycle has now reached its floor, according to new data from the Council of Mortgage Lenders (CML). In April, 69% of borrowers took out fixed rate mortgages with an average rate of 4.83%, the highest share since June 2008.

Latest CAB figures show increasing demand for services

Wed, 10 Jun 2009 15:30:35 +0100

Citizens Advice Bureaux in England and Wales have seen large and rising increases in debt, employment and benefits related enquiries over the last year, the annual Citizens Advice parliamentary reception will be told today.

CML media note on todays issue of News & Views

Tue, 09 Jun 2009 17:29:34 +0100

Recent uncertainty about the leadership of the Labour party has made the date of the next general election much less certain than before. Whenever it does take place, however, mortgages and housing are sure to be key election topics.

BRC-KPMG Retail sales monitor May 2009 - Sales growth slips

Tue, 09 Jun 2009 12:19:21 +0100

UK retail sales values fell 0.8% on a like-for-like basis and rose only 0.8% on a total basis, from May 2008, when sales rose strongly in the sunny weather.

Ratio Money recruits manager to build solicitor panel

Tue, 09 Jun 2009 12:16:40 +0100

Financial claims management company Ratio Money has recruited a business development manager to expand the national panel of solicitors it works with to handle client cases.

Manufacturing sector 'showing signs of rallying'

Mon, 08 Jun 2009 16:58:06 +0100

The UK manufacturing sector is starting to show the first signs of rallying with both optimism and output levels at a seven month high, according to the latest edition of BDO Stoy Hayward’s Manufacturing Optimism Index.

Trading standards action saves consumers £347 million a year - new figures

Mon, 08 Jun 2009 16:19:37 +0100

Action by local authority Trading Standards Services (TSS) to protect the public from unfair trading practices saves UK consumers at least £347 million a year, the OFT revealed today.

whitehot property appoints Business Development Director

Mon, 08 Jun 2009 15:24:44 +0100

whitehotproperty.co.uk, the UK’s only website that exclusively sells properties from corporate vendors (repossessions, part-exchanges, probate, etc), has appointed Owen Burns as business development director.

Almost all Building Societies rate TCF Compliance as essential

Mon, 08 Jun 2009 15:03:48 +0100

More than 97% of Building Societies questioned at the BSA conference believed TCF compliance was important in selecting an asset manager, according to a survey carried out by whitehotproperty.co.uk.

Advice guide issued to keep consumers well-informed when using their cards overseas

Fri, 05 Jun 2009 12:54:12 +0100

UK cards were used more than 10 times every second in overseas transactions last year. The UK Cards Association and ABTA, the travel association, have today published a consumer advice guide – Using your card overseas – that provides tips and useful information for holidaymakers and business travellers who will be using their cards abroad.

NAEA: Response to Halifax figures

Thu, 04 Jun 2009 15:36:26 +0100

Following the publication of Halifax figures revealing a 2.6 per cent increase in house prices in May, Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), said:

BSA welcomes FSAs proposal to extend separate deposit protection limits

Thu, 04 Jun 2009 14:54:57 +0100

Commenting on the FSA’s announcement today that they intend to extend until December 2010 rules which allow separate compensation cover for customers with deposits in two merging building societies, Brian Morris, Head of Savings Policy at the Building Societies Association (BSA), said:

Report states that cash is still king, but for how long?

Wed, 03 Jun 2009 20:32:01 +0100

The payment industry’s latest publication, The Way We Pay 2009: UK Cash & Cash Machines provides the latest data on how UK consumers are obtaining and using cash and how this is forecast to change.

EuroDebt warns that new figures dont reflect true picture of debt

Wed, 03 Jun 2009 12:39:29 +0100

Official figures were released yesterday (2/6/09) for the government's flagship plan to help people struggling with their mortgage debt. Disappointingly, just two households have been helped so far.

Noble Systems Receives Frost & Sullivan's "2009 North American Customer Value ...

Wed, 03 Jun 2009 12:35:20 +0100

Noble Systems Corporation, a global leader in innovative contact centre technology solutions, has received the Frost & Sullivan 2009 North American Customer Value Leadership Award. Noble Systems received the award based on its rich experience in the outbound customer contact solutions market, strong solutions portfolio, and a singular focus on helping its customers succeed and achieve their goals.

Regulating the sale and rent back market

Wed, 03 Jun 2009 08:05:08 +0100

The Government have laid before Parliament secondary legislation to bring sale and rent back agreements within the scope of Financial Services Authority (FSA) regulation.

RICS comment on Bank of England Mortgage Approvals

Tue, 02 Jun 2009 13:24:08 +0100

Commenting on the Bank of England mortgage approval data, Simon Rubinsohn, RICS chief economist says:

Total UK personal debt - Credit Action June 2009

Tue, 02 Jun 2009 13:22:18 +0100

Total UK personal debt at the end of April 2009 stood at £1,459bn. This has slowed further to 1.8% in the last 12 months which equates to an increase of ~ £22.4bn (the increase was ~£116bn in January 2008).

Lending to individuals: April 2009

Tue, 02 Jun 2009 13:18:13 +0100

The increase in total net lending to individuals in April (£1.3 billion) was higher than the March increase (£0.7 billion) but below the previous six-month average.

CML comment on Bank of England lending data

Tue, 02 Jun 2009 13:13:35 +0100

Commenting on today's lending data from the Bank of England, Council of Mortgage Lenders (CML) economist Paul Samter observed:

Building Society lending stabilises

Tue, 02 Jun 2009 13:11:36 +0100

Gross mortgage lending by building societies was £1,551 million in April 2009, compared to £1,571 million in March, and £3,921 million in April 2008.

Consumer demand for credit files increases by nearly 10% in quarter 1 2009

Mon, 01 Jun 2009 15:21:48 +0100

Leading instant online credit information provider, Equifax, has seen a 9.6% increase in requests for its credit reports for the first quarter of 2009 compared to the same period in 2008.

Vince Cable to address Co-operatives 2009

Mon, 01 Jun 2009 14:59:23 +0100

Vince Cable MP, Liberal Democrat Shadow Chancellor and one of today’s most respected politicians, will give the keynote speech at Co-operatives 2009.

John McAndrew promoted CEO of Callcredit Information Group

Fri, 29 May 2009 16:10:36 +0100

Callcredit Information Group has today appointed John McAndrew as Chief Executive Officer. He takes over from Mike Green who will become Non-Executive Chairman.

HELPING HAND OFFERED TO HELP MANAGE CALL RECORDING RULING

Fri, 29 May 2009 15:30:44 +0100

A new telephone call recording service is being offered to financial advisory businesses to help meet the demands of the new Financial Services and Markets Act 2000 (FSMA).

Ombudsman service publishes annual review of personal finance disputes

Fri, 29 May 2009 13:40:19 +0100

The Financial Ombudsman Service (FOS) – the independent organisation that settles disputes between consumers and financial companies – has published its annual review for the 2008/09 financial year. The review shows that during the year, the ombudsman:

House prices rise for second time in three months

Fri, 29 May 2009 13:34:13 +0100

According to figures released today by the Nationwide, house prices rose by 1.2% in May, the second increase in three months, with the annual rate of decline improving sharply from -15.0% to -11.3%, adding that supply levels may explain some of the improvement in price trends.

People offered no risk help to fight rip offs

Fri, 29 May 2009 13:28:55 +0100

People who believe they have been ripped off by their bank or other lenders are to be offered ‘no risk’ legal help to see if their debt can be written off.

One million people insolvent in the UK

Fri, 29 May 2009 09:56:15 +0100

Around 700,000 people are currently left off the official British insolvency figures, even though they are technically insolvent. Added to the official figures, this means the total of insolvent individuals in the UK is now approaching 1 million.

The Debt Advisor continues to grow

Wed, 27 May 2009 18:16:13 +0100

Award-winning, Manchester-based debt management company, The Debt Advisor, continues to expand with the appointment of Tracey Macdonald to its personal insolvency practice.

Positive Locate tool traces dormant-account holders enhancing customer relationships

Wed, 27 May 2009 15:37:54 +0100

This year, the Government is tapping into an estimated £400m currently held in dormant bank and building society accounts.

House purchase lending declines in Scotland

Wed, 27 May 2009 12:03:17 +0100

New data from the Council of Mortgage Lenders (CML) shows that house purchase lending in Scotland continued to fall in the first quarter of 2009.

April figures for the main high street banks

Wed, 27 May 2009 11:45:41 +0100

The high street banks' net mortgage lending of £2.7bn has not been as low for some eight years and consequently, the trend edged lower.

TSELF loan makes Wheels for Freedom a reality

Tue, 26 May 2009 17:16:30 +0100

A £20,00 loan from TSELF – The Social Enterprise Loan Fund – has helped a new company, Wheels for Freedom, save a highly-regarded minibus service for disabled people in Hartlepool.

CML media note on todays issue of News & Views

Tue, 26 May 2009 17:12:51 +0100

Mortgage arrears and possessions are rising – as you would expect as unemployment grows and the recession worsens. But the figures – both from lenders and from the courts – show that arrears are rising more rapidly than possessions.

Consumers seek good deals in tight credit market, reports - FLA

Tue, 26 May 2009 14:38:02 +0100

Consumers continue to seek good value during the credit crunch, in what remains a tight market. The latest figures from the Finance and Leasing Association (FLA) show a 12% reduction in overall new consumer lending by its members in March 2009 compared with the same month in 2008. The total new lending figure for the year ending in March was £58 billion, some 13% down on the previous year.

The May CML Market commentary

Fri, 22 May 2009 15:48:44 +0100

The May Council of Mortgage Lenders (CML) Market commentary can now be found on the website: http://www.cml.org.uk/cml/publications/marketcommentary

Recession causing growth in loan sharks says new report

Fri, 22 May 2009 10:32:51 +0100

200,000 people in Britain are at risk from illegal loan sharks because they cannot access credit from traditional lenders according to a new report.

Comment on the ONS Retail Sales figures for April 2009

Fri, 22 May 2009 10:10:47 +0100

Richard Lowe, Head of Retail and Wholesale, Barclays Commercial Bank said:

April gross mortgage lending

Thu, 21 May 2009 22:13:22 +0100

Gross mortgage lending declined to an estimated £10.4 billion in April, down 9% from £11.4 billion in March and 60% from £26.1 billion in April 2008, according to new data from the Council of Mortgage Lenders (CML).

Early intervention is key - national debt advice charity urges building societies

Thu, 21 May 2009 12:48:58 +0100

Today Joanna Elson, Chief Executive of Money Advice Trust (see notes to editors) addresses members of the Building Societies’ Association (BSA) at their annual conference in Harrogate. Joanna will be discussing how lenders can support debtors who are struggling with mortgage payments. The charity has recently produced a booklet with the BSA as a guide to help struggling home owners.

BSA chairman upbeat about prospects for the sector but calls for level playing field

Wed, 20 May 2009 12:23:13 +0100

Speaking at the Building Societies Association’s (BSA) Annual Conference today, John Goodfellow, Chairman of the BSA, reflected on the extraordinary events of the past year and the strengths of the building society sector.

Recent business wins underline strength of issuing and consumer finance solution

Wed, 20 May 2009 09:28:48 +0100

First Data, a global leader in electronic commerce and payment processing services, today announces significant customer wins and contract renewals for FirstVisionTM, its full-service global issuing and consumer finance processing solution.

NAEA Sales jump shows confidence is returning

Tue, 19 May 2009 18:20:50 +0100

Estate agents reported a rise in sales in February, with each agent selling an average of eight properties over the month. It means that the number of sales has returned to the same level as 12 months ago.

Savers show flash of optimism for first time in five months

Tue, 19 May 2009 17:55:53 +0100

The Nationwide Savings Index improves slightly as consumers feel brighter about the economy. The Savings Index improves by two points to 75 – however it is still 25 points below where the index started in June 2008.

Unfair credit agreements no test cases, some to be fast-tracked

Tue, 19 May 2009 17:43:07 +0100

Banks, lenders and claims management companies were in agreement today when deciding that there shouldn’t be any High Court test cases about unenforceable credit agreements – and even voted for some claims to be decided by rapid trial.

Fannie Mae, Freddie Mac still face weaknesses-FHFA

Tue, 19 May 2009 15:47:07 +0100

Fannie Mae and Freddie Mac, the largest providers of residential mortgage funds, are still falling short in addressing management concerns that led the U.S. government to seize the companies eight months ago, their federal regulator and other U.S. officials said on Monday.

Repossessions unlikely to top 60,000 says AMG

Mon, 18 May 2009 18:23:16 +0100

The Asset Management Group [AMG] believes that the CML statement that repossession figures have been pessimistic is correct, and based on current repossession levels, the real figure is likely to be between 50,000 and 60,000 by the end of 2009.

BRC-KPMG London Retail Sales Monitor - April 2009: London retail sales lead slips

Mon, 18 May 2009 17:21:38 +0100

Retail sales in central London in April were 5.4% higher than a year ago, on a like-for-like basis, stronger than the 4.6% increase in the UK as whole.

Property sales reach 18-month high

Mon, 18 May 2009 17:06:09 +0100

Estate agents sold more houses in April than in any month since October, 2007, new figures from the National Association of Estate Agents reveal.

Credit Unions in Scotland: House of Commons report welcomed by sector

Mon, 18 May 2009 16:22:32 +0100

ABCUL – the Association of British Credit Unions – has welcomed a new Parliamentary report which applauds the efforts of credit unions as responsible lenders and supports their valuable work for both communities and individuals.

First quarter figures suggest 75,000 repossessions this year 'now looks pessimistic'

Fri, 15 May 2009 18:52:06 +0100

There were 12,800 repossessions by first-charge mortgage lenders (including buy-to-let) in the first quarter of this year, according to the Council of Mortgage Lenders.

Lowest mortgage costs since 2004, says CML

Fri, 15 May 2009 08:55:08 +0100

While borrowers still need large deposits to be able to enter the market, and overall lending remains constrained, both first-time buyers and home movers are benefiting from the lowest debt servicing costs since 2004, according to the latest monthly lending survey from the Council of Mortgage Lenders (CML).

Fairpoint re-launches ClearStart

Thu, 14 May 2009 09:30:36 +0100

Fairpoint Group, the financial services business focused on serving financially stressed consumers, has today launched through its ClearStart brand a new debt management plan (DMP) which is designed to ensure that creditor returns from consumers in financial difficulties are maximised.

State Street's latest Vision Report highlights strong growth of Islamic Finance

Thu, 14 May 2009 09:14:11 +0100

State Street Corporation (NYSE: STT), the world's leading provider of financial services to institutional investors, today released its Vision Report on Islamic Finance, citing a market that is growing by as much as 20 percent a year since 2003. This seventh paper in State Street’s series of Vision Reports estimates that total assets under management by Islamic financial institutions now exceeds $600 billion.

Debt charity to reclaim £6.3m in benefits for clients in 2009

Thu, 14 May 2009 09:13:06 +0100

Substantial under-claiming of welfare benefits is putting a massive strain on an overburdened economy and forcing eligible people to struggle with debt problems.

Blake Lapthorn appoints new partner in Banking team

Thu, 14 May 2009 09:05:49 +0100

Blake Lapthorn is pleased to announce the appointment of Claire Wheatley as a partner in its Banking team.

EuroDebt expands its offering to Introducer Scheme members

Thu, 14 May 2009 09:04:44 +0100

Leading debt management provider, EuroDebt, is bringing a range of added benefits to the EuroDebt Introducer Scheme members to help them market debt solutions to their clients and prospects. As part of its ongoing commitment to its Introducers, EuroDebt is providing access to a wealth of online marketing materials, as well as expanding its range of services to provide families and individuals with a comprehensive debt solution.

CML responds to government private rented sector announcements

Wed, 13 May 2009 16:09:13 +0100

The Council of Mortgage Lenders welcomes the broad thrust of the Government's moves to support and strengthen the quality of the private rented sector, announced today.

CML media note on todays issue of News & Views

Tue, 12 May 2009 17:01:34 +0100

In a wide-ranging speech to today’s FSA mortgage sector conference, we put a case for regulation focusing on key areas of potential consumer detriment, better supervision of firms by the regulator, and restoring a sustainable mortgage market.

Enterprise finance guarantee scheme to extend lending to businesses and social enterprises

Tue, 12 May 2009 15:01:56 +0100

Business Secretary Lord Mandelson today announced changes to the Government's Enterprise Finance Guarantee Scheme to help improve lending to businesses and social enterprises in disadvantaged areas. The announcement came as he jointly chaired a social enterprise summit with Liam Byrne.

Enquiries and sales continue to pick up

Tue, 12 May 2009 13:12:47 +0100

Sales in April edged up a little further, albeit from historically low levels, while the net balance of surveyors reporting a rise in new buyer enquires climbed to the highest figure for almost a decade, says the Royal Institution of Chartered Surveyors' (RICS) UK housing market survey published today.

Credit agreement test cases will be great for consumers

Tue, 12 May 2009 13:10:38 +0100

A senior County Court judge has recently decided that a consumer credit agreement was unenforceable and expects that many similar cases will be lodged.

Brokers Think House Prices Will Fall 9.2% Further

Tue, 12 May 2009 12:39:12 +0100

The average UK broker believes house prices have 9.2% further to fall, according to Exact’s latest white paper. Exact polled 539 mortgage intermediaries as part of their research into the future performance of UK house prices.

British Public Worried About the Security of Personal Data Held by Banks, Retailers and Government

Tue, 12 May 2009 12:35:53 +0100

British consumers are very concerned about the security of their personal and financial data held by banks, retailers and government organisations, according to an opinion poll of Londoners carried out last week by database security company Guardium.

Hitachi Capital Consumer Finance plugs a Leeke

Tue, 12 May 2009 12:01:56 +0100

Hitachi Capital Consumer Finance, one of the UK's leading finance providers of point of sale (POS) credit facilities, has been appointed to provide POS credit for award-winning independent retailer, Leekes Ltd.

