Consumer Credit

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

The Financial Ombudsman Service – the independent organisation that settles disputes between consumers and financial companies – today publishes its annual review covering the 2009/10 financial year. The review shows that during the year, the ombudsman:

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

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 2009.

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

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 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.

Consumer Credit

FSA bans insurance broker David Marriott for persistent misuse of client money

FSA fines Moneywise IFA Limited for advice failings in relation to platforms

4 million benefit recipients still prevented from using UK cash machine network

Godiva strengthens its position in the prime residential market

Confusing benefits leave some indebted families out of pocket

Falling credit demand reflects economic uncertainty

Home-ownership - the end of a golden era or start of a new age of aspiration?

New reports reveal all about payments in the UK

Lend and Borrow on YES-secure to Win Exciting Freebies

Connections on YES-secure.com give better rates for borrowers and higher returns for lenders

Gross mortgage lending up 5% in July

Public invited to vote on ideas to make savings

MPC August minutes - comments from Nick Hopkinson, Property Portfolio Rescue

Credit unions highlighted as alternative to payday lending by Consumer Focus

CBS to focus on Coventry Intermediaries following merger

More than 250,000 use forecourt finance for car purchases this year

Veri-check selects Equifax to help landlords with tenant verification & credit checking

Beating the Banks â A new way for Lenders and Savers to make Inflation beating Returns

Crown Mortgage Management comment on CML arrears and possessions figures

Debt charity warns of rise in repossessions

Repossessions see continued decline

CML reports second quarter buy-to-let results

Second-charge mortgage lenders repossess 50% fewer properties

CML reports decline in arrears and repossessions

PPR Q2 âdistress indexâ confirms housing market mood swing

Fixed rate mortgages gained popularity in June

Local authorities able to sell renewable energy to the National Grid

Co-operatives UK press statement - A co-operative BBC

FSA confirms measures to reform PPI market and protect consumers

Co-operatives UK press statement - Co-operative pubs

One in three Brits opt for budget holiday this year

Debt levels are 'tip of the iceberg'

Take Home Pay Index increases to 0.8% but is dwarfed by 3.2% inflation

Coventry reduces rates by up to 0.24% on fixed rate mortgages

FSA confirms Stroud & Swindon Building Society merger with the Coventry Building Society

All in Property calls for Contractor Code of Conduct to support MMR

SAV Credit completes senior management team for growth

Landlords increasingly uncertain about BTL market outlook

Cabot Financial awarded Bronze status by Investors in People

Over 2 million holidaymakers in debt over holiday

VocaLink provides Metro Bank with ATM Managed Services and Service Bureau connectivity

Do you really know who your Facebook friends are?

CML comments on Bank of England mortgage data

Gross lending at mutuals up 19% in June

Total UK personal debt UK Debt Statistics - August 2010

Metro Bank joins LINK ATM Network

Noble Systems Receives â2010 IP Contact Centre Technology Pioneerâ Award

Business Growth Day for Daviker's TouchStar Customers

Fall in consumer credit spending reflects economic uncertainty

GCS Recruitment launches Banking & Financial Services division

FLA responds to regulatory reform of financial services

Roger Liddell to retire in 2011

FSA implements new powers granted by Financial Services Act 2010

European Stress Testing results 5pm today - SAS comment?

âDebt Consolidationâ and âStudent Feesâ most popular loans approved through ...

Avoid exorbitant overdraft charges with a Credit Union Current Account

OFT launches consultation on online consumer protection

HSBC chooses Target to manage investment portfolio

Gross mortgage lending up 15% in June

Precise Mortgages Cuts Product Fees

REC response to latest unemployment figures

Monetary Policy and Financial Stability Speech by David Miles

Spanish formula launched for UK football clubs

Coalition Government launches consultation document on Bank Levy

Consumer credit review provides an opportunity to streamline regulation

Liberal Democrat MEP Sharon Bowles named as most influential woman in European finance

Review of consumer credit announced

Hitachi Capital Consumer Finance announces record growth

UK ATMS open to German girocard holders

YES-secure successfully approves its first three Social Lending Loans

Movers spend lowest ever average proportion of income on their mortgages

Adeptra advisory round table highlights new era of consultative customer communication

VocaLink Take Home Pay Index edges up by just 0.1 percentage points in June

Euro MP Sharon Bowles hails victory over bankersÂ´ bonuses and casino banking

International Co-operative Alliance names Charles Gould as Director-General

FSA announcement of new rules to protect vulnerable customers in arrears

Avoid spiralling debt with summer saving tips

Minister sets out Government support for credit unions and mutuals

Coventry Building Society works with local schools to promote financial literacy

Beating the Banks â A new way for Lenders and Savers to make Inflation beating Returns

PPR Q2 âdistress indexâ confirms housing market mood swing

Noble Systems Receives â2010 IP Contact Centre Technology Pioneerâ Award

âDebt Consolidationâ and âStudent Feesâ most popular loans approved through ...

Pioneering âformula for co-operationâ launched in the UK

National Payments Plan â a two-year progress update

Speech at The Lord Mayorâs Dinner for Bankers & Merchants of the City of London

New report shows income inequality set to get worse for 7.2 million âsqueezed middle'

Co-operatives UK comment on Lambeth Councilâs plans to become The Co-operative Council