Latest News

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Some 8.8 million adults are over-indebted and a "relatively benign" rise in interest rates has the potential to double the number of households facing debt problems, a think tank has said. A report by the Resolution Foundation stated the UK had...
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Pension scams are on the increase in the UK, the Pensions Regulator warned on Friday (25 July). It asked all schemes to include its 'Scorpion' leaflet in their next annual statement to all members, and to any member who requests a transfer in the...
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Some 315,000 people in the UK are too poor to go bankrupt, according to a new report from the Centre for Social Justice (CSJ), which states that a £525 fee to declare bankruptcy is stopping many people from doing so. An uncompetitive financial services...
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Bills of sale - otherwise known as logbook loans - will be included in the Law Commission review, Citizens Advice announced yesterday (23 July). These finance products are to be put under scrutiny following a Citizens Advice campaign to change the law.  ...
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The Government’s Equitable Life Payments Scheme (ELPS) has now issued £973 million worth of payments, HM Treasury said yesterday (22 July). Since April 2014, the scheme has paid a further 17,000 policyholders, reaching a total of 877,000 (out of...
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The flaws in the Employment and Support Allowance (ESA) system are "so grave" that simply "rebranding” the assessment used to determine eligibility by appointing a new contractor will not solve the problems, says the Work and Pensions...
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Essential parts of the UK retail banking sector lack effective competition and do not meet the needs of personal consumers or small and medium-sized enterprises (SMEs), two studies by the Competition and Markets Authority (CMA) published today (18 July) have...
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HM Revenue & Customs's High Net Worth Unit – a specialist division which deals with the tax affairs of the UK’s wealthiest individuals – has brought in £1 billion in compliance yield, it has been revealed. The unit, which was...
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The pace of lending growth slowed in June, according to new figures from the Council of Mortgage Lenders (CML). Gross mortgage lending reached £17.5 billion in the UK last month, which is 4% higher than May (£16.8 billion), 17% higher than June...
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Automatic enrolment could more than double the number of employees saving in Defined Contribution (DC) schemes by 2030, according to the Pensions Policy Institute (PPI). It is today (17 July) publishing a report that analyses the potential effects...
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A list of more than 800 schemes designed to avoid tax has been published by HM Revenue & Customs (HMRC). It consists of a series of numbers, known as Scheme Reference Numbers (SRNs), allowing the tax-payers involved to identify the relevant scheme. As...
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Some price comparison websites operating in the general insurance sector are failing to meet consumers’ expectations and - in some cases - regulatory standards, the Financial Conduct Authority (FCA) has revealed. In a thematic review published...
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People using payday lenders and other providers of high-cost short-term credit will see the cost of borrowing fall significantly under new proposals, the Financial Conduct Authority (FCA) announced today (15 July). These include setting up a cap on payday...
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Payday lender Dollar, trading as The Money Shop, has agreed to refund over £700,000 of interest and default charges to 6,247 customers who, due to a systems error, received a loan amount which exceeded Dollar’s own lending criteria, the Financial...
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Guidance to support firms wanting to provide simplified advice or sales without a recommendation has been published by the Financial Conduct Authority (FCA) on Friday (11 July). The document has been issued following ongoing FCA policy work and the output...
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A series of new trials will help claimants get ready for Universal Credit, the Minister for Welfare Reform announced yesterday (10 July). Jobseekers will get extra help to get online and manage their finances on a monthly basis. The trials will be...
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A review of how firms use dealing commission - the charges paid by consumers for executing trades and external research - was published yesterday (10 July) by The Financial Conduct Authority (FCA). It found too few firms properly assess the value-added and...
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The Government has reduced the total annual net cost to business of regulation by £1.5 billion, Business Minister, Michael Fallon, confirmed yesterday (9 July). He said that the state is stripping back unnecessary rules that restrict enterprise and