Lloyds TSB employee jumps on her bike for life-saving charity partner

Mon, 11 May 2009 21:37:56 +0100

An employee at Lloyds TSB, Hove, will swap her suit for lycra next month when she sets out to conquer the famous 54-mile bike ride from London to Brighton and raise vital funds for the British Heart Foundation (BHF), the nation’s heart charity.

OECD unemployment rate rises to 7.6% in March 2009

Mon, 11 May 2009 17:42:08 +0100

The unemployment rate for the OECD area was 7.6% in March 2009, 0.3 percentage point higher than the previous month and 2.0 percentage points higher than a year earlier.

Green light for new Cross-Party Group on Credit Unions

Mon, 11 May 2009 16:53:04 +0100

Following the successful launch of the All-Party Parliamentary Group on Credit Unions at Westminster last summer, this new group will ensure credit unions remain high on the agenda at Holyrood as well.

FSA must come clean about what it's testing - Cable

Fri, 08 May 2009 15:30:46 +0100

Liberal Democrat Shadow Chancellor, Vince Cable has written to the Financial Services Authority urging for as much detail as possible on how the capital of banks is being stress tested to be released.

Equality Bill threatens future of silver saver accounts

Fri, 08 May 2009 14:06:59 +0100

The Government’s new Equality Bill, due to have its Second Reading in the Commons on 11 May, could outlaw savings accounts aimed specifically at the over 50s age group.

Banks to spearhead economic recovery

Thu, 07 May 2009 17:44:53 +0100

British banks and financial services will be at the centre of the UK's economic recovery, the British Bankers' Association [BBA] said today.

Bank of England Maintains Bank Rate at 0.5%

Thu, 07 May 2009 12:31:34 +0100

BSA comments on Bank Rate announcement

Thu, 07 May 2009 12:24:38 +0100

Commenting on the decision by the Bank of England to keep the Bank Rate at 0.5%, Adrian Coles, Director-General of the Buildings Societies Association (BSA), said:

Hailifax Price Index for April 2009

Thu, 07 May 2009 12:15:32 +0100

According to the Hailifax Price Index for April 2009, seasonally adjusted UK House prices showed an annual change of -17.7%, a monthly change of -1.7% and an average house price of £154,716.

Banks call for Europe to 'think international - not just local'

Wed, 06 May 2009 17:34:15 +0100

Greater harmonisation of banking regulations across Europe is vital, the British Bankers’ Association (BBA) said today. The BBA said the EU should 'think international and not just local' and also called for the Committee of European Banking Supervisors (CEBS) to be the focus for essential capital and liquidity issues in Europe.

Industry launches new guides to debt collection

Wed, 06 May 2009 11:54:45 +0100

A series of media fact sheets and consumer advice guides explaining the workings of the debt collection industry have been launched by The Credit Services Association (CSA), the representative body of the UK collections industry.

A break in the bad weather for consumer confidence

Wed, 06 May 2009 11:25:41 +0100

The Nationwide Consumer Confidence Index rose by eight points to 50 in April, the largest single monthly rise for nearly two years.

First time buyer mortgages more affordable than in 2007, says Halifax

Wed, 06 May 2009 10:02:22 +0100

Falling house prices and interest rates, coupled with higher earnings, mean it is now more affordable for first time buyers to get a mortgage than it was in 2007.

Credit Action: UK personal debt increase slowing

Wed, 06 May 2009 09:34:01 +0100

Total UK personal debt at the end of March 2009 stood at £1,459bn. This has slowed further to 2.2% in the last 12 months which equates to an increase of ~ £28bn (the increase was ~£116bn in January 2008).

CML Annual Report 2008

Fri, 01 May 2009 15:53:04 +0100

What happened in 2008 was unique in more than 150 years of UK mortgage lending. Before the year had even begun, we were predicting a downturn in business.

PwC analysis: Personal bankruptcies continue to rise

Fri, 01 May 2009 15:03:27 +0100

Figures released today by the Government’s Insolvency Service revealed that levels of personal insolvency in the UK continued to increase for the third consecutive quarter as the recession continues to bite.

Dont be pushed into bankruptcy, warns The Debt Advisor

Fri, 01 May 2009 15:00:56 +0100

Figures published today by the Insolvency Service show the number of personal insolvencies reached 29,774 in the first quarter of 2009 - an increase of 1.6% on the previous quarter and 19.0% on the same period a year ago.

Homeowners now taking out over half of all IVAs

Fri, 01 May 2009 12:17:30 +0100

Commenting in response to Q1 2009 figures announced today by the Insolvency Service, Stuart Bungay, Director of Financial Services, TDX Group said:

CML comment on Bank of England lending data

Fri, 01 May 2009 12:14:50 +0100

Net mortgage lending was mildly positive at £84 million in the first quarter of this year, according to today's Bank of England lending statistics. The Council of Mortgage Lenders' (CML) current forecast is for negative net lending of £25 billion over the year as a whole, but the CML is now cautiously optimistic that it may be possible to revise this forecast over the next couple of months.

Report on dealing with the failure of UK banks

Fri, 01 May 2009 12:11:18 +0100

The Treasury Committee today releases its second report on the Banking Crisis, entitled Banking Crisis: dealing with the failure of the UK banks. The report examines the failure of the UK banks and the steps the Government has taken since.

Building society mortgage approvals rise

Fri, 01 May 2009 12:01:14 +0100

Mortgage approvals by building societies in March were £1,542 million compared to £742 million in February.

BBA says Treasury Committee must move beyond blaming

Fri, 01 May 2009 11:59:20 +0100

Today's Treasury Committee report on the financial crisis does too little to reflect the work banks are undertaking with the Government to restore the economy, says the British Bankers Association.

Lending to Individuals March 2009 - BoE

Fri, 01 May 2009 11:57:19 +0100

New figures from the Bank of England (BoE) show the increase in total net lending to individuals in March (£0.9 billion) was lower than the February increase and below the previous six-month average. The twelve-month growth rate continued to fall, by 0.4 percentage points to 2.2%, and the three-month annualised growth rate fell by 0.3 percentage points to 1.0%.

New resources for teaching financial education in schools

Thu, 30 Apr 2009 18:22:33 +0100

DebtCred, The High Sheriffs’ financial literacy project for England and Wales, today launches its new suite of resources to help support teachers in the delivery of Economic Wellbeing and Financial Capability.

Recommendations for money management lessons to be part of the primary school curriculum

Thu, 30 Apr 2009 15:29:30 +0100

The final report from the Rose Review of the primary curriculum is published today. pfeg welcomes the overall approach taken by Sir Jim Rose in organising the primary curriculum into six areas of learning and including financial capability as an integral part of developing children’s mathematical understanding as well as their personal development.

House prices fall slightly in April

Thu, 30 Apr 2009 13:24:11 +0100

The latest data from the Nationwide shows that the price of a typical house fell by 0.4% in April. They add that whilst housing measures in the budget are welcome, they are unlikely to turn things around with economic fundamentals continuing to dominate housing market prospects.

Frank bids farewell to the consumer finance industry

Wed, 29 Apr 2009 17:03:55 +0100

After more than 45 years in the retail finance Industry, including 15 years as Business Development Manager at Hitachi Capital Consumer Finance, Frank Stringfellow today retired from a long and successful career.

Consumers shy away from unsecured loans

Wed, 29 Apr 2009 13:42:31 +0100

The latest statistics released by the Finance and Leasing Association (FLA) showed that unsecured loan business has been significantly hit by the credit crunch with new business 45% lower in February compared with February 2008. An unsecured loan is a loan where the lender does not use the customer’s house as security.

CML media note on todays issue of News & Views

Tue, 28 Apr 2009 17:34:32 +0100

Most of the post-Budget scrutiny has focused on the state of the public finances. And it was clear that, with government borrowing set to soar, there was simply no room for intervention on a scale that would have significant impact on mortgage and housing markets in the short term.

Pause in year-long fall in retail sales - CBI

Tue, 28 Apr 2009 15:56:14 +0100

UK retail sales remained broadly flat in the year to April, the Confederation of British Industry (CBI) said today (Tuesday).

Proposal to make PSHE a statutory subject welcomed

Tue, 28 Apr 2009 15:53:16 +0100

pfeg (Personal Finance Education Group), welcomes Sir Alasdair Macdonald’s review of the proposal to make PSHE education a statutory subject

Payments industry publishes 2008 spending data

Tue, 28 Apr 2009 15:30:30 +0100

Plastic cards accounted for 66% of all UK retail spending last year, debit cards accounted for two thirds of all retail spending on cards whilst cheque usage on the high street continued to decline and spending fell by 4%.

March figures for the main high street banks

Mon, 27 Apr 2009 13:00:34 +0100

All measures of the banks' mortgage lending in March were marginally weaker than in February.

Co-operatives and credit unions applaud MP support for Private Members Bill

Fri, 24 Apr 2009 16:02:42 +0100

Co-operativesUK and ABCUL have welcomed support from MPs for a Private Members’ Bill which aims to update the primary legislation that governs co operatives and credit unions.

National debt advice charity welcomes further protection for homeowners

Fri, 24 Apr 2009 15:54:31 +0100

Today national debt advice charity the Money Advice Trust welcomes the latest government initiative to support homeowners in difficulty. The new Homeowners Mortgage Support (HMS) scheme will allow eligible homeowners the opportunity to reduce their monthly mortgage payments without the threat of repossession.

The UK Cards Association responds to Whichs latest release

Fri, 24 Apr 2009 12:41:40 +0100

In their latest release dated 22 April, ‘Credit card tricks are no joke’, Which claims that various credit card issuers have changed their terms of use over the last 12 months, and failed to lower interest rates in line with the base rate.

Worst of recession may be past, but no recovery

Fri, 24 Apr 2009 09:47:20 +0100

The UK recession deepened more than expected in the first three months of this year, but this should prove to have been the worst of the quarterly falls in GDP, and the recession is expected to moderate in the second half of 2009, the CBI said today.

Credit card tricks are no joke

Thu, 23 Apr 2009 17:05:24 +0100

Credit card companies are out of touch with reality, says Which? Money, after its latest research1 found that most major credit card providers have put up interest rates and charges in the last twelve months or used tricks to squeeze extra cash out of customers.

A difficult Budget for difficult times

Thu, 23 Apr 2009 17:00:48 +0100

BBA chief executive Angela Knight said: “This is a difficult Budget for difficult times. The increase in ISA limits will encourage people to save for their financial futures.

CML response to the Budget

Wed, 22 Apr 2009 18:06:25 +0100

The Council of Mortgage Lenders responded to the modest measures announced by the Chancellor in today's Budget as helpful, but unlikely to make much of an impact overall on the housing market.

Budget announcement Impact on housing market

Wed, 22 Apr 2009 18:01:27 +0100

Robin King, director, movewithus and whitehot property said: "The Budget is good news for housing, but it should have gone further.

Credit unions welcome Chancellors Growth Fund tonic

Wed, 22 Apr 2009 17:57:59 +0100

ABCUL has welcomed the Chancellor’s announcement in today’s Budget of an additional £18.75 million for the Growth Fund, which credit unions use to make affordable loans to people on low incomes. This will allow an extra 85,000 loans to be made over the next two years.

BSA comments on 2009 Budget

Wed, 22 Apr 2009 17:56:18 +0100

Commenting on the measures announced by the Chancellor in today’s
Budget, Adrian Coles, Director-General of the Building Societies
Association (BSA), said:

March gross lending

Wed, 22 Apr 2009 17:50:09 +0100

Gross mortgage lending was an estimated £11.5 billion in March, a 16% rise from £9.9 billion in February but a 52% decline from £24.2 billion in March 2008, according to new data from the Council of Mortgage Lenders.

Foundation welcomes national roll-out of money guidance service announced in budget

Wed, 22 Apr 2009 17:45:37 +0100

Today the Government has announced that the national roll-out of the Money Guidance Service will begin in 2010, subject to early results from the pathfinders. The regional Money Guidance pathfinders were launched earlier this month in the North East and North West. This announcement would see free and impartial advice being extended across the country.

Real help with lending and advice for local businesses

Wed, 22 Apr 2009 17:40:28 +0100

Business Minister Pat McFadden today urged local companies to take advantage of the Government-backed support on offer to help them through the economic downturn, at a regional business support seminar in Swindon.

Unemployment rate rises to 6.7%

Wed, 22 Apr 2009 17:39:06 +0100

According to figures just released by the Officew of National Statistics (ONS), the number of unemployed people, the unemployment rate and the claimant count have all increased. The employment rate and the number of people in employment have fallen.

SIFMA and ESF Welcome UK Governments 2009 Asset-backed Securities Guarantee Scheme

Wed, 22 Apr 2009 17:37:28 +0100

The Securities Industry and Financial Markets Association (SIFMA), together with its affiliate the European Securitisation Forum (ESF), today welcomed HM Treasury’s announcement of a UK Government’s 2009 Asset-backed Securities Guarantee Scheme (Scheme) for residential mortgage-backed securities (RMBS).

CML responds to Bank Lending Survey: Green Shoots. No Roots!

Tue, 21 Apr 2009 16:42:43 +0100

The CML today welcomed publication of the new Trends in Lending report by the Bank of England, which highlights the need for measures in tomorrow's Budget to enhance lending activity by encouraging all types of firms to commit more funds to the mortgage market.

Housing activity doubles in first quarter of 2009 says AMG

Tue, 21 Apr 2009 14:14:23 +0100

Sales of repossessed properties in the first quarter of 2009 are double that of the corresponding period in 2008 says the UK’s leading asset management firm, The Asset Management Group (AMG).

CML responds to new forbearance scheme

Tue, 21 Apr 2009 13:52:56 +0100

The Council of Mortgage Lenders (CML) welcomes the implementation today of a new government measure designed to reinforce lenders' policies of forbearance for borrowers facing temporary and resolvable mortgage repayment problems, to minimise repossessions. Lenders' actions, supported by debt advice, help develop affordable repayment plans for borrowers committed to getting through short term financial difficulties.

BSA comments on Homeowner Mortgage Support Scheme

Tue, 21 Apr 2009 13:47:01 +0100

Building societies have confirmed that they have signed up to a Customer Commitment for borrowers in financial difficulty. Customers experiencing a reduction in income and willing to make regular monthly repayments will receive a similar, if not greater, level of forbearance to that provided under the Homeowner Mortgage Support Scheme (HMSS) and be encouraged to seek independent advice.

Trends in Lending - April 2009

Tue, 21 Apr 2009 13:39:54 +0100

The Bank of England today publishes its first Trends in Lending report, a new monthly publication that presents the Bank’s assessment of lending to the UK economy. This first report provides a longer-term perspective and is therefore more comprehensive than will be the case for future editions, which will focus more on the data reported month-by-month.

Inflation - CPI down to 2.9%, RPI down to -0.4%

Tue, 21 Apr 2009 13:21:36 +0100

CPI annual inflation – the Government's target measure – was 2.9 per cent in March, down from 3.2 per cent in February.

London retail outperforms rest of UK

Mon, 20 Apr 2009 18:05:45 +0100

According to the March 2009 BRC-KPMG London Retail Sales Monitor retail sales in central London in March were 5.1% higher than a year ago, on a like-for-like basis, stronger than the 1.2% decrease in the UK as whole.

Worst of the recession may be past, but no recovery until spring 2010 - CBI

Mon, 20 Apr 2009 17:55:53 +0100

FSA in firing line over mutual regulation

Fri, 17 Apr 2009 12:49:17 +0100

The Financial Services Authority has been accused by a former employee of being complacent and apathetic in its role as supervisor of building societies.

Atitudes to credit cards shift as recession bites

Fri, 17 Apr 2009 12:10:34 +0100

As the economy continues to slide, UK consumers are trying to move away from credit cards in favour of debit, according to research released today by Callcredit Marketing Solutions.

CML research on housing equity through the downturn

Thu, 16 Apr 2009 16:07:11 +0100

At the depth of the last housing market recession in 1993, 1.5 million households or more were estimated to have negative equity. Most sat tight, saved, continued to pay their mortgages and eventually recovered their equity position. And, according to the Council of Mortgage Lenders, this is what most of today's borrowers with reduced or negative equity are also doing.

Top five enhancements to secure Windows IT

Thu, 16 Apr 2009 15:53:32 +0100

Comsec Consulting, a European market leader providing information security consulting services, and XTSeminars, a world class IT training consultancy, today reveal the five key areas of security within the Microsoft Windows environment regularly overlooked by the IT profession.

Co-operativesUK welcomes legislation reform proposals

Thu, 16 Apr 2009 13:56:52 +0100

Co-operativesUK has welcomed Government proposals for a Legislative Reform Order to update the legislation which governs Industrial & Provident Societies and credit unions in Britain.

BRC-KPMG retail sales monitor for March 2009

Thu, 16 Apr 2009 11:48:24 +0100

The British Retail Consortium (BRC)/KPMG UK retail sales values fell 1.2% on a like-for-like basis, and rose only 0.6% on a total basis, from March 2008, when sales were very weak, hit by extremely unseasonal weather.

Ofqual approves amendments to ifs Level 4 DipFA

Wed, 15 Apr 2009 18:38:45 +0100

Ofqual has confirmed that it has formally approved the amendments the ifs School of Finance made to its Level 4 Diploma for Financial Advisers (DipFA), designed in response to the FSA's Retail Distribution Review (RDR).

Building society mass credit rating downgrades 'massive overreaction'

Wed, 15 Apr 2009 18:31:23 +0100

Following Moody’s announcement that it is downgrading several building societies’ credit ratings, Alan Cleary, managing director of Exact mortgage experts, said:

Young people believe NatWest is 'best of a bad bunch'

Wed, 15 Apr 2009 18:19:34 +0100

A new report has revealed that whilst the UK's young people are ready to save, banks are failing to do enough to draw them in.

