Latest News

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Some promotions for financial products are falling short of regulations and firms need to do more to ensure that advertisements do not mislead consumers, the Financial Conduct Authority (FCA) said yesterday (13 August). Since 1 April, the FCA has reviewed...
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A rise in the tax-free personal allowance to £12,500 during the next Parliament is being proposed by the Liberal Democrats, along with an increase in the National Insurance threshold to the same level. The £2,000 allowance rise would be worth...
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Employers and voluntary sector organisations should engage with credit unions to help them provide affordable credit and responsible financial services in their communities, the Economic Secretary to the Treasury, Andrea Leadsom, said yesterday (12 August)...
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A full-blown economic recovery will not resolve the UK's youth unemployment problem, according to the Institute for Public Policy Research (IPPR). In its latest report, the think tank said despite steady falls in unemployment, there are still 868,000...
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UK lending in June remained driven primarily by lending for house purchases, rather than remortgaging, according to new data from the Council of Mortgage Lenders (CML). Total gross lending in June grew by 6% on the month to £17.9...
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"Radical changes" to the child maintenance system were implemented yesterday (11 August), the Department for Work and Pensions (DWP) has announced. It has launched an online banking-style self-service facility, enabling parents to keep track of...
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Millions of working age people in the UK could secure a financially comfortable retirement by making only "modest changes" to their saving habits, according to new research published on Friday (8 August) by the Department for Work and...
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Almost 10,000 people who had their benefits capped have now moved into work or stopped claiming Housing Benefit entirely, according to new official statistics. This means more than 500 people affected by the cap have moved into employment every month on...
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There has been a 14% increase in consumer finance new business in the UK compared with June last year, along with a 13% increase in the first half of 2014, according to new figures released yesterday (7 August) by the Finance & Leasing Association (FLA). ...
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The Government’s planned reforms to how HM Revenue & Customs (HMRC) notifies taxpayers about changes to their PAYE tax code has drawn criticism from the Low Incomes Tax Reform Group (LITRG). It said it fears that these amendements will lead to more...
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Reducing immigration into the UK will have strong negative effects on the economy and would result in an income tax hike, according to a new study. A paper published on Monday (4 August) by the National Institute of Economic and Social Research (NIESR)...
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The Financial Conduct Authority (FCA) yesterday (5 August) published its guidance consultation on the Financial Policy Committee's (FPC)’s recommendation on loan to income ratios in mortgage lending. It should ensure that mortgage lenders do...
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Council house tenants will now benefit from higher Right to Buy discounts, and be guided through the homebuying process, the Department for Communities and Local Government (DCLG) announced yesteday (5 August). A team of Right to Buy advisers will offer free...
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Some $367 million (£218 million) of interest payments are to be paid back by HSBC to UK customers owing to mistakes in paperwork for personal loans, it was announced yesterday (4 August). The bank said in a statement that it failed to include...
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Almost half (47%) of credit card customers in the UK have been offered a higher credit limit in the last year even if they did not ask for one, according to research conducted for the Debt Advisory Centre Scotland. More than two-thirds (67%) agreed to the...
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Government reforms to stimulate low carbon energy investment and reduce bills have passed into law, the Department of Energy & Climate Change has announced. National Grid, the Low Carbon Contracts Company and the Electricity Settlements Company have been...
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UK families who have to renew their tax credits will benefit from a deadline extension, HM Revenue & Customs (HMRC) has revealed. It said that due to Public and Commercial Services Union member industrial action plans for 30-31 July, the tax credits...
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The growth in house prices is starting to ease, according to the building society Nationwide. Prices increased by 0.1% in July, the slowest pace since April 2013. While the annual house price growth remains in double digits, it has slowed to 10.6% from 11.8%...
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Three payday loan adverts have been banned by the Advertising Standards Authority (ASA) following a complaint made by Citizens Advice earlier this year. The adverts from Peachy, Loan Monarch and Spends4u cannot be shown again in their original form because...
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The Government’s proposal to allow HM Revenue & Customs (HMRC) to bypass the courts in order to collect tax and tax credit debt it assesses to be due would be contrary to the rule of law, according to the Low Incomes Tax Reform Group (LITRG). ...
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Joint consultation papers aimed at improving individual responsibility and accountability in the banking sector were published yesterday (30 July) by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The two bodies are...
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Lloyds Bank plc and Bank of Scotland plc (BoS) have been fined £105 million for serious misconduct relating to the Special Liquidity Scheme (SLS), the Repo Rate benchmark and the London Interbank Offered Rate (LIBOR), The Financial Conduct Authority...
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The Insolvency Service has referred the administrators of failed high street retailer Comet to their regulatory body, Business Secretary, Vince Cable, announced on Friday (25 July). Christopher Farrington, Nicholas Edwards and Neville Kahn, insolvency...
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The tax credits renewal deadline is less than one week away, HM Revenue & Customs has warned. It said yesterday (24 July) that failure to renew will result in claimants losing their payments. More than 865,000 UK residents have still not renewed their...
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Around 16,000 tax avoidance scheme users are being given the opportunity to pay the tax they owe now or risk facing bigger tax bills and heavy legal costs, HM Revenue & Customs (HMRC) said yesterday (24 July). On average, each of the users of the...