Latest News

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Firms have improved complaints handling and are reopening millions of old complaints to ensure fair redress is paid, the Financial Conduct Authority (FCA) has reported. In an update on its Payment Protection Insurance (PPI) redress work, it said banks,...
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The Seychelles has committed to automatically exchanging tax information, the Government announced yesterday (28 August). It becomes the 46th country to join the initiative launched by the G5 countries of the UK, France, Germany, Italy and Spain. The new...
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Deutsche Bank AG London Branch (Deutsche) has been fined £4,718,800 for incorrectly reporting transactions between November 2007 and April 2013, the Financial Conduct Authority (FCA) announced yesterday (August 28th). The bank failed to properly report...
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Lending to small and medium-sized firms (SMEs) via the government's Funding for Lending Scheme (FLS) fell again in the second quarter of the year, according to new figures from the Bank of England. Net lending to SMEs dropped by £435 million, while...
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High Street banks have reported a rise in savings deposits in July following the launch of New Individual Savings Account (Nisa) rules, according to figures from the British Bankers' Association (BBA). Savers deposited £4.9 billion in Nisas in July...
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Half of UK households will have to cut spending this year, Citizens Advice has warned. The charity said that expected rises in interest rates will need to be “slow and steady” to help families meet housing costs. New research...
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A review of the Tax and Procurement policy that came into effect from 1 April 2013 has been published by HM Revenue & Customs (HMRC) yesterday (26 August). It explored whether the policy is having the intended effect of encouraging tax compliance from...
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Parents should check if their two-year-olds will be eligible for free childcare when the amount on offer doubles next week, the Government said yesterday (26 August). From next week, around 40% of two-year-olds will be entitled to 15 free hours of...
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The Royal Bank of Scotland and NatWest have been fined £14,474,600 for serious failings in their advised mortgage sales business, The Financial Conduct Authority (FCA) announced today (27 August). It explained the firms failed to ensure that advice...
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Banks and other financial institutions are at risk of bombarding customers with too much financial jargon they don’t understand, according to new research. The National Savings and Investments (NS&I)'s survey shows that only 67% of Britons know...
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The cost of a first-time buyer owning a home in the UK is now on average £110 per month lower than renting or £1,316 per year, new research by banking chain Halifax reveals. The average monthly mortgage costs associated with owning...
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People who turn 65 this year can expect to spend nearly 20 years in retirement, according to new research. Prudential analysis of Office for National Statistics estimated life expectancy data shows that someone who celebrates their 65th birthday in 2014 can...
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UKIP has outlined the tax strategy that will comprise a key part of its General Election manifesto next year, with the party pledging to cut taxes and take low earners completely out of income tax. According to Nigel Farage, leader of UKIP, the policies will...
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HM Revenue and Customs has unveiled a list of the names, addresses and penalty fines of the UK's tax evaders, totalling more than £30 million in unpaid tax. In an effort to scare tax dodgers, the Government is publishing the details of both...
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The value of household savings has risen by more than 500% over the past 40 years, according to the latest figures. Data from Lloyd's shows that the value of savings, including deposits, savings and pensions, is now 539% higher in real terms than it was...
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Half of UK homeowners are unconcerned about a potential interest rate rise and the impact that it could have on their monthly mortgage repayments over the next 12 months. This is despite the consensus that the first Bank of England base rate rise since July...
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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). ...