Three cheers for legislation reform proposals

Tue, 14 Apr 2009 18:17:57 +0100

The Association of British Credit Unions (ABCUL) has welcomed the publication of a Government response to last year’s proposals to introduce a Legislative Reform Order to update the legal framework which governs credit unions in Britain. The response to the consultation can be found at: http://www.hm-treasury.gov.uk/consult_credit_union.htm.

Brits opt for DIY at home this Easter

Tue, 14 Apr 2009 17:13:56 +0100

Data released today, 14 April, by Barclaycard Payment Acceptance, confirms that people opted to stay at home this Easter. The data shows an increase in purchases in department and DIY stores and garden centres and a reduction in airline and hotel spending, compared to last year.

Real help for North West and North East through £12m Moneymadeclear service pathfinder

Tue, 14 Apr 2009 16:24:02 +0100

HM Treasury and the Financial Services Authority (FSA) today launched Moneymadeclear, a service offering practical and impartial help and information on money matters for people in the North East and North West of England.

New figures show further decline in motor dealer finance

Tue, 14 Apr 2009 16:12:49 +0100

The latest statistics released by the Finance and Leasing Association show the impact of the recession on motor finance providers in the UK:

House purchase lending edges up, remortgaging declines, but spring has not sprung yet

Tue, 14 Apr 2009 13:08:48 +0100

The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders. There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.

Co-operative and Community Benefit Societies and Credit Unions Bill Published

Thu, 09 Apr 2009 17:37:43 +0100

A new Bill designed to allow legislation governing credit unions and Industrial and Provident societies to be more easily brought up to date has been published. The Co-operatives, Community Benefit Societies and Credit Unions Bill 2009 was introduced by Labour/Co-op MP Malcolm Wicks as a Private Members Bill and will be debated by MPs at its second reading on the 24th April.

Bank of England Maintains Bank Rate at 0.5%

Thu, 09 Apr 2009 16:15:08 +0100

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with the programme, announced on 5 March, of asset purchases totalling £75 billion financed by the issuance of central bank reserves.

BSA comments on Bank Rate announcement

Thu, 09 Apr 2009 12:15:37 +0100

Commenting on the decision by the Bank of England to keep the Bank Rate at 0.5%, Adrian Coles, Director-General of the BSA, said:

Report on Jobs - Permanent placements fell at the slowest rate for six months in March

Wed, 08 Apr 2009 16:25:37 +0100

BBA Budget submission: stop a billion unnecessary tax invoices heading our way

Wed, 08 Apr 2009 15:50:55 +0100

EU proposals under discussion could result in bank customers receiving over a billion useless VAT invoices alongside their statements unless the Chancellor uses his coming Budget to commit to reversing red tape, the British Bankers' Association said today.

Slight fall to consumer confidence

Wed, 08 Apr 2009 11:28:43 +0100

The Nationwide Consumer Confidence Index fell to 41 in March, down from 43 in February. However, confidence has stayed broadly stable since the start of the year. The Expectations and Present Situation indices also fell, to 56 and 19 respectively, in March. The Spending Index remained static at 94.

Mobile banking

Tue, 07 Apr 2009 17:13:49 +0100

The next generation of handsets and customers’ growing access to mobile internet are driving a new wave of sophisticated mobile banking offers.

CML media note on todays issue of News & Views

Tue, 07 Apr 2009 17:05:22 +0100

With everyone expecting mortgage payment problems to increase as the recession worsens, we take a fresh look at what’s known about current levels of debt. How well placed are households to keep up with their commitments, and what are the triggers that push them over the edge?

OFT review 'risks confusion for consumers'

Tue, 07 Apr 2009 16:31:32 +0100

The Finance & Leasing Association (FLA) has responded to today’s announcement by the OFT of a further review of the consumer credit sector by voicing concern about the number of parallel reviews currently underway.

BBA statement on OFT strategy proposals

Tue, 07 Apr 2009 16:26:07 +0100

Competition and fairness are essential to a functioning credit industry at all times, so it is quite proper they should receive attention in an economic downturn. Our members are committed to promoting competition and fairness in financial services.

OFT consults on financial services strategy

Tue, 07 Apr 2009 16:23:58 +0100

The OFT has launched a consultation on its proposed financial services strategy which sets out its approach to the sector in response to the current economic crisis.

RCI Financial Services awards transactional mailing to CFH

Mon, 06 Apr 2009 18:50:06 +0100

RCI Financial Services Limited has awarded a new transactional mailing contract to CFH Total Document Management. As part of Groupe Renault , RCI Financial Services provides vehicle financing in the UK for both Renault and Nissan.

Retail sales bounce back in March, says BDO

Fri, 03 Apr 2009 16:16:38 +0100

Retail sales entered positive territory for only the third time in the last 12 months, with like-for-like sales up by 1.3 per cent in March, according to the latest edition of the BDO Stoy Hayward High Street Sales Tracker.

OFT to focus investigation into unarranged overdraft charges on three banks

Fri, 03 Apr 2009 15:33:16 +0100

The OFT has announced that it is to streamline its investigation into unarranged overdraft charges by focusing on the terms of three banks in particular. The aim is to progress the case in the shortest and most efficient way possible.

Freezing the minimum wage 'will help save jobs'

Thu, 02 Apr 2009 17:09:49 +0100

The National Minimum Wage celebrated its ten year anniversary yesterday. Commenting David Frost, Director General of the British Chambers of Commerce (BCC), said:

New advice for building society borrowers facing difficulties

Thu, 02 Apr 2009 16:54:24 +0100

In today’s climate, lack of job security is increasingly on people’s minds. Losing your job can lead to problems meeting mortgage repayments so, with this in mind, the Building Societies Association (BSA) and the Money Advice Trust (MAT) have produced a new booklet giving straightforward advice on what to do if you can’t payyour mortgage.

RICS comment on Nationwide house price data

Thu, 02 Apr 2009 15:52:22 +0100

Commenting on the Nationwide house price data, Simon Rubinsohn, the Royal Institution of Chartered Surveyors' (RICS) chief economist said: "Further signs that the housing market may be stabilising after a torrid twelve months emerged with the release today of the March Nationwide house price index.

Surprise bounce to March house prices

Thu, 02 Apr 2009 15:45:27 +0100

House prices increased by 0.9% in March and house purchase activity reached its highest level since May 2008 but despite the welcome signals of market improvement it is too early to talk of house price recovery.

CML response to February mortgage approvals data

Wed, 01 Apr 2009 16:14:02 +0100

Responding to the Bank of England's February mortgage approvals figures, CML economist Paul Samter said:

Greens Deputy Adrian Ramsey Calls for Support for Credit Unions

Wed, 01 Apr 2009 15:11:55 +0100

Green Party Deputy Leader Adrian Ramsay called on the Government to promote credit unions and ethical banking in his speech to the party’s Spring Conference in Blackpool earlier this month.

Total UK personal debt

Tue, 31 Mar 2009 17:21:56 +0100

Total UK personal debt at the end of February 2009 stood at £1,458bn. This has slowed further to 2.6% in the last 12 months which equates to an increase of ~ £34bn (the increase was ~£116bn in January 2008).

Britons demonstrate unusual financial priorities

Tue, 31 Mar 2009 14:37:00 +0100

Britons say they can’t live without Sky Sports, mobile phones and pampering their pets despite struggling to pay off their debts.

TenderWarehouse launches its new website

Tue, 31 Mar 2009 14:33:10 +0100

Launched by a group of young entrepreneurs, the concept is simple, yet effective. TenderWarehouse's primary aim is to match customers with contractors. However, the service should not be dismissed as 'yet another' online database system where the customer has minimal control over the outcome, because it is unlike all the others. TenderWarehouse's customers are in control from start to finish.

Playground Tactics From Finance Expert

Tue, 31 Mar 2009 14:32:03 +0100

An entrepreneur from Manchester is heading back to school – only this time he is there to educate rather than to learn.

Net Lawman Reports Rise in Online Legal Advice

Tue, 31 Mar 2009 14:29:06 +0100

Lawyers at online legal advice and document provider, Net Lawman, have reported a rise in enquiries for legal advice following the launch of an official crackdown on bogus debt management companies last month.

CML response to February mortgage approvals data

Mon, 30 Mar 2009 12:35:44 +0100

Responding to the Bank of England's February mortgage approvals figures, Council of Mortgage Lenders (CML) economist Paul Samter said:

Lending to Individuals February 2009

Mon, 30 Mar 2009 11:22:35 +0100

The increase in total net lending to individuals in February (£1.3 billion) was higher than the January increase, but below the previous six-month average. The twelve-month growth rate continued to fall, by 0.5 percentage points to 2.6%, and the three-month annualised growth rate was unchanged at 1.3%.

Acquisition of Dunfermline by Nationwide Building Society

Mon, 30 Mar 2009 10:13:40 +0100

Following the announcement by the Bank of England (30 March 2009), in relation to Dunfermline, Nationwide can confirm that it has taken ownership of Dunfermline’s:

Record Month for building society savings

Mon, 30 Mar 2009 09:58:42 +0100

Net receipts into building societies were £1,595 million in February 2009, representing the highest February net receipt on record and an increase of 18% over February 2008.

Financial services cut jobs as incomes and business levels fall sharply CBI / PWC

Mon, 30 Mar 2009 09:42:49 +0100

The UK financial services sector has been hit by record drops in income levels while business volumes have continued to fall sharply, a new survey said today (Monday).

News Release Dunfermline Building Society

Mon, 30 Mar 2009 09:21:36 +0100

The Bank of England has announced today that core parts of Dunfermline Building Society have been transferred to Nationwide Building Society.

OFT bans East Yorkshire estate agent

Fri, 27 Mar 2009 11:21:47 +0100

The OFT has issued a prohibition order against an East Yorkshire estate agent banning him from engaging in estate agency work.

OFT sets out responsive approach for uncertain times

Thu, 26 Mar 2009 19:34:04 +0100

The OFT has today published its Annual Plan, setting out its priorities for the year ahead.

CCCS voluntary arrangements (CCCSVA) releases 2008 figures

Thu, 26 Mar 2009 19:03:01 +0100

CCCSVA today challenged other providers to match its transparent detail, as it publishes its statistics for 2008. A wholly owned subsidiary of Britain’s leading debt charity, the Foundation for Credit Counselling, CCCSVA began offering IVAs in the second quarter of 2007.

Second charge mortgages hit by downturn

Thu, 26 Mar 2009 18:42:17 +0100

The latest statistics released by the Finance and Leasing Association (FLA) showed that second mortgage business has been significantly hit by the credit crunch with new business 84% lower in January compared with January 2008.

CML media note on todays issue of News & Views

Wed, 25 Mar 2009 15:41:48 +0100

The Treasury – and other authorities – have implemented a raft of measures in recent months to try to reinforce financial stability, and some of the effects of this intervention have yet to feed through.

Money Works Hard for Kensington Financial Management Consultants

Wed, 25 Mar 2009 15:28:45 +0100

It seems it is all doom and gloom as we continue to read of job cuts. And on a national scale, unemployment has surged to an 11 year high, with the number of people out of work growing from 140,000 to 2million.

February figures for the main high street banks

Tue, 24 Mar 2009 13:44:09 +0100

The banks' mortgage lending trend was stronger in February, with a net rise of £3.9 bn, while finance for non-financial companies rose by £1.1bn.

ICO takes action against Camden PCT for data blunder

Mon, 23 Mar 2009 18:46:44 +0100

The Information Commissioner’s Office (ICO) has taken enforcement action against Camden Primary Care Trust (PCT) following a breach of the Data Protection Act.

Customers choose cash in recession

Mon, 23 Mar 2009 18:32:18 +0100

Reports of the demise of cash are greatly exaggerated. Despite the impression created by some banks, it is the most popular means of payment and the most cost effective for retailers.

Credit screening key for marketers as family finances come under more pressure

Mon, 23 Mar 2009 18:05:44 +0100

Equifax survey reveals that 84% don’t expect to get a pay rise in 2009 – adding to the challenges facing marketers.

Money advice sector invited to Downing St for a personal thank you from PM

Mon, 23 Mar 2009 17:48:26 +0100

Advice workers from National Debtline, Business Debtline (which is run by Money Advice Trust), Citizens Advice Bureaux, Consumer Credit Counselling Service along with members of AdviceUK were formally thanked last week, for their hard work helping people through the downturn, at a small reception with the Prime Minister at No.10 Downing Street.

Millions of Brits fear repossession

Fri, 20 Mar 2009 16:47:07 +0100

Almost six million Britons fear their homes will be repossessed, according to new research from Which?.

Changes to OFT consumer credit licence fees

Fri, 20 Mar 2009 09:39:21 +0100

Fees for consumer credit licences will rise from 1 May 2009, the Office of Fair Trading (OFT) has announced. The fee increase follows changes to the OFT's powers from April 2008, which allow it greater ability to focus on businesses engaged in credit activities that pose a high risk to consumers.

The FLA responds to the National Fraud Strategy announcement

Thu, 19 Mar 2009 16:30:01 +0100

Welcoming today’s announcement by the Attorney General about the establishment of a National Fraud Strategy, Stephen Sklaroff, Director General of the Finance & Leasing Association said:

Welcom Software provides Financier Storecard Account Management system to Arnotts

Thu, 19 Mar 2009 11:57:42 +0100

Welcom Software, supplier of class leading consumer and commercial lending software has been appointed by Arnotts to provide the Financier Storecard Account Management system to manage its customer accounts.

February gross lending

Thu, 19 Mar 2009 11:50:08 +0100

Gross mortgage lending declined to an estimated £9.9 billion in February, down 15% from £11.7 billion in January and 60% from February 2008, according to new data from the Council of Mortgage Lenders (CML). This is the lowest monthly lending figure since February 2001.

BSA comments on Turner Review

Wed, 18 Mar 2009 16:57:17 +0100

Commenting on the publication today of the Turner Review and discussion paper, Brian Morris, Head of Savings Policy, at the Building Societies
Association (BSA), said:

The FSA publishes "The Turner Review": a wide-ranging review of global banking regulation

Wed, 18 Mar 2009 16:28:49 +0100

The Financial Services Authority (FSA) has today published the Turner Review of global banking regulation. Lord Turner, chairman of the FSA, was asked by the Chancellor of the Exchequer to review the events that led to the financial crisis and to recommend reforms.

FSA publishes consultation paper on remuneration

Wed, 18 Mar 2009 16:19:31 +0100

The Financial Services Authority (FSA) has today published a consultation paper (CP) which formally consults on whether to incorporate its Code of practice on remuneration into the Handbook and its application to large banks and broker dealers.

Mums feel a billion dollars this Mothers Day

Tue, 17 Mar 2009 15:40:00 +0100

This Mother’s Day, tell your mum how great she looks – but don’t remind her how much it has cost her! Figures reveal Britons borrow an estimated £1.4 billion per year in loans to finance plastic surgery, and this is set to increase in 2009 as nearly one million consumers will take out loans for a nip and tuck, with the majority of these being British Mums.

BSA response to FSA mortgage figures

Tue, 17 Mar 2009 15:32:23 +0100

Hard pressed borrowers struggling to meet their mortgage repayments need to contact their building society as soon as possible – that is the advice from the Building Societies Association as the FSA publishes data on mortgage arrears.

Credit crunch wipes out an average of £40,000 of wealth per adult in the UK

Tue, 17 Mar 2009 15:19:32 +0100

The deepening credit crisis has erased around £1.9 trillion of UK household wealth since July 2007, according to analysis by PricewaterhouseCoopers LLP. In total, wealth from housing and equities is estimated to have fallen by around 28%, amounting to a total loss of wealth of around 130% of GDP.

FLA responds to proposed ban on credit cheques and limit increases

Tue, 17 Mar 2009 15:15:07 +0100

Responding to reports from the BBC and Sky News that the Government intends to ban automatic credit card limit increases and the issue of credit card cheques, Stephen Sklaroff, Director General at the Finance & Leasing Association (FLA) said:

Prime Minister unveils real help for consumers

Tue, 17 Mar 2009 15:08:26 +0100

The Prime Minister today announced a package of real help and protection for consumers struggling to make ends meet because of the global downturn.

Templeton LPA Receivers appoint new director

Mon, 16 Mar 2009 13:53:22 +0100

Ray Hugill has been appointed as a Director with Templeton LPA Receivers and will be opening a new office of the Company in Leeds in May. The service provided by the Leeds office will compliment the Company’s existing operations based in Cardiff.

CML Scotland announces new chairman

Fri, 13 Mar 2009 18:31:13 +0100

Douglas Cochrane, national new build manager for the Halifax brands, has been appointed Chairman of CML Scotland for 2009/10. His appointment succeeds Crawford McCaughie, senior manager lending at Dunfermline Building Society.

Dealer finance under pressure in January

Fri, 13 Mar 2009 11:15:00 +0100

The latest statistics released by the Finance and Leasing Association (FLA) show the impact of the recession on motor finance providers in the UK:

UK Shoporexia epidemic - Brits need help to beat shopping addiction!

Thu, 12 Mar 2009 15:10:57 +0100

25% of Brits are addicted to shopping, according to a national survey. Government campaigns help alcoholics, smokers and gamblers but shopping addiction is still viewed as a frivolous pastime, rather than a debilitating compulsion.

Lending declines further in January

Thu, 12 Mar 2009 12:25:44 +0100

Mortgage lending activity continued to reduce in January with only 23,400 loans for house purchase completed, down from 32,400 in December and 48,600 in January 2008, according to new data from the Council of Mortgage Lenders.

Actimize urges proactive compliance with new FSA provision for recording e-mails and telephone calls

Wed, 11 Mar 2009 18:06:49 +0100

Actimize, a leader provider of transactional risk management for the financial services industry and a NICE Systems company, today addresses City concerns about meeting the demands of new anti-market crime telephone recording rules.

CML media note on todays issue of News & Views

Tue, 10 Mar 2009 17:05:53 +0100

Only last week, the Mayor of London Boris Johnson announced the latest low-cost home-ownership initiative for the capital. The government, housing associations and developers are all keen to promote low-cost home-ownership – and there has been a proliferation in the range of schemes available.

RICS UK housing market survey, February 2009

Tue, 10 Mar 2009 16:29:49 +0100

Buyer enthusiasm continued to grow in February with interest in London at a high not seen for more than two years, says The Royal Institution of Chartered Surveyors' (RICS) UK housing market survey published today (10 March 2009).

OFT publishes report on Northern Rock

Tue, 10 Mar 2009 16:10:05 +0100

The OFT has today published its report on the impacts of public support for Northern Rock on competition in financial services.

Retail sales slide in February

Tue, 10 Mar 2009 15:56:03 +0100

According to the British Retail Consortium (BRC)-KPMG retail sales monitor February 2009, UK retail sales values fell 1.8% on a like-for-like basis, and rose only 0.1% on a total basis, from February 2008. On both measures, sales fell back after January's clearance-driven improvement.

Cattles suspends three more executives

Tue, 10 Mar 2009 13:51:39 +0100

Cattles on Tuesday plunged as much as 30 per cent after the specialist lender said it had suspended another three executives as part of a widening investigation into bad debt provisions.

VAT increase planned for 'worst possible time'

Mon, 09 Mar 2009 17:48:58 +0100

The Chancellor should use his Budget to announce he will delay the VAT increase by a least a month from its current due date of 31 December, said the British Retail Consortium (BRC).

BSA welcomes parliamentary debate on Building Societies and FSCS levies

Mon, 09 Mar 2009 17:16:54 +0100

Building societies are having to pay too much of the cost of compensation for Bradford and Bingley and other failed banks. A Parliamentary debate tomorrow will highlight this.

Rising repossession orders could force more homeowners into Sale & rent back

Fri, 06 Mar 2009 16:58:52 +0100

Following a report by the Office of Fair Trading on the sale and rent back sector, the Financial Services Authority has announced that it will be implementing regulation on sale and rent back firms from July.

BoE Reduces Bank Rate and Announces £75 Billion Asset Purchase Programme

Thu, 05 Mar 2009 18:10:50 +0100

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%, and to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.

CBI reaction to MPC decision

Thu, 05 Mar 2009 12:32:50 +0100

Commenting on the decision by the Bank of England’s Monetary Policy Committee (MPC) to reduce interest rates by 0.5% to 0.5% today (Thursday), Ian McCafferty, Confederation of British Industry (CBI) Chief Economist, said:

Savers and borrowers will suffer from rate cut

Thu, 05 Mar 2009 12:19:40 +0100

The Building Societies Association (BSA) has criticised the decision by the Bank of England to cut the Bank Rate – today’s decision will harm savers and will further restrict funds available to borrowers.

CML responds to today's cut in Bank Rate

Thu, 05 Mar 2009 12:14:05 +0100

Responding to the decision to reduce the Bank rate by 50 basis points to 0.5%, CML director general, Michael Coogan said:

CML Media Note in advance of tomorrows MPC decision on interest rates

Wed, 04 Mar 2009 17:06:39 +0100

While some mortgage holders may hope for an interest rate cut tomorrow, it would not be welcomed by savers, lenders or would-be borrowers. Retail savings are now a vital source of funding for new mortgage lending.

Small spring in step for consumer confidence

Wed, 04 Mar 2009 15:31:54 +0100

The Nationwide Consumer Confidence Index recorded its first rise since October 2008 in February. Despite the weakening economic conditions, the index increased from 41 in January to 43 in February.

Barclays customers go contactless

Tue, 03 Mar 2009 12:02:18 +0100

Barclays customers will find paying by debit card gets a little easier from this week as they start to receive VISA debit cards with new built-in contactless technology.

Latest UK debt statistics from Credit Action

Mon, 02 Mar 2009 16:38:12 +0100

Total UK personal debt at the end of January 2009 stood at £1,457bn. This has slowed further to 3.1% in the last 12 months which equates to an increase of ~ £42bn (the increase was ~£116bn in January 2008).

Lending to Individuals January 2009 - BoE

Mon, 02 Mar 2009 13:27:39 +0100

The increase in total net lending to individuals in January (£1.1 billion) was lower than the December increase and the previous six-month average. The twelve-month growth rate continued to fall, by 0.5 percentage points to 3.1%, and the three-month annualised growth rate slowed by 0.1 percentage points to 1.3%.

Ratio Money blasts FSA following Appeal Court bank charge ruling

Mon, 02 Mar 2009 13:09:05 +0100

Ratio Money, the leading financial claims management company, has blasted the Financial Service Authority (FSA) following the decision by the Appeal Court that the Office of Fair Trading can investigate the fairness of bank charges.

Further interest rate cut would be bad news says BSA

Mon, 02 Mar 2009 13:02:20 +0100

A Bank of England decision to cut interest rates again this week would be bad news for almost everyone connected to the savings and mortgage markets, according to the Building Societies Association (BSA).

Ministers must lose their fear of bank nationalisation - Cable

Fri, 27 Feb 2009 16:09:46 +0100

Commenting on the Government's plans to underwrite RBS' debts and the banking group's announcement of £24bn losses, Liberal Democrat Shadow Chancellor, Vince Cable said: "This proposal is a disgrace and a total betrayal of the British taxpayer. Ministers have completely lost the plot.

Statement on Bank Charges Test Case - BBA

Fri, 27 Feb 2009 16:02:31 +0100

The BBA said: "The court has not said fees are unfair just that they can be looked at to see if they are fair or not. The banks continue to believe that the Regulations do not apply to these type of charges.

Improving affordability helps new and existing buyers - Nationwide

Fri, 27 Feb 2009 13:30:27 +0100

House prices fell by 1.8% in February, with more cuts in base rate expected. Falling rates reduce existing variable rate borrowers’ typical payments by a third, and new buyers are seeing significant improvement in affordability.

OFT welcomes Court of Appeal judgment

Thu, 26 Feb 2009 16:38:57 +0100

The OFT welcomes the Court of Appeal's very clear confirmation today that the unarranged overdraft charging terms for personal current accounts can be assessed for fairness.

FSA code of practice on remuneration policies PwC comment

Thu, 26 Feb 2009 16:24:23 +0100

PricewaterhouseCoopers (PwC) welcomes the code of practice and wholeheartedly supports the emphasis on governance The new focus on using risk-adjusted long-term incentive measures is also fully supported. The impact will clearly be greatest within financial services but the code has far wider implications.

Banks should throw in the towel, says Which?

Thu, 26 Feb 2009 15:33:45 +0100

As the judges in the bank charges test case appeal rule in favour of the OFT, Which? chief executive Peter Vicary-Smith, says:

FSA publishes code of practice on remuneration policies

Thu, 26 Feb 2009 11:35:23 +0100

The Financial Services Authority (FSA) has today published a draft code of practice on remuneration policies relevant to all FSA regulated firms.

FSA wants all firms to stop selling single premium PPI

Wed, 25 Feb 2009 16:55:58 +0100

The Financial Services Authority (FSA) has written to all firms still selling single premium Payment Protection Insurance with unsecured personal loans (SP PPI UPL) asking them to withdraw the product as soon as possible, and by no later than 29 May.

Scotland not immune from market downturn: CML

Wed, 25 Feb 2009 12:25:08 +0100

New data from the Council of Mortgage Lenders shows Scottish house purchase lending declined 40% in 2008, compared to 50% across the UK. And Scotland accounted for an increased share (12%) of the total number of UK house purchase loans in 2008 (10% in 2007).

50% increase in mortgage customers making overpayments

Wed, 25 Feb 2009 08:56:44 +0100

New figures released by The Co-operative Bank Mortgages show that the number of mortgage customers making overpayments has increased by 50% in the last year alone.

CML media note on todays issue of News & Views

Tue, 24 Feb 2009 16:40:40 +0100

We accept that there will have to be a full debate about future regulation of the mortgage market – but the time is not yet right. While mortgage markets remain dysfunctional, we urge the Financial Services Authority not to launch any major new initiatives but to concentrate instead on promoting financial stability.

Fall in high street sales slows but job cuts rise

Tue, 24 Feb 2009 11:48:23 +0100

Retail sales fell heavily in the year to February but were not as weak as in the last survey, while jobs in the sector were lost at a record rate, the CBI said today (Tuesday).

January figures for the main high street banks

Tue, 24 Feb 2009 10:33:02 +0100

In January, net mortgage lending rose by £2.9 billion, consumer credit rose in line with the recent average and overall company finance increased by £14.1 billion, reversing the previous month's fall. Personal deposits fell by £2.3 billion as spending drained cash and savers sought alternative deposit products.

New Banking Act comes into effect

Tue, 24 Feb 2009 10:21:02 +0100

The Banking Act 2009 came into effect on 21 February. The Act strengthens the UK’s statutory framework for financial stability and depositor protection.

Northern Rock to increase mortgage lending by £14bn

Mon, 23 Feb 2009 23:53:38 +0100

Northern Rock will increase mortgage lending by up to £14 billion over the next two years in plans announced today. A new business strategy has been agreed that will see around £5 billion of new mortgage lending for 2009 and between £3 and £9 billion from 2010 onwards, subject to market demand.

Retail store credit bucks the trend, says FLA

Mon, 23 Feb 2009 16:04:22 +0100

The latest statistics released by the Finance and Leasing Association (FLA) showed that retail store credit grew by 3% in 2008. In particular, store instalment credit grew by 7% last year.

CML comments on Northern Rock and on 100% mortgages

Mon, 23 Feb 2009 12:52:16 +0100

The Council of Mortgage Lenders observes that the resumption of new mortgage lending by Northern Rock will be another factor that may help to ease the continuing lack of supply of mortgage lending to the market.

Retail Sales - Underlying growth remains steady

Fri, 20 Feb 2009 16:02:34 +0100

Retail sales volume in the three months November to January rose by 1.5 per cent compared with the previous three months.

Comment on the ONS Retail Sales figures for January 2009

Fri, 20 Feb 2009 15:54:01 +0100

Richard Lowe, Corporate Director, Retail and Wholesale, Barclays Commercial Bank said: "Today’s figures from the Office of National Statistics (ONS) reveal that retail sales volumes were more resilient than widely forecast, continuing the better than expected performance recorded in December.

Arrears and possessions in 2008 - CML

Fri, 20 Feb 2009 14:07:25 +0100

New statistics were published today by the Council of Mortgage Lenders (CML) on mortgage arrears and possessions. Unsurprisingly, full year figures for 2008 show a sharp rise on 2007, but many steps are being taken to help borrowers facing difficulty.

Dont give up your home, urges The Debt Advisor

Fri, 20 Feb 2009 13:57:38 +0100

Figures published today by the Council of Mortgage Lenders (CML) show that the number of repossessions in 2008 reached 40,000, or one in 290 mortgages - slightly less than CML had originally expected. 10,400 of these repossessions were in the fourth quarter of 2008, up from 6,900 in the same quarter in 2007.

Comment on Arrears and Repossession Figures

Fri, 20 Feb 2009 13:53:59 +0100

Martin Swann Client Services Manager for Special Resolution Services commented on the figures for Arrears and Possessions in 2008 announced by the Council of Mortgage Lenders this morning.

Media Alert for APACS quarterly statistical release Q4 2008

Fri, 20 Feb 2009 13:41:18 +0100

This is the latest statistical release covering the last quarter of 2008 from APACS, the UK Payments Association. As well providing a full picture of payments activity over the last three months of 2008 it also includes total figures for the year. This is the first time that 2008 data has been released.

Gross lending declined in January

Thu, 19 Feb 2009 13:47:17 +0100

Gross mortgage lending declined to an estimated £12.4 billion in January, an 8% fall from £13.5 billion in December and a 52% fall from January 2008, according to the Council of Mortgage Lenders.

Co-operativesUK joins European partners in young entrepreneur exchange programme

Wed, 18 Feb 2009 20:57:36 +0100

Co-operativesUK has today (19 February) teamed up with co-operatives and other business organisations across Europe to launch an exciting pilot project which will enable 800 new entrepreneurs to spend up to six months in another EU country to learn about culture and business there.

MPC must show greater determination in easing monetary policy

Wed, 18 Feb 2009 16:47:50 +0100

Commenting on the MPC minutes published today by the Bank of England, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

SRC Scottish Retail Sales Monitor January 2009 - corner not yet turned

Wed, 18 Feb 2009 16:45:11 +0100

Like-for-like sales in January were 2.0% higher than in January 2008, when they had risen 3.5%. Total sales in January were 4.9% up on a year ago.

Long-overdue RBS move on bonuses welcome - Cable

Wed, 18 Feb 2009 11:19:50 +0100

Commenting on Alistair Darling's announcement that RBS is to cut bonuses to the ‘legal minimum', Liberal Democrat Shadow Chancellor, Vince Cable said: "After weeks of political and public pressure, it is welcome if long-overdue news that RBS has at last come out with what seems to be an acceptable pay agreement.

Simple steps for mortgage troubles: CML, Citizens Advice and Shelter

Wed, 18 Feb 2009 11:14:59 +0100

Over half a million people will fall behind with their mortgage payments this year and the worst thing they could do is ignore their problems and hope for the best.

CBI comments on drop in inflation

Tue, 17 Feb 2009 17:54:55 +0100

Commenting on the inflation figures announced today (Tuesday), Lai Wah Co, CBI Head of Economic Analysis, said: “January’s slight fall in consumer price inflation is in line with our forecast and we see CPI inflation easing downwards over the coming months.

Forceful policy measures vital in spite of smaller than expected inflation fall

Tue, 17 Feb 2009 17:52:13 +0100

Commenting on the UK inflation figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: “The smaller than expected fall in inflation postpones but does not remove the risk of deflation later in the year.

Lower prices fuelling the interest of owner occupiers

Tue, 17 Feb 2009 17:38:09 +0100

Owner occupiers are returning to the housing market looking for bargains says RICS research released today. Many potential purchasers believe that the market has reached a bottom but first time buyers are still being denied access to the property ladder.

Falling prices driving jump in buyer enquiries

Tue, 17 Feb 2009 17:35:30 +0100

The closely watched RICS ‘new buyer enquiries’ series has now posted three successive monthly increases, the first time this has happened since the back end of 2006.

CPI annual inflation slowed to 3.0 per cent in January

Tue, 17 Feb 2009 17:30:07 +0100

Consumer Prices Index (CPI) annual inflation slowed to 3.0 per cent in January, down from 3.1 per cent in December. Retail Prices Index (RPI) inflation slowed to 0.1 per cent in January, down from 0.9 per cent in December.

KPMG London Retail Sales Monitor January 2009 - Best London sales in 5 months

Tue, 17 Feb 2009 17:22:44 +0100

Retail sales in central London in January were 6.5% higher than a year ago, on a like-for-like basis, stronger than the 1.1% increase in the UK as whole.

NAEA comment on Rightmove price index figures

Mon, 16 Feb 2009 11:57:00 +0100

Following the publication of Rightmove's housing price index, which showed a 1.2 per cent increase in asking prices, NAEA chief executive Peter Bolton King said:

Building Societies on top for service, value and trust

Mon, 16 Feb 2009 11:46:17 +0100

Independent research from GfK NOP, published today by the Building Societies Association, shows savers and borrowers with building societies are more satisfied than customers of other financial service providers.

Citizens Advice expands service with £10m funding boost

Mon, 16 Feb 2009 11:16:22 +0100

The Citizens Advice service is using a £10m funding boost from the Government to extend its opening hours and ensure even more people can benefit from receiving free, independent and impartial advice.

PwC preserves 1,900 jobs through sale of Adams Childrenswear

Mon, 16 Feb 2009 09:33:08 +0100

Administrators from PricewaterhouseCoopers LLP are pleased to announce the sale of the business and assets of Adams Childrenswear Limited to JS Childrenswear Limited a newly formed company backed by John Shannon. The sale preserves 1,900 jobs throughout the UK and Ireland in over 120 retail outlets and means the Adams brand will continue on the high street.

How living together 'Creates financial ties that bind'

Fri, 13 Feb 2009 18:09:58 +0100

Experian®, the global information services company and a leading UK credit reference agency, today advised those contemplating a major change in their relationship status this Valentines Day to familiarise themselves with the financial ties that bind couples together, and ensure that both the head and the heart guide any decisions made.

Payments industry publishes December spending statistics

Fri, 13 Feb 2009 17:59:01 +0100

APACS, the UK payments association, today (13 February) issued December 2008 spending figures, which show that spending on plastic over the Christmas period reached £32.3 billion, with £4.7 billion spent online. The average value of a card transaction was £44.95, the lowest for six years.

Credit card industry launches new revised Summary Box to help consumers

Fri, 13 Feb 2009 09:55:45 +0100

The credit card industry’s Credit Card Summary Box which is provided with all marketing materials, is to be revised. This is as a result of recommendations made in the Office of Fair Trading’s Credit Card Comparisons Report and the credit card industry’s own consumer research.

Appointment - Executive Director, Markets and MPC

Thu, 12 Feb 2009 15:44:19 +0100

Paul Fisher has been appointed Executive Director, Markets and a member of the Monetary Policy Committee with effect from 1 March 2009. Paul joined the Bank in 1990 as an economist and has held a variety of senior management roles. He is currently Head of the Bank’s Foreign Exchange Division.

FSA publishes its 2009/10 Business Plan

Thu, 12 Feb 2009 13:46:08 +0100

The Financial Services Authority (FSA) today published its Business Plan for 2009/10. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook, published on 9 February.

Mortgage landscape reshaped in 2008

Thu, 12 Feb 2009 12:58:48 +0100

New data from the Council of Mortgage Lenders graphically illustrates the sharp decline in mortgage lending activity over the past year. There were 516,000 house purchase loans in 2008, a decline of 49% from 2007 and the lowest level of activity since 1974.

Callcredit boosts profits despite economic downturn

Thu, 12 Feb 2009 11:57:39 +0100

Callcredit Information Group, formerly Skipton Information Group, announced today that it saw significant growth in 2008, with sales increasing by 73%. Despite the uncertain trading conditions in 2008, full year profits of £4.6 million show an increase of 67% on the previous year and the Group also continued to expand its workforce, increasing staff numbers from 419 to 625.

Fraud risk steers shoppers away from online buying

Thu, 12 Feb 2009 08:53:12 +0100

Despite massive growth in the online retail sector in recent years, more than half the UK population still does not shop online, with security fears one of the main factors behind the reluctance to spend on the web.

Credit Action Helps Out in Croatia

Wed, 11 Feb 2009 18:13:52 +0100

Credit Action, the UK money education charity, is helping prevent debt problems and improve personal money management in Croatia by allowing locally based charity, the Personal Finance Counselling Service, free access to all its resources.

BCC reaction to unemployment figures

Wed, 11 Feb 2009 16:15:00 +0100

Commenting on the labour market figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said: “Unemployment continues to rise in the face of a worsening recession. We know businesses do not want to lose key staff but they are struggling with cash-flow.

Unemployment rate rises to 6.3%

Wed, 11 Feb 2009 16:09:50 +0100

There has been a fall in the number of people in employment and the employment rate. The number of unemployed people, the unemployment rate and the claimant count have all increased. The number of inactive people of working age and the inactivity rate have fallen. The number of vacancies have fallen. Growth in average earnings, both including and excluding bonuses, is unchanged.

Nationwide launches sustainable living programme in schools

Wed, 11 Feb 2009 15:59:19 +0100

Nationwide Building Society this month launches its Sustainable Living programme for schools as part of Nationwide Education, the free online resource for pupils, teachers and parents.

Nationwide calls on consumers to start saving

Tue, 10 Feb 2009 16:34:54 +0100

Nationwide Building Society today calls on consumers to start saving. Its latest savings research reveals just over half (54%) of people think now is a bad time to save with just under a quarter (23%) of those questioned admitting they do not save anything at all.

Lloyds TSB Corporate Markets Consumer Barometer for January

Tue, 10 Feb 2009 16:22:13 +0100

Despite the current record low interest rates and speculation they may drop further, consumers are already planning for rates to rise in the year ahead, according to the latest Consumer Barometer from Lloyds TSB Corporate Markets.

BRC-KPMG Retail Sales Monitor January 2009: sales rise surprise

Tue, 10 Feb 2009 16:16:29 +0100

According to the British Retail Consortium (BRC) - KPMG Retail Sales Monitor for January 2009, UK retail sales values rose 1.1% on a like-for-like basis, and 3.2% on a total basis, from January 2008. By both measures, this was the best performance since May, when sunny weather had boosted sales.

RICS UK housing market survey, January 2009

Tue, 10 Feb 2009 16:09:07 +0100

The average number of transactions per surveyor showed little fluctuation over the last three months despite buyer interest rising for the third successive month, says The Royal Institution of Chartered Surveyors' (RICS) UK housing market survey published today.

Valentines day message for lovers in the red

Mon, 09 Feb 2009 15:25:41 +0100

Cash-strapped Casanovas are being urged to think thrifty and practice some free-loving this Valentine’s Day. Figures reveal that the total Valentine’s Day spending will reach a staggering £2.4 billion.

ABI reaction to launch of review of corporate governance in UK banking

Mon, 09 Feb 2009 14:59:31 +0100

Responding to the launch of a review, to be chaired by Sir David Walker, to improve corporate governance of UK banks, Peter Montagnon, the Association of British Insurers' (ABI) Director of Investment Affairs, said:

Debt Resolution Forum appoints three new board members

Mon, 09 Feb 2009 13:11:30 +0100

The Debt Resolution Forum (DRF) has appointed Beverley Budsworth, Diane Dunion and Nick Pearson as new board members. The DRF is an influential, standard-setting body set up to help reform the personal insolvency industry. It represents over half of Britain’s fee-charging debt resolution cases.

The Card Awards Winners Announced

Sun, 08 Feb 2009 20:00:04 +0100

The payment card industry acknowledged customer service, excellence and innovation at The Card Awards last Thursday. The Awards, hosted by John Humphrys at Battersea Evolution in London, attracted over 1300 guests including many of the industry’s leading figures and benefited Mencap through a charity raffle and auction.

Talaris Will Launch The NMD 100E At ATMIA Conference & Expo

Sun, 08 Feb 2009 19:38:08 +0100

Talaris, which was formerly the majority of the De La Rue Cash Systems business and the global expert in cash handling technology, has chosen ATMIA Conference & Expo as the ideal event to launch the NMD 100e, the very latest in bill dispensing technology.

Callcredit expand the over-indebtedness initiative

Sun, 08 Feb 2009 19:28:59 +0100

Callcredit, the UK’s most innovative credit reference agency, is to expand the pioneering Over- Indebtedness Initiative (OII), designed to improve lenders’ understanding of their customers’ indebtedness and ability to repay.

BBA statement on further banking review

Sun, 08 Feb 2009 17:16:17 +0100

The banking industry recognises the concerns that have been raised on bonuses and is already engaged with the regulator, the FSA, on a comprehensive review of remuneration.

Protecting consumers in the sale and rent back market

Fri, 06 Feb 2009 17:36:13 +0100

The Government is today launching a consultation document on strengthening protection for vulnerable homeowners. The Government is proposing that companies offering sale and rent back agreements, which may target homeowners facing repossession, should be brought within the scope of Financial Services Authority (FSA) regulation.

Regulation now in sight for sale and leaseback

Fri, 06 Feb 2009 17:31:28 +0100

The Council of Mortgage Lenders (CML) welcomes today's consultations by the Treasury and the Financial Services Authority on implementing regulation of the currently unregulated sale and leaseback sector.

PwC analysis: Britain is Broke - Personal bankruptcies on the way up

Fri, 06 Feb 2009 13:07:33 +0100

Figures released today by the Government’s Insolvency Service revealed that levels of personal insolvency in the UK continued to increase for the second consecutive quarter as the recession really begins to bite.

Barclays helps customers with lower interest rates

Fri, 06 Feb 2009 12:44:33 +0100

On the back of its Barclaycard announcement yesterday, which gives additional support to UK credit card customers, Barclays today announced cuts in its mortgage and small business interest rates, making repayments more affordable for borrowing customers in the UK.

CML reaction to rate decision

Thu, 05 Feb 2009 13:11:58 +0100

The Council of Mortgage Lenders (CML) says that today's rate cut is unlikely to have a material affect on the overall state of the mortgage market.

House prices up in January

Thu, 05 Feb 2009 12:59:36 +0100

House prices rose 1.9 percent in January, the first increase in almost a year, according to the Halifax house price survey on Thursday. But house prices still fell sharply on the year, down 17.2 percent in the three months to January compared with a year ago.

Bank of England Reduces Bank Rate by 0.5 Percentage Points to 1.0%

Thu, 05 Feb 2009 12:07:46 +0100

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 1.0%.

CML Media Note in advance of tomorrows MPC decision on interest rates

Wed, 04 Feb 2009 17:29:26 +0100

While a rate cut tomorrow may benefit some parts of the economy, it would be a double-edged sword within the mortgage market. Naturally, borrowers on bank rate tracker mortgages would welcome a cut, but they are already paying low rates by historical standards and the interests of savers have begun to attract a higher profile within the current low interest rate environment.

A cut in interest rates by the MPC is 'unlikely to benefit struggling homeowners'

Wed, 04 Feb 2009 15:51:15 +0100

Whatever the Monetary Policy Committee decides tomorrow (February 5) on interest rates it is unlikely to benefit struggling homeowners according to the UK’s leading debt charity, Consumer Credit Counselling Service (CCCS) which expects more people to be straining to meet priority payments, such as housing, in the months ahead.

European Commission to investigate electricity bills

Tue, 03 Feb 2009 11:41:51 +0100

The European Commission will look into electricity bills after finding less than two thirds of consumers are satisfied with their energy supplier.

Further interest rate cuts will damage savers and new borrowers

Tue, 03 Feb 2009 11:33:03 +0100

The Building Societies Association has today called for the Bank of England not to cut the base rate further on Thursday.

'Quids in Bolton' Credit Union Commissions New Identity

Mon, 02 Feb 2009 16:31:28 +0100

Award winning UK brand and digital agency, Fudge has been appointed to create a new brand identity for Quids In Bolton's Credit Union, part of the Credit Union financial co-operative network, which is owned and controlled by its members on a not for profit basis.

Government echoes NLGN plan for local authority mortgages

Mon, 02 Feb 2009 16:24:29 +0100

New Government proposals to allow councils greater ability to offer mortgages have been welcomed by the New Local Government Network (NLGN), a think tank that first proposed the idea last year.

Teaching Wales to handle money in credit crunch

Mon, 02 Feb 2009 16:10:27 +0100

A goal of the Welsh Assembly Government in these days of economic turmoil is to teach people about money - at school, through further and higher education, in the workplace and in the community.

Snow chaos - the insurance position

Mon, 02 Feb 2009 15:57:15 +0100

With widespread disruption to the UK’s travel network, and heavy snow having the potential to damage property, the ABI (Association of British Insurers) has issued the following consumer advice:

Debt Facts and Figures - Total UK personal debt

Mon, 02 Feb 2009 15:52:48 +0100

Total UK personal debt at the end of December 2008 stood at £1,457bn. This has slowed further to 3.6% in the last 12 months which equates to an increase of ~ £50bn.

CML announces new chairman and deputies

Fri, 30 Jan 2009 15:28:12 +0100

Matthew Wyles, Group Distribution Director of Nationwide Building Society, has been appointed chairman of the Council of Mortgage Lenders (CML) for 2009.

Lending to Individuals December 2008

Fri, 30 Jan 2009 12:58:02 +0100

The increase in total net lending to individuals in December (£2.2 billion) was higher than the November increase, but below the previous six-month average.

The Co-operative Bank and smile top on Customer Satisfaction

Fri, 30 Jan 2009 12:42:12 +0100

The first annual People's Choice report from Which? Money has revealed that The Co-operative Bank and smile are among the top three overall winners when it comes to customer satisfaction.

Mortgage lending remains low

Fri, 30 Jan 2009 12:20:07 +0100

Gross mortgage lending by building societies was £2,395 million in December, down on the £2,595 million seen in November while net receipts into building societies were £897 million in December, up from £636 million in November.

Leeds charity deposits £1m with charity bank for charities in Yorkshire and Humber

Fri, 30 Jan 2009 11:40:36 +0100

A Leeds-based charity that supports people in financial difficulty has deposited £1 million with a unique bank that provides responsible lending to charities in Yorkshire and Humber.

Competition Commission Final Report on the PPI market

Thu, 29 Jan 2009 21:02:08 +0100

The Competition Commission (CC) has today published its final report into the Payment Protection Insurance (PPI) market, setting out the measures it has decided are needed to introduce competition between suppliers.

CC has ignored worsening economic conditions says ABI

Thu, 29 Jan 2009 20:45:31 +0100

Commenting on the publication of the Competition Commission’s final remedies on Payment Protection Insurance (PPI), Nick Starling, the ABI’s Director of General Insurance and Health, said:

Borrower protection key issue as C C finally stamps out PPI bad practice

Thu, 29 Jan 2009 20:33:13 +0100

A new era dawns for borrower protection as the Competition Commission (CC) brings down the curtain on its PPI investigation. But the huge UK debt burden MUST be protected as the economic downturn deepens – awareness of affordable alternatives is crucial to avoid the trap of complacency, warns Paymentcare.co.uk.

Competition Commission decision sounds the death knell for PPI, says Which?

Thu, 29 Jan 2009 20:23:26 +0100

As the Competition Commission announces its recommendations into the PPI market, Louise Hanson, Head of Campaigns at Which? says: “This decision helps sound the death knell for PPI. For too long too many consumers have suffered from shoddy, expensive and inadequate protection.

The FLA responds to the competition commissions final ruling on PPI

Thu, 29 Jan 2009 20:07:20 +0100

Responding to the Competition Commission, FLA Director General Stephen Sklaroff said: "The Commission has thrown the baby out with the bath water. By preventing customers from protecting their repayments at the time they take out a loan, the Commission has made it much less likely that they will do so at all.

Research reveals a third of Britons dont own a savings account

Thu, 29 Jan 2009 20:00:29 +0100

A third of UK citizens do not have a savings account, according to research released today by marketing specialists EuroDirect. 29 % per cent of those asked claim they spend everything they earn each month, with an extra 4% saying they would rather keep their cash under the mattress than entrust it to a bank or savings provider.

First bank to offer free security software to mobile banking customers

Thu, 29 Jan 2009 19:54:16 +0100

Barclays has become the first UK bank to offer its mobile banking customers security software to download free of charge, covering anti-virus, anti spam and anti theft protection.

Fluent Money beating the crunch

Thu, 29 Jan 2009 19:51:07 +0100

Internet secured loan broker, Fluent Money, has made eight new appointments and exceeded growth expectations with 100 per cent growth month-on month since its launch in October 2008.

Thames Water announces company restructuring due to economic downturn

Wed, 28 Jan 2009 13:13:08 +0100

Thames Water Utilities Limited, the UK's largest water and sewerage company, today announced it was bringing forward a reduction in employee numbers of up to 300 as part of a restructuring programme, and in response to the current economic downturn.

EuroDebt Financial Services partners with Blue Skies Financial Solutions

Wed, 28 Jan 2009 13:01:54 +0100

Leading debt management company, EuroDebt Financial Services, has teamed up with Blue Skies Financial Solutions to offer a range of debt solutions to the Blue Skies network of brokers.

New year starts 'with a whimper' for UK high street

Wed, 28 Jan 2009 12:56:39 +0100

Despite the New Year sales 2009 got off to a poor start for most UK retailers, who reported that sales continued to fall sharply, and expect that February will be as tough, the CBI said.

Treasury Committee calls for more to be done to ease flow of credit

Wed, 28 Jan 2009 12:49:03 +0100

In a Report today the Treasury Committee calls for the Government to do more to ease the flow of credit. The Committee's report on the 2008 Pre-Budget Report highlights the lack of bank lending as "the single most critical problem for the economy in the near term."

Equifax signs personal information promise

Wed, 28 Jan 2009 12:44:31 +0100

Leading credit and business information provider, Equifax, will become one of the first companies to sign the Information Commissioner’s new Personal Information Promise.

Financial education achieves 'lasting improvements in teenagers' financial behaviour'

Wed, 28 Jan 2009 12:32:01 +0100

The University of Manchester today published the findings of their three year study into the effectiveness of standalone qualifications in personal finance.

CML media note on todays issue of News & Views

Tue, 27 Jan 2009 18:58:52 +0100

We have assessed last week’s announcements by the Treasury against broader policy objectives, and believe the government now has the main tools to maintain stability in the banking system.

Further details on 'Understanding Consumer Credit Law' from the CCTA

Mon, 26 Jan 2009 17:46:58 +0100

Further details on the 'Understanding Consumer Credit Law' course, which will be held on Wednesday 11 February, at The Great Barr Hotel in Birmingham, have been announced by the Credit Consumer Credit Trade Association (CCTA).

Government may inject billions into Northern Rock

Fri, 23 Jan 2009 13:12:11 +0100

The government is considering injecting as much as 10 billion pounds into Northern Rock to use the nationalised bank to ramp up mortgage lending, the Daily Telegraph reported.

Consumer confidence in the benefits of saving 'continuing to fall'

Fri, 23 Jan 2009 13:02:52 +0100

Nearly three-quarters of consumers feel that the benefits of saving have fallen over the last year, according to new research published today (23 January) by the ABI (Association of British Insurers). The research highlights the need for a new savings culture in Britain, as consumer pessimism on the benefits of saving continues to grow.

Bank nationalisation report

Fri, 23 Jan 2009 13:00:05 +0100

The Treasury Sub-Committee today publishes its Report, Administration and expenditure of the Chancellor’s departments 2007-08. In its main recommendation, the Committee calls for much greater transparency from the Treasury in accounting for the liabilities taken on by the nationalisation and part-nationalisation of financial institutions.

Bank charge reclaiming stalled by the FSA for up to six more months

Thu, 22 Jan 2009 17:41:13 +0100

The FSA announced this morning it's extending the current bank charges waiver by a further six months. This means banks, the Ombudsman and, by implication, the courts, won't have to deal with reclaiming cases and the hold will now have been in place for a year and a half, with still no end in sight.

Bill to update co-operative legislation welcomed

Wed, 21 Jan 2009 17:42:43 +0100

Co-operativesUK and ABCUL – the Association of British Credit Unions – have welcomed the formal first reading in the House of Commons today (21 January) of a Private Members’ Bill to update co-operative and credit union legislation.

Public debt balloons and unemployment surges

Wed, 21 Jan 2009 12:57:04 +0100

The country's public finances deteriorated sharply in December, putting them on track for their worst year since records began after World War Two, while the number of Britons out of work approached two million.

Update on FSA work on the sale of PPI

Wed, 21 Jan 2009 12:49:43 +0100

The Financial Services Authority (FSA) today welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group(including Lloyds TSB, Halifax, and Bank of Scotland), and RBS/Natwest to stop selling single premium Payment Protection Insurance (PPI) with unsecured personal loans by the end of January 2009.

Citizens Advice response to major banks announcement on PPI

Wed, 21 Jan 2009 12:40:50 +0100

In September 2005 Citizens Advice made a ‘super complaint’ to the Office of Fair Trading, calling on them to launch an investigation into the payment protection insurance (PPI) business, which at that time had an estimated 20 million policies in force and produced annual revenue in excess of £5 billion.

Gross mortgage lending declines in December

Wed, 21 Jan 2009 12:37:27 +0100

Gross mortgage lending reached an estimated £12.6 billion in December, down 11% from £14.2 billion in November and 47% on December 2007, according to the Council of Mortgage Lenders. This is the lowest monthly figure since April 2001.

Commission launches European Database for Financial Education

Tue, 20 Jan 2009 13:31:07 +0100

The European Commission has published a European Database for Financial Education (EDFE) on the "Europa" website. It has been designed to reference numerous financial education programmes offered by public or private institutions in the European Union.

VAT change drives 1 per cent fall in inflation

Tue, 20 Jan 2009 12:59:41 +0100

Consumer Prices Index (CPI) annual inflation fell to 3.1 per cent in December, down from 4.1 per cent in November. The reduction in the rate of VAT made the largest contribution to the 1.0 percentage point change in the CPI annual rate.

CML first response to government package of financial announcements

Mon, 19 Jan 2009 16:55:43 +0100

The Council of Mortgage Lenders welcomes the broad thrust of the package of announcements designed to support lending in the economy, and will now examine the detail as it emerges.

Statement on financial intervention to support lending in the economy

Mon, 19 Jan 2009 16:45:06 +0100

With the global economic downturn intensifying in the past two months, the Government is today announcing a comprehensive package designed to reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to support the recovery of the economy.

FSA Statement on regulatory approach to bank capital

Mon, 19 Jan 2009 14:55:26 +0100

On 14 November 2008, the Financial Services Authority (FSA) issued a statement to explain the approach it had taken to individual bank capital frameworks as part of the plan to support the UK banking system announced on 8 October 2008. This statement sets out how we have developed that framework

Callcredit Information Group hires new Industry Relations Director

Mon, 19 Jan 2009 14:42:43 +0100

Callcredit Information Group (CIG) today announces the appointment of Jan Smith, who will be joining the Credit Solutions Division as Industry Relations Director.

Bankhall turns to ifs Diploma for Financial Advisers

Mon, 19 Jan 2009 14:23:04 +0100

The ifs School of Finance today confirmed that Bankhall Investment Associates Ltd. has signed up to offer their members the ifs Diploma for Financial Advisers (DipFA).

Struggling borrowers must contact their lender urges BSA

Fri, 16 Jan 2009 12:40:59 +0100

The Building Societies Association (BSA) supports the Government’s overall objective in helping support homeowners facing financial difficulties via the proposed Homeowner Mortgage Support Scheme.

Mortgage interest payments consume less income in November

Thu, 15 Jan 2009 15:50:15 +0100

Mortgage interest payments are consuming less of borrowers' incomes as those able to get a mortgage are stretching themselves less financially and beginning to benefit from reductions in bank rate, according to new data from the Council of Mortgage Lenders (CML).

Hitachi Capital Consumer Finance launches unique instant online credit decisions

Thu, 15 Jan 2009 12:41:52 +0100

Hitachi Capital Consumer Finance is pleased to announce the launch of their integrated point of sale finance solution. The online credit approval system enables consumers shopping online to receive an instant decision when applying for finance via etailer websites.

Sebastien Maloney joins Exact as group finance director

Wed, 14 Jan 2009 15:42:50 +0100

Exact are pleased to announce the appointment of Sebastien Maloney to the role of Group Finance Director. Seb is highly experienced in mortgage trading, securitisation, and risk management.

CML response on home-owner mortgage support scheme

Wed, 14 Jan 2009 15:07:31 +0100

The Council of Mortgage Lenders (CML) has today responded to the government's consultation on the proposed home-owner mortgage support scheme.

CML media note on todays issue of News & Views

Tue, 13 Jan 2009 17:16:47 +0100

It may still be early in January, but this is a crucial week for shaping key government policy initiatives. Tomorrow, we are giving evidence to the Treasury select committee on the banking crisis, and will put the case for a re-think on measures to improve the flow of mortgage funding.

Partners announced for £12 million Money Guidance pathfinder

Tue, 13 Jan 2009 15:07:08 +0100

The first group of partners, who will help to deliver the new £12 million Money Guidance pathfinder, were announced today by HM Treasury and the Financial Services Authority (FSA).

Retail sales monitor: worst December in survey's history.

Tue, 13 Jan 2009 13:09:00 +0100

The British Retail Consortium (BRC) - KPMG retail sales monitor for December 2008 shows the worst December in the survey's history.

RICS UK housing market survey, December 2008

Tue, 13 Jan 2009 12:49:07 +0100

The average number of transactions per surveyor fell to a record low in December despite buyer interest remaining strong says the Royal Institution of Chartered Surveyors' (RICS) UK housing market survey published today.

Last minute Christmas spending 'bonanza' on plastic

Mon, 12 Jan 2009 13:13:50 +0100

Barclaycard Payment Acceptance, which enables retailers to accept both debit and credit card payments, reveals last minute Christmas spending bonanza on plastic.

Abbey says sorry for cards glitch

Mon, 12 Jan 2009 13:07:00 +0100

A bank has apologised for the embarrassment and inconvenience suffered by customers when a computer error wrongly rejected their bank cards in shops and at cashpoints.

Government will own 43% of merged banking group

Mon, 12 Jan 2009 12:58:54 +0100

The government will own 43 percent of the merged banking group formed by Lloyds TSB and HBOS after private investors shunned a new share issue by the crisis-hit lenders, they said Monday.

Financial education training programmes launched

Mon, 12 Jan 2009 12:40:32 +0100

The ifs School of Finance, a business school for and about finance, have announced the launch of their largest ever offering of financial education training programmes for financial services professionals. In total, more than 100 courses are on offer.

Brown plans talks with banks on lending

Fri, 09 Jan 2009 13:05:36 +0100

The government plans to hold talks with banks shortly about getting lending flowing to business after the Bank of England cut interest rates to a record low. Prime Minister Gordon Brown said that banks would be made to honour a commitment in the rescue plan to maintain the supply of loans to mortgage holders and small businesses at 2007 levels.

Britons opening up about money in tough times

Fri, 09 Jan 2009 12:22:31 +0100

According to new research from CreditExpert.co.uk, the economic downturn may have broken the taboo of talking about money. The research reveals that more than half of us (53 per cent of UK adults) admit that we are now far more likely to discuss our personal finances today with other people than we were a year ago.

RICS comment and analysis on BoE interest rate decision

Thu, 08 Jan 2009 22:45:45 +0100

The Royal Institution of Chartered Surveyors (RICS) comment on the Bank of England's interest rate cut: The decision to lower interest rates today to just 1.5%, while welcome, is unlikely to provide any meaningful encouragement for banks to increase the availability of finance to either households or businesses.

Council tax debts - 1.2m in court in 2008

Thu, 08 Jan 2009 13:03:17 +0100

More than 1.2 million people received a court summons last year after falling behind with their council tax payments. Bailiffs also called on nearly 600,000 council tax defaulters, the data showed, with councils filing for bankruptcy against 1,706 people.

CML responds to bank rate cut

Thu, 08 Jan 2009 12:32:00 +0100

The Director General of the Council of Mortgage Lenders (CML), Michael Coogan, has responded to today's reduction in Bank Rate by 50 basis points to 1.5%.

ICM publishes help pack to support those facing threat of redundancy

Thu, 08 Jan 2009 12:18:39 +0100

Against the background of a deteriorating employment environment, the Institute of Credit Management (ICM) has published a self-help booklet, in conjunction with its own recruitment consultancy, with practical advice for credit professionals on what to do in a redundancy situation.

Xit2 announces development of new products

Thu, 08 Jan 2009 11:47:35 +0100

Xit2, the property and mortgage outsourcing specialist, has announced it is developing a number of new products to bring to the market later this year.

Subprime lender Cattles cuts jobs and costs

Wed, 07 Jan 2009 16:51:26 +0100

Subprime lender Cattles PLC said Wednesday it plans to cut 20 percent of its work force and reduce costs to preserve capital as uncertainty over its funding situation continues.

CML Media Note in advance of tomorrows MPC decision on interest rates

Wed, 07 Jan 2009 16:01:48 +0100

This month we have received enquiries about what will happen to tracker rates if there is an aggressive cut in Bank rate. Many borrowers on tracker rates are likely to benefit from a reduction in Bank rate.

Europe faces energy crunch over Russian gas

Wed, 07 Jan 2009 12:53:57 +0100

Russian gas supplies to Europe through Ukraine shut down completely on Wednesday, leaving growing numbers of European Union member states without Russian fuel in freezing mid-winter temperatures.

Interest rates should be cut to 1%, says PwC LLP

Wed, 07 Jan 2009 12:30:06 +0100

The Bank of England Monetary Policy Committee (MPC) should continue to take bold steps on interest rate cuts in light of the darkening economic outlook, according to economists at PricewaterhouseCoopers LLP (PwC). They recommend a further full percentage point cut in base rates from 2 percent to 1 percent this week.

South East sees largest net gain from internal migration

Wed, 07 Jan 2009 12:20:40 +0100

The South East has seen the largest gain from population movements within the UK in the past decade. The South East (550,889) experienced the largest net gain from internal migration – immigration less emigration to and from other UK regions - between 1998 and 2007 with 550,889 more moving to the region than left it. The South West recorded the second highest level of net internal migration (514,511).

Make 2009 the year you sort out your debt problems

Tue, 06 Jan 2009 16:47:21 +0100

2009 is likely to see personal debt problems reach record levels according to the Paymex Group, one of the UK’s largest providers of financial solutions products to the public. Nick Pearson. Director of External Affairs at Paymex warned today: "2009 will almost certainly see the number of people experiencing debt problems reach levels never previously seen in the UK.

Barclays goes contactless on debit cards

Tue, 06 Jan 2009 15:20:25 +0100

Barclays customers will soon be able to pay their way with the wave of a card as the bank is set to be the first in the UK to roll-out contactless VISA debit cards to its customers. From March, most Barclays debit cards that are issued or reissued will have contactless technology built in as standard. More than three million customers are expected to be using contactless debit cards by the end of the year.

Chordiant customer wins silver medal

Tue, 06 Jan 2009 14:58:36 +0100

A Chordiant customer has won the silver medal in a prestigious German “CIO of the Year” award, with his award winning project based on the 'Chordiant Customer Experience Solution'.

Nationwide calculates UK house prices fell by 2.5% last month.

Tue, 06 Jan 2009 11:44:33 +0100

Now valued at only £153,048, the average house had 15.9 per cent cut from its value over the last 12 months and according to the lender, more falls are to follow.

Islamic finance still active as the credit crunch deepens

Mon, 05 Jan 2009 16:14:02 +0100

The last month has seen a further deterioration in the UK economy, with a deepening recession, banking bail-outs and big-name retailers going bust. However, one sector of the market still active is Islamic Finance which is now both cheaper and more accessible.

Thousands helped by debt advice services

Mon, 05 Jan 2009 13:32:09 +0100

Government funded face to face debt advice services have helped over 100,000 people in 2008, and the national telephone debt advice line has seen a significant increase in demand for advice.

Credit card behavioural data loaded to Equifax database

Mon, 05 Jan 2009 12:30:12 +0100

Leading credit reference agency, Equifax, has loaded the first batch of credit card behavioural data from a number of major consumer credit providers including Barclaycard, Capital One, GE Money, HBOS and MBNA, as part of the APACS initiative to support responsible lending.

New appointment to HML Special Servicing team

Mon, 05 Jan 2009 12:06:23 +0100

HML has announced the appointment of Ian Moore as relationship development manager on its Special Servicing team, a new role reflecting HML’s commitment to growing its Special Servicing division.

Seven more credit unions launch current account

Mon, 05 Jan 2009 11:58:48 +0100

Seven more credit unions across England, Wales and Northern Ireland have launched the Credit Union Current Account. The roll out is being supported by the Department for Work and Pensions (DWP) through the Growth Fund and this brings the total number of credit unions offering the service to 18.

Saving more is New Year's resolution for half of British consumers

Fri, 02 Jan 2009 12:17:28 +0100

New research commissioned by the ABI shows that almost half of British consumers will make it a New Year's resolution to save more money for the future. And over 50% say they are more likely to make that resolution given the current economic climate.

FSB calls for cap on credit card charges in New Year message

Tue, 30 Dec 2008 15:09:00 +0100

Small businesses must be supported and sustained in 2009 as they will be the key to bringing the UK out of the economic downturn, the Federation of Small Businesses (FSB) has said.

Britons planning to hit sales

Wed, 24 Dec 2008 11:21:42 +0100

Nearly half of Britons plan to hit the January sales this year in a bid to snap up a bargain, research showed. Around 48% of people plan to go to the sales in 2009, up from 39% who attended them in January this year, according to Halifax.

R3's guide to dealing with the New Year debt hangover

Wed, 24 Dec 2008 08:37:23 +0100

While the familiar headache starts to wear off during New Year’s Day, a debt hangover will last all year. The first question is simply how can you tell that you have a debt problem. Some term it as having ‘lifestyle expectations that exceed income’.

November figures for the main high street banks

Wed, 24 Dec 2008 08:29:04 +0100

Figures released by the British Bankers Adssociation (BBA) show that in November, net mortgage lending rose by £2.9 billion; less than in October and below the average for the previous six months.

Unprecedented discounting on the high street

Wed, 24 Dec 2008 08:21:07 +0100

According to research by PricewaterhouseCoopers retail and consumer group, 82% of 100 high street retailers are either on sale or offering promotions such as 3 for 2 offers. This compares to 52% of stores a month ago, 62% 3 weeks ago and 75% 2 weeks ago.

Equifax predictions for 2009

Tue, 23 Dec 2008 16:29:54 +0100

Neil Munroe, External Affairs Director for leading consumer credit and business information provider, Equifax, casts an expert eye at the year ahead. For further commentary from Neil Munroe please contact the Equifax Press Office at HSL, 020 8977 9132. Or call Neil Munroe direct on 07710 844518.

Irresponsible lending consultation response published

Mon, 22 Dec 2008 17:28:04 +0100

The Office of Fair Trading (OFT) has published a summary of responses to the consultation on the scope of its irresponsible lending project. After taking stakeholders' views into account, the OFT has decided to examine certain issues.

Mortgage support changes to benefit more people

Mon, 22 Dec 2008 17:04:41 +0100

Working age people eligible for help with their mortgage interest payments, who applied under the current rules and are still serving a waiting period, will now benefit from the new rules. If they have waited 13 weeks for Support Mortgage Interest by 5th January they will be eligible for help straight away.

Brits aim to cut the cost of Christmas by imposing spending Cap

Mon, 22 Dec 2008 16:37:21 +0100

New research by Halifax reveals that many of us are tightening our belts this year by imposing a cap on Christmas present spends. Almost a third of us (31%) admitted we had agreed a spending cap with friends and family.

NatWest first to launch international mobile phone money transfers

Mon, 22 Dec 2008 16:11:43 +0100

As the festive season gets into full swing, NatWest today announced that it is making it even easier for its Polish Welcome Account customers to send money home to spend over the Christmas period.

Gross lending declines in November

Fri, 19 Dec 2008 17:56:06 +0100

Gross mortgage lending reached an estimated £14.6 billion in November according to the Council of Mortgage Lenders (CML). This is a 22% fall from October and a 51% fall from November last year.

Report highlights dramatic growth of credit unions

Fri, 19 Dec 2008 17:48:24 +0100

Membership of British credit unions has tripled in the past 10 years, according to a report from ABCUL and The Co-operative Bank. The research highlights the dramatic growth of credit unions over the last decade with the sector seeing a 400 per cent hike in its loan and savings portfolio. One in four credit unions now has more than 2,000 members compared to 3 per cent 10 years ago.

CPI annual inflation down to 4.1% in November

Tue, 16 Dec 2008 13:14:43 +0100

Consumer Prices Index (CPI) annual inflation the Government's target measure was 4.1 per cent in November, down from 4.5 per cent in October. The largest downward pressure on the CPI annual rate came from transport costs where the price of fuels and lubricants fell this year but rose a year ago.

CML welcomes changes to the credit guarantee scheme

Tue, 16 Dec 2008 11:23:46 +0100

The Council of Mortgage Lenders (CML) welcomes the Treasury's announcement of changes to the credit guarantee scheme, that will make it cheaper for lenders to gain access to the Government guarantees that help them to gain access to wider market funding.

Retail Banking set for radical infrastructure makeover

Mon, 15 Dec 2008 19:41:43 +0100

Rip and replace is rapidly becoming the de facto standard in the retail banking sector as it struggles to use IT to gain competitive advantage, according to Elizabeth Gooch, CEO of eg solutions.

Clarification of changes for credit card holders, new principles on risk-based repricing

Mon, 15 Dec 2008 17:10:27 +0100

Following a successful meeting on 11 December between the credit card industry and Government, real changes for credit card holders who may be struggling to make their regular payments are announced.

Russias Ministry of Economics says recession has started in Russia

Mon, 15 Dec 2008 16:36:36 +0100

Unicredit writes: Russias Deputy Minister of Economic Development Andrei Klepach said that a recession has started in Russia, which may last more than two quarters, and that the countrys real GDP growth is unlikely to reach 6.8% in 2008F.

New Customer Service Manager Joins Lowell Group

Thu, 11 Dec 2008 12:05:30 +0100

Leeds-based debt purchasing company Lowell Group has strengthened its management team by recruiting Samantha Swallow to fill the new role of Customer Service Manager. She will manage a fast-growing team, currently 30-strong, which is responsible for dealing with correspondence and queries from holders of newly acquired accounts.

Egg fined for failing in its sales of PPI

Thu, 11 Dec 2008 11:53:55 +0100

The Financial Services Authority (FSA) has fined Egg Banking plc £721,000 for serious failings in its sales of credit card payment protection insurance (PPI). The FSA found failings in approximately 40 per cent of telephone sales of credit card PPI made by Egg between January 2005 and December 2007.

CML seeks greater clarity as the lending slump continues

Tue, 09 Dec 2008 11:28:26 +0100

There were 39,900 house purchase loans in October, worth £5.5 billion, according to new data from the Council of Mortgage Lenders (CML). This was an increase of 14% in volume and 10% in value from September, but an annual decline of 52% in volume and 57% in value.

Payments industry issues advice for people with disabilities

Tue, 09 Dec 2008 11:22:02 +0100

APACS, the UK payments association, is today (8 December 2008) marking the recent UN International Day of Persons with Disabilities with a new advice guide aimed at helping consumers unable to access some payment methods and services. The guide Payments & accessibility offers top tips on payment options for people with a disability, explaining the range of services available.

Insolvency trade body concerned over Banking Code's poor advice

Tue, 09 Dec 2008 11:12:40 +0100

With the announcement in last Wednesday's Queen's Speech to make the current voluntary Banking Code statutory, R3 calls for section 14 of the code to be expanded in light of the current recession. This section entitled 'Financial difficulties how we can help', has some useful content, such as seeking advice early, but does not fully explain the options available to those in financial difficulties.

U.S. recession not close to 1930s -NBER

Tue, 09 Dec 2008 11:08:08 +0100

NEW YORK (Reuters) - The head of the arbiter of U.S. economic cycles said on Monday that while the U.S. recession will likely be longer than average, it will not even come close to the Great Depression. "We are in a very different place than the U.S. economy was in the 1930s," James Poterba, president of the National Bureau of Economic Research, told the Reuters Investment Outlook Summit in New York.

Chiltern debt monitor shows repayments down

Tue, 09 Dec 2008 10:49:50 +0100

The average level of debt owed by a customer on a Chiltern debt management plan is down by over £1000 pounds since the beginning of 2008 and currently stands at its lowest amount since the Chiltern Debt Monitor started in 2007.

Her Majesty's Courts Service (HMCS) selects allpay.net as platform for new nationwide fines payment

Mon, 08 Dec 2008 17:36:36 +0100

Public sector bill payments and collections specialist allpay.net has been appointed by Her Majesty's Courts Service (HMCS) to manage a nationwide fines payment service across its electronic swipecard payments network.

Investcorp Technology Partners Acquires Stake in UK Debt Management Firm TDX Group

Mon, 08 Dec 2008 10:02:43 +0100

Investcorp Technology Partners, the technology private equity arm of alternative investment manager Investcorp, has agreed to purchase a 40% equity stake in TDX Group, the UKs leading provider of analytics-based consumer debt management services, for approximately £28 million.

Six month grace period for struggling mortgage holders from NatWest and RBS a welcome first step

Fri, 05 Dec 2008 17:05:31 +0100

Commenting on the pledge by NatWest and RBS today to give a six month grace period to customers falling into mortgage arrears, Leslie Morphy, Chief Executive of Crisis, the national charity for single homeless people, said: With 45,000 households predicted by the Council of Mortgage Lenders to be repossessed by the end of this year, it is critical that banks demonstrate greater understanding and leniency towards struggling mortgage holders.

Philips Expands ANPR Fleet

Fri, 05 Dec 2008 17:01:33 +0100

Philips Collection Services, already established as the largest independently owned bailiff and debt recovery company in the UK can now also claim the biggest and most up-to-date fleet of ANPR (Automatic Number Plate Recognition) equipped vehicles.

3 major contracts and our new operations centre for Checkmate Mortgages

Fri, 05 Dec 2008 16:53:10 +0100

In preparation for our launch in 2009, we are pleased to announce that we have signed contracts with DPR, Experian and Getronics to support our launch. We have selected to partner with these suppliers to create innovative technology solutions backed with the latest credit and fraud protection products.

Chiltern gets OFT stamp of approval

Fri, 05 Dec 2008 16:39:09 +0100

Debt specialist Chiltern has been given the stamp of approval by the Office of Fair Trading (OFT), through its trade body, the Debt Managers Standards Association (DEMSA). They have been recognised by the OFTs Consumer Code Approval Scheme - an initiative to promote and safeguard consumers interests by identifying, monitoring and rewarding better business practice.

CML Response to rate cut

Thu, 04 Dec 2008 18:12:35 +0100

The Council of Mortgage Lenders (CML) has welcomed today's rate cut by the Bank of England. In a press release, they said that this will help the wider economy, even if it cannot be reflected universally in lower mortgage rates.

Treating customers fairly represents significant opportunity for financial services companies

Thu, 04 Dec 2008 18:07:08 +0100

As pointed to in the Queens speech, Treating Customers Fairly (TCF), the Financial Services Authoritys (FSA) initiative which is due to be implemented by the end of the December aims to help companies focus on the customer in a way that is mutually beneficial to both.

Small print 'critical' to Governments repossessions announcement

Thu, 04 Dec 2008 18:02:40 +0100

Commenting on the announcement of a government scheme to underwrite the mortgages of people who have lost their jobs, Liberal Democrat Shadow Chancellor, Vince Cable said: "We welcome the fact that the Government is now finally acting to head off large scale repossessions which devastate families, impose losses on the banks and create major re-housing problems for local councils.

Lender announces six month repossession grace period

Thu, 04 Dec 2008 17:53:50 +0100

Royal Bank of Scotland (RBS) have said it would not repossess the homes of mortgage customers who default until six months after they first fall into arrears. RBS, owner of NatWest bank, said the move was designed to give overstretched borrowers a chance to resolve their financial problems as falling house prices and a flagging economy put households under pressure.

London Scottish Bank plc

Thu, 04 Dec 2008 17:48:14 +0100

HM Treasury has taken decisive action to protect the interests of retail depositors and wider financial stability following London Scottish Bank plc entering administration.

Brown unveils mortgage help plan

Wed, 03 Dec 2008 18:30:58 +0100

People hit by the downturn will be able to defer part of their mortgage interest payments for up to two years under plans unveiled by Gordon Brown. The plan is designed to give those who lose their jobs or take a big cut in their income an extended breathing space before their home is at risk.

CML reaffirms its commitment to work with government on minimising possessions

Wed, 03 Dec 2008 16:45:37 +0100

The Council of Mortgage Lenders (CML) is pleased that the Government has today acknowledged it has an increased role to play in helping lenders to minimise repossessions. The home guarantee scheme proposed by Government is not for everyone. It will need careful development with lenders and the CML to ensure it is properly targeted to those borrowers committed to sustain their home ownership through short term periods of financial difficulty.

Homeowners granted mortgage holiday

Wed, 03 Dec 2008 16:26:26 +0100

Gordon Brown is to grant homeowners in financial difficulty the right to demand a two-year mortgage holiday, guaranteed by taxpayers, in a dramatic bid to underpin the housing market. The move will put about £1bn of taxpayers money at risk in an attempt to stem the rising flood of repossessions as Britain enters recession and unemployment soars.

Electoral roll for 2008 already online at Callcredit

Wed, 03 Dec 2008 15:59:26 +0100

Credit reference agency Callcredit have announced that 2008 electoral roll data, which councils began releasing in November, has already begun to be uploaded to its online database. Mark Davison, Group Technology Development Director said: At Callcredit, we handle submissions from the UKs 400+ councils electronically, which means the new records can be processed, matched and online within hours of being received.

Presentation by Michael Coogan, Director General to the CML

Wed, 03 Dec 2008 15:03:45 +0100

I have fifteen minutes in which to describe the events in the most momentous year ever in the UK financial services sector. The housing and mortgage markets have been daily news, and centre stage in politicians minds and actions.

Credit unions welcome Saving Gateway proposals

Wed, 03 Dec 2008 14:24:18 +0100

Mark Lyonette, Chief Executive of ABCUL, the Association of British Credit Unions, has welcomed the announcement in todays Queens Speech that the Government will bring forward proposals to create Saving Gateway Accounts.

One in four plans to cut Christmas spending by more than half compared to 2007

Mon, 01 Dec 2008 14:12:24 +0100

Independent research released today by credit reference agency Callcredit has revealed that 55pc of the UK adult population are planning on reducing their spending this Christmas, with 27pc of people cutting costs by more than half compared to last year.

Equifax appoints new sales director for consumer marketing services division

Fri, 28 Nov 2008 15:41:23 +0100

Leading consumer credit, business and marketing information provider, Equifax, has appointed Graham Burdett, who has over 20 years experience in buying and selling marketing services, as Sales Director for its Consumer Marketing Services division.

FSA asks mortgage firms to review arrears and repossessions practice

Fri, 28 Nov 2008 13:02:16 +0100

The Financial Services Authority (FSA) has written to the chief executives of all mortgage lenders and mortgage administrators giving them until January 31 to ensure that their customers facing arrears are being treated fairly.

Rate of house price fall moderates in November

Fri, 28 Nov 2008 12:34:15 +0100

House prices fell by 0.4% in November moderating the annual rate of fall to 13.9%. According to the Nationwide, deep interest rate cuts will provide support for borrowers, and whilst fiscal measures may help housing market indirectly, policies to support funding markets may be more likely to speed recovery.

Mortgage arrears soar

Thu, 27 Nov 2008 18:57:28 +0100

More home owners seek help with debts according to leading debt management provider EuroDebt, a leading debt management provider, is reporting a 109% rise in the number of homeowners signing up to its Debt Management Plans (DMP) on a monthly basis, since September 2007.

Firstsource reports good results

Thu, 27 Nov 2008 18:41:42 +0100

Firstsource Solutions Limited (NSE:FSL, BSE:532809), among Indias leading pure-play BPO companies reported its consolidated financial results for the quarter ended September 2008 according to Indian GAAP.

New mortgage services business launched

Thu, 27 Nov 2008 18:21:52 +0100

The trio of Cleary, Lonergan and Nixon, who were formerly executive directors of edeus have launched a new mortgage services company called Exact.

How to survive Christmas with a credit union

Thu, 27 Nov 2008 18:19:38 +0100

As the recession starts to bite, many of us will be wondering how were going to make ends meet in the run up to Christmas. ABCUL the Association of British Credit Unions has put together its Top Ten Tips for how a credit union can help you through these tough times.

Whats in a name? Almost half of the UK public dont know what recession really means

Thu, 27 Nov 2008 18:13:57 +0100

However, 55% of people will take more notice of Mondays pre-budget announcement as economy struggles

FLA launches good practice guidelines for second charge mortgage lenders

Thu, 27 Nov 2008 18:13:08 +0100

The Finance & Leasing Association (FLA) today launched new, consumer-facing, Good Practice Guidelines setting out what second charge mortgage customers encountering repayment difficulties can expect from their lenders.

Lenders 'still need to do more' to help mortgage borrowers in arrears

Thu, 27 Nov 2008 18:12:14 +0100

The Paymex Group has seen a dramatic increase in the number of new customers who have mortgage arrears.

Brokers diversify as economic downturn takes hold

Thu, 27 Nov 2008 18:10:14 +0100

Debt management provider reports significant uptake to Introducer Scheme following Autumn events

Consumer credit licence revoked

Thu, 27 Nov 2008 18:09:29 +0100

The OFT has revoked the consumer credit licence of Vehicle Seller Limited, a vehicle matching company based in north London.

PPI conclusions under fire

Thu, 27 Nov 2008 18:07:10 +0100

Lenders have hit out at a decision by the Competition Commission to announce remedies for the payment protection insurance (PPI) market, claiming that it has gone well beyond its remit and the evidence it has which shows customers will only consider taking cover when they borrow and not afterwards.

Building societies attack banks bailout

Thu, 27 Nov 2008 18:04:34 +0100

Building societies have complained at unfair treatment following the governments bailing out of several high street banks.

Building society merger meeting announced

Thu, 27 Nov 2008 18:03:50 +0100

The Financial Services Authority (FSA) has announced the arrangements for the hearing of the proposed transfer of the engagements of Cheshire Building Society to Nationwide Building Society.

Credit card lenders welcome government dialogue

Thu, 27 Nov 2008 18:02:07 +0100

The credit card industry has welcomed the call by the prime minister, Gordon Brown for the industry to engage with government; and looks forward to taking part in discussions.

Half of borrowers avoid stamp duty in September

Thu, 27 Nov 2008 18:00:27 +0100

The temporary increase in the stamp duty threshold saw 51% of homebuyers avoiding stamp duty in September, compared with 22% in September last year.

Credit card lenders welcome government dialogue

Fri, 14 Nov 2008 01:00:00 +0100

The credit card industry has welcomed the call by the prime minister, Gordon Brown for the industry to engage with government; and looks forward to taking part in discussions.

Building society merger meeting announced

Fri, 14 Nov 2008 01:00:00 +0100

The Financial Services Authority (FSA) has announced the arrangements for the hearing of the proposed transfer of the engagements of Cheshire Building Society to Nationwide Building Society.

Building societies attack banks bailout

Fri, 14 Nov 2008 01:00:00 +0100

Building societies have complained at "unfair treatment" following the government's bailing out of several high street banks.

Consumer credit licence revoked

Fri, 14 Nov 2008 01:00:00 +0100

The OFT has revoked the consumer credit licence of Vehicle Seller Limited, a vehicle matching company based in north London.

Half of borrowers avoid stamp duty in September

Tue, 11 Nov 2008 01:00:00 +0100

The temporary increase in the stamp duty threshold saw 51% of homebuyers avoiding stamp duty in September, compared with 22% in September last year.

Changes in CCA could lead to confusion for debtors

Fri, 07 Nov 2008 01:00:00 +0100

Insolvency practitioners could be 'inundated with confused debtors' struggling to understand the changes made by the Consumer Credit Act (CCA).

Housing market lures back first-time buyers

Fri, 07 Nov 2008 01:00:00 +0100

First-time buyers are edging back into the housing market, motivated by falling prices, whilst brokers have said young buyers have been able to meet tough mortgage lending criteria by borrowing money.

Bankruptcies close to 64,000 over 12 month period

Fri, 07 Nov 2008 01:00:00 +0100

New figures just published by The Insolvency Service reveal that over Q3 of 2008, 27,087people have become insolvent with 9,746IVAs and 17,341 bankruptcies reported.

Bank of England reduces bank rate by 1.5%

Fri, 07 Nov 2008 01:00:00 +0100

The reduction in the base rate by the Bank of England to 3% has been generally welcomed by financial organisations.

New company to manage Government's shareholding in banks

Tue, 04 Nov 2008 01:00:00 +0100

Arrangements for managing the Government's shareholding in banks subscribing to its recapitalisation fund have been announced by the chancellor of the exchequer.

MPC member calls for aggressive rate cuts

Fri, 31 Oct 2008 01:00:00 +0100

A member of the Bank of England's monetary policy committee has called for aggressive cuts in interest rates to prevent the economy from entering a deep recession.

Building societies' net lending picks up in September

Fri, 31 Oct 2008 01:00:00 +0100

Net mortgage lending by building societies increased in September 2008 but was only half that for September last year according to figures from the Building Societies Association (BSA).

Credit losses "may reach £130bn"

Tue, 28 Oct 2008 01:00:00 +0100

Britain's banks may need to raise capital above and beyond the £50bn of taxpayer-underwritten money already earmarked for them. A Bank of England's report into financial stability claims that a recession as severe as that of the early 1990s would lead to credit losses of £130bn for Britain's six biggest financial institutions and possibly wipe out the entire government-backed funding package.

Consumers are not taking financial cover

Tue, 28 Oct 2008 01:00:00 +0100

Almost one in five adults across the country have no financial cover in place to protect them against unexpected events such as a loss of income, according to research.

September figures for the main high street banks

Fri, 24 Oct 2008 01:00:00 +0100

Net mortgage lending rose more than in the previous month, but remains well below the previous six month average figure.Figures from the British Bankers Association (BBA) show that in September, net mortgage lending rose by £3.6bn and although the number of approvals for house purchase remained low, those for remortgaging were slightly higher. Consumer credit was subdued, rising by just £0.1bn, and personal deposit growth was stable.

Financial fears for "IPOD" generation

Tue, 21 Oct 2008 01:00:00 +0100

A heavily-regulated and outdated financial establishment has left young adults most at risk in any recession, argues a new report from an independent think tank.

The report suggests that IPODs (insecure, pressurised, over-taxed and debt-ridden 18-34 year olds) are the "gilded generation": uniquely pampered and over-protected, yet increasingly isolated from financial services. Now they face the economic downturn without the tools to cope.

Education can help restore confidence in financial services

Fri, 17 Oct 2008 01:00:00 +0100

Financial education has a role to play in rebuilding trust and confidence in the financial services industry, according to an education charity.

The ifs School of Finance has issued a position statement setting out the role that financial education can play in helping to rebuild trust and confidence in the financial services industry following the recent period of unprecedented economic turmoil.

Consumers left waiting for energy prices to fall

Fri, 17 Oct 2008 01:00:00 +0100

Consumer Focus, the new independent champion for consumers, has called on energy suppliers to cut domestic energy prices in light of falling oil prices.

Ed Mayo, chief executive of Consumer Focus said: We have seen this week that the biggest single driver of inflation is rising energy prices. We want immediate action from energy companies to reduce their prices in line with falling oil prices. This will be good not just for consumers, but for the whole economy.

Credit unions members reassured about the safety of their savings

Tue, 14 Oct 2008 01:00:00 +0100

A trade association has given assurance to credit union members who may be concerned about the safety of their savings in credit unions. The Association of British Credit Unions Ltd (ABCUL) has moved to reassure credit union members who may be concerned about the safety of their savings in credit unions as financial turmoil amongst mainstream institutions continues.

Mortgage lending declines further in August

Tue, 14 Oct 2008 01:00:00 +0100

House purchase figures in August were 63% lower than the same period in 2007, according to the latest figures from the mortgage trade body. In August there were 42,200 house purchase loans, 15,600 of them to first-time buyers, according to the Council of Mortgage Lenders (CML). At £6 bn, house purchase lending was 63% lower than in August 2007. Both the number and value of house purchase loans were the lowest since the CML began collecting monthly data in January 2002.

Provisional findings on retail Payment Protection Insurance published

Fri, 10 Oct 2008 01:00:00 +0100

The Competition Commission (CC) has published its provisional findings into retail Payment Protection Insurance (PPI).

Economic secretary announces banking liaison group

Fri, 10 Oct 2008 01:00:00 +0100

The set up of a new expert liaison group on banking has been announced.

More people seeking help with mortgage and fuel arrears

Fri, 10 Oct 2008 01:00:00 +0100

Figures just released by a national charity reveal that more people are seeking advice on how to manage mortgage and secured loan arrears and fuel debts.

New legislation to protect consumers welcomed by debt charity

Wed, 01 Oct 2008 01:00:00 +0100

A national debt advice charity has welcomed further protection provided by the Consumer Credit Act 2006.

New police unit dedicated to tackling cyber crime welcomed

Wed, 01 Oct 2008 01:00:00 +0100

The Government's announcement of a new police unit dedicated to tackling cyber crime has been welcomed by ID fraud expert.

Continued housing market uncertainty 'keeps mortgage approvals low'

Wed, 01 Oct 2008 01:00:00 +0100

According to the Building Societies Association (BSA), continued uncertainty in the housing market saw net approvals by building societies in August remain low at £2.8 bn, a 31% decline compared to August 2007.

It could take 15 years to save for a deposit

Fri, 26 Sep 2008 01:00:00 +0100

Research by an internet comparison company has shown it could take 15 years for a first time buyer to save a 15% deposit for a mortgage.

A quarter of people have difficulty in obtaining a new mortgage

Fri, 26 Sep 2008 01:00:00 +0100

A new survey by a credit information provider has reportedly reflected the current uncertainty in the mortgage market suggesting a distinct lack of confidence in future financial stability.

Bankruptcy calls to debt helpline for businesses double in last 12 months

Fri, 19 Sep 2008 01:00:00 +0100

The number of callers enquiring about bankruptcy to a charity debt helpline has more than doubled in the last 12 months.

"A good time to buy property" say more than a third of people

Fri, 19 Sep 2008 01:00:00 +0100

According to the latest property tracker survey from the building society trade association, 34% of the public thought now was a good time to buy a residential property in the UK.

Gross mortgage lending declines in August

Fri, 19 Sep 2008 01:00:00 +0100

August showed the lowest monthly level of gross mortgage lending in over three years and the lowest August figure since 2002 according to figures from a mortgage trade body.

New policy committee minutes a 'welcome shift towards a more accommodating stance'

Fri, 19 Sep 2008 01:00:00 +0100

The UK cannot afford a banking crisis and banks must be supported by adequate liquidity, according to the British Chambers of Commerce.

Fees the new battleground in the credit card market

Tue, 16 Sep 2008 01:00:00 +0100

As the market approaches saturation point in terms of 0% balance transfer deals, an internet comparison site has predicted that transfer fees will prove to be the new battleground for providers.

Faster Payments processes one million transactions in a day

Tue, 16 Sep 2008 01:00:00 +0100

More than half of all online banking and phone payments are now being processed through the Faster Payments Service.

Prepaid cards to get more popular

Tue, 16 Sep 2008 01:00:00 +0100

The popularity of prepaid credit cards has been rising amongst consumers that cannot get a standard debit or credit card.

Banking reform welcomed but government urged to get it right

Tue, 16 Sep 2008 01:00:00 +0100

The principle behind the government's banking reform proposals may look simple, but "getting the detail right is vital", according to the British Bankers' Association (BBA).

Consumer spending on credit cards falls

Mon, 15 Sep 2008 20:56:19 +0100

Consumer spending on credit cards shows large fall over first six months of the year.

New teams taking the fight to loan sharks

Fri, 12 Sep 2008 01:00:00 +0100

New specialist teams set up by the Government to crackdown on loan sharks have hit the ground running.

Financial capability programme launched

Fri, 12 Sep 2008 01:00:00 +0100

A new phase in the education of children about money management and financial matters has been launched.

Trade body responds to US move on Fanny and Freddie

Tue, 09 Sep 2008 01:00:00 +0100

The trade body of mortgage intermediaries has responded to the US Government's announcement that it would take control of the two US housing giants.

Call for new bank liquidity scheme

Tue, 09 Sep 2008 01:00:00 +0100

The Bank of England liquidity scheme to unblock the mortgage market, which ends in October, "should be replaced".

Record level of complaints to water companies

Tue, 09 Sep 2008 01:00:00 +0100

The number of customer complaints about water companies has gone up by 11% in the past year to a record level, according to a water watchdog.

Stamp duty threshhold raised for one year

Tue, 02 Sep 2008 01:00:00 +0100

From 3rd September 2008, stamp duty land tax will not apply to purchases of residential property of £175,000 or less, in an attempt to kick start the ailing housing market.

Government "should drop personal finance from maths curriculum"

Tue, 02 Sep 2008 01:00:00 +0100

A financial education charity has called on the government to drop any reference to personal finance from the maths curriculum.

Double digit fall in house prices

Fri, 29 Aug 2008 01:00:00 +0100

UK house prices have seen an annual double-digit fall for the first time since 1990, according to a recent survey.

UK personal debt exceeds UK GDP for second year running

Fri, 29 Aug 2008 01:00:00 +0100

For the second year running UK personal debt stands at a higher level than UK GDP, according to new
research.

Nationalised lender reports redundancies

Fri, 29 Aug 2008 01:00:00 +0100

A bank has announced 1,300 staff redundancies as it streamlines its operations after being nationalised.

Stamp duty issue is still causing problems in the market

Fri, 29 Aug 2008 01:00:00 +0100

A recent poll of estate agents has shown the stamp duty issue is still causing problems in the market.

New consumer credit licensing requirements to start in October

Fri, 29 Aug 2008 01:00:00 +0100

The Office of Fair Trading (OFT) is calling on businesses to be ready for changes to the consumer credit
licensing regime that come into force in the autumn.

Fixed rate deals return to pre-crunch levels

Tue, 26 Aug 2008 01:00:00 +0100

The cost of two-year fixed rate mortgages is back at the level it was in August last year when the credit crunch
first began to bite, figures showed today.

Mortgage and unsecured lending has dropped dramatically

Tue, 26 Aug 2008 01:00:00 +0100

In the past year since the start of the credit crunch, mortgage and unsecured lending has dropped by almost
£11bn.

Councils are seeking greater powers to offer home loans

Fri, 22 Aug 2008 01:00:00 +0100

Councils are seeking greater powers to offer home loans in the hope of boosting the struggling housing market
and preventing the collapse of regeneration projects in towns and cities.

Credit card spending on increase

Fri, 22 Aug 2008 01:00:00 +0100

UK consumers spent £92.6 bn on credit cards and debit cards in the second quarter of this year, an increase of
7.5% on the same period in 2007.

Scottish mortgage market slowdown less severe than the rest of the UK

Fri, 22 Aug 2008 01:00:00 +0100

The mortgage market in Scotland has contracted, but is still faring better in the unfavourable conditions affecting
the whole of UK, according to new figures just released.

Optimism for property market dampened by government's indecision on stamp duty

Tue, 12 Aug 2008 01:00:00 +0100

The latest report from the surveyors institute has highlighted that agents and consumers are still struggling in
the current climate.

Mortgage market remains subdued in June

Tue, 12 Aug 2008 01:00:00 +0100

The majority of lending continues to be on conservative terms, as lending criteria have tightened in response to
the shortage of funding and current market conditions, according to a mortgage trade body.

Unable to sell house so cannot emigrate

Fri, 08 Aug 2008 01:00:00 +0100

Record numbers of Brits who are looking to leave the country are having their emigration dreams thwarted as
they struggle to sell their UK properties.

Consumer Focus is name for new customer champion

Fri, 08 Aug 2008 01:00:00 +0100

The new body being set up by the Government to fight for the rights of consumers will be called Consumer Focus.

Mortgage lenders praise regulatory tightening

Tue, 05 Aug 2008 01:00:00 +0100

Mortgage lenders have welcomed the swift response from the Housing Corporation to the regulatory failings highlighted in the inquiry of the Ujima insolvency case and the tightening of its regulatory regime in advance of the transition to the Tenant Services Authority.

"Continuing problems" for PPI

Tue, 05 Aug 2008 01:00:00 +0100

A UK consumer group has hit out at what it claims are continuing problems with the sale of payment protection insurance (PPI) after a major lender was fined £840,000 by the Financial Services Authority (FSA).

High levels of insolvency due to lack of personal financial education

Fri, 01 Aug 2008 01:00:00 +0100

A financial education charity has warned that high levels of insolvency will continue whilst so many people lack
basic skills in personal financial management.

Over a third of people think they will never be homeowners

Tue, 29 Jul 2008 01:00:00 +0100

The spiralling cost of living and scarcity of affordable mortgages has led to millions of people abandoning the
idea of home ownership.

Building Societies get record half year savings

Tue, 29 Jul 2008 01:00:00 +0100

Building societies have achieved record figures for savings for the first half of 2008.

Fixed mortgage deals over 10 years double in last 12 months

Tue, 29 Jul 2008 01:00:00 +0100

The proportion of fixed-rate mortgages available with terms of 10 years or more has almost doubled over the
past year.

Credit union proposals welcomed

Fri, 25 Jul 2008 01:00:00 +0100

A trade body has welcomed the publication of a consultation document for the reform of credit union legislation.

Anger over overdraft delays

Tue, 22 Jul 2008 01:00:00 +0100

Analysts have hit out at a decision to delay a decision on the over the fate of overdraft charges. The Financial Services Authority (FSA) announced significant changes to the bank charges waiver, but said they would which
will remain in place for another six months.

Insolvency plans under fire

Mon, 21 Jul 2008 11:05:26 +0100

The UKs trade association for insolvency practitioners has hit back at claims made by Conservative leader David Cameron that the insolvency system needs a total overhaul.

Santander buys Alliance & Leicester

Mon, 21 Jul 2008 11:04:59 +0100

Abbey and Alliance & Leicester (A&L) have agreed to a £1.3bn deal, making Santander UKs second biggest mortgage lender.

Advice given on surviving downturn

Mon, 21 Jul 2008 11:04:22 +0100

As new figures out this month show business failures rising sharply, advice has been launched on how to stave off some of the worst effects of the credit squeeze.

Archbishop praises credit union rule changes

Fri, 18 Jul 2008 01:00:00 +0100

The archbishop of Canterbury, Dr Rowan Williams, has welcomed an announcement by the Treasury that legislation will be brought forward to assist Credit Unions.

OFT to end free current accounts?

Fri, 18 Jul 2008 01:00:00 +0100

Analysts believe that pressure from the Office of Fair Trading (OFT) will lead to the end of free current accounts in the UK, after its critical report this week.

CCA unveils information project

Tue, 15 Jul 2008 19:46:00 +0100

The Consumer Credit Association (CCA) will work with Experian to support a UK initiative encouraging the use of common information across the home credit industry.

Mortgage lenders make liquidity proposals

Tue, 15 Jul 2008 19:42:00 +0100

Mortgage lenders have drawn up a blueprint to address the funding problems in the market. The idea, which has already been submitted to the Crosby review team and to the Treasury, would help the financial system to help itself.

Santander buys Alliance & Leicester

Tue, 15 Jul 2008 01:00:00 +0100

Abbey and Alliance & Leicester (A&L) have agreed to a £1.3bn deal, making Santander UKs second biggest mortgage lender.

Call on Government to abolish stamp duty for first time buyers

Fri, 11 Jul 2008 19:39:00 +0100

The estate agents association has called on the Government to reform stamp duty to ease pressure throughout the market and restore confidence.

UK house prices fell 2% in June

Fri, 11 Jul 2008 19:34:00 +0100

UK house prices fell by 2% in June, resulting in a drop of 6.1% on last years values, with the average home costing £180,344.

Parliamentary launch for charitys new online resource

Tue, 08 Jul 2008 18:22:00 +0100

The Money Advice Trusts (MAT) new online information hub has been launched in Parliament by economic secretary to the treasury, Kitty Ussher MP.

House prices to stop falling within a year according to estate agents

Tue, 08 Jul 2008 18:18:00 +0100

Most estate agents believe that average house prices in the UK will stop falling within 12 months.

Rate of fall in house prices slows in June

Fri, 04 Jul 2008 12:53:00 +0100

The rate at which house prices fell in June was less than half the rate of the previous month, according to the latest survey by the Nationwide Building Society.

Confederation comment on banking reform to protect savers

Fri, 04 Jul 2008 12:48:00 +0100

The Confederation of British Industry (CBI) has welcomed further consultation by the Treasury on banking reform and protecting depositors.

Report on treating customers fairly

Tue, 01 Jul 2008 17:01:00 +0100

The Financial Services Authority (FSA) has published its latest update on firms' progress towards the December deadline for demonstrating that they are consistently treating their customers fairly.

Continued growth in debit card transactions

Tue, 01 Jul 2008 16:56:00 +0100

Debit cards have continued to dominate the market for card payments in the UK.

Debt advisory closed down

Tue, 01 Jul 2008 16:54:00 +0100

The OFT has revoked the consumer credit licence of Matthew St John Crossley trading as the Debt Advisory Company.

Consumer Credit

People struggling to pay for food and bills caught in a payday loans debt trap

New car finance sales up by a third in March

Bridgewater reveals customersâ partial reversion plans

CML News & Views: we need continuing commitment on arrears and possessions

Overview of Regional Labour Market Statistics Published on 16 May 2012

The Housing Hub launched to promote wider access to home ownership

Comment from PPR Estates on the latest inflation data from the Bank of England

Stamp duty effect felt well beyond first-time buyer market

UK consumers adopt self-build but lag behind Europe

First customer for Apprivo, a new mobile app from iState Systems and QTS

Wonga.com takes its automated loans service to South Africa

CFA responds to Bishop of Durham's comments about 'sinful' loans

Welsh Credit Union Veteran Appointed President of British Trade Association

Payday loans playing key role in Britons' financial management - survey reveals

Landlords remain optimistic according to latest CHL survey

Hondaâs Philip Ross appointed new FLA chairman

VocaLink Take Home Pay Index growth falters for public sector

Minister, Nick Hurd, supports Move Your Money UK's campaign to build a better banking system

Expansion report for credit unions welcomed

Martin Wheatley addresses the Building Societies Associationâs Annual Conference

Comment from PPR Estates on today's CML mortgage arrears/repossession statistics

Unique Innovation From Touchstone Financial Analytics Empowers Financial Services Providers

New BSA Chairman elected

Buy-to-let in the first quarter of 2012

Retail sales dampened by dismal April

Paradigm launch product exclusives with Chorley Building Society

May Debt Statistics reveal that average household debt rose for the second time in three months

BRC Queenâs Speech reaction

Challenges ahead for consumers as financial services changes, warns BSA Chairman

FLA figures show signs of a gradual improvement in consumer credit markets

Virgin Media launches mobile e-billing solution from ebpSource

NCI joins the astl

NCI becomes latest associate member of astl

Two firms acquired by Perspective Financial Group

Bridgewater announce Equity Release Advice Masterclass

GE Money Home Lending and Phoebus Software celebrate 10 years

Food inflation slows sharply

Rebuilding trust and confidence

Carcraft Statement re FSA Ruling

New Research Launching into Attitudes and Usage of the Mobile Wallet

FSA fines car supermarket for PPI sales monitoring failings

New advice guide explains credit card rights

Further growth in retail sales in Scotland

CML News & Views: flooding insurance

How to stem rising unemployment across Europe

Lending and approvals jump in March

'Advisers should tackle common reversion misconceptionsâ, say Bridgewater

Data centre move marks new beginning for Provident Financial

Latest ombudsman news 102 is out now - features credit complaints, money transfer mishaps and more

House prices up for second month in a row

ABCUL supports campaign against unscrupulous claims management companies in PPI claims

Polls apart on payday

Retail jobs fragile in face of recession

Double dip a blow to consumer mood

Salaries down by an average of Â£121 per month compared to three years ago

MPâs attack on payday lenders branded âmisleadingâ by Ferratum UK

Household income stretched too far?

Firm offers paid time-out... for staff who get stuck in

Stamp duty deadline boosts March lending for house purchase

BRC release - Retail conditions remain tough despite March boost

New mortgage rules set to âtrapâ borrowers

MAT comments on misleading trading names

Enness Private Clients enjoys strong first quarter due to overseas investment

OFT issues guidance on misleading trading names

Treasury Committee publishes report into 2012 Budget

CML News & Views: what's happening to "mortgage prisoners"?

CHAPS Co appoints new Managing Director

Shawbrook Bank transitions to managed service on Sopraâs Mortgage Savings Suite

SRC-KPMG Scottish Retail Sales Monitor: Sun coaxed out reluctant Scottish shoppers

www.tcfinfo.co.uk delivers 2697 completed questionnaires to FSA as collective broker feedback on MMR

New discount site to point low income households towards Credit Unions

Calls to National Debtline about telephone debts have increased 150 per cent since 2007

BRC-Google Online Retail Monitor Q1 2012: retail searches from overseas up 57 per cent

First-time buyer numbers increased in February

Hometrack looks beneath the headlines of the rental market

Online retail searches from overseas up 57 per cent

Government approach to tobacco regulation 'crazy'

One arrested as FSA continues to clamp down on unauthorised business

Ikano Provides Even More Comfort for DFS Customers

Bridgewater reveals customersâ partial reversion plans

Hondaâs Philip Ross appointed new FLA chairman

Martin Wheatley addresses the Building Societies Associationâs Annual Conference

BRC Queenâs Speech reaction

'Advisers should tackle common reversion misconceptionsâ, say Bridgewater

MPâs attack on payday lenders branded âmisleadingâ by Ferratum UK

New mortgage rules set to âtrapâ borrowers

Shawbrook Bank transitions to managed service on Sopraâs Mortgage Savings Suite

Credit Actionâs April Debt Statistics reveal stalling of household debt

â¨Credit markets still fragile, says FLA

BBA chief executive Angela Knight to step down â¨

Credit Action participates in its first ever âchallenge dayâ

Stonebridge announce strategic â¨partnership with SFS Recruitment

Lancashire company director disqualified for giving banned father directorâs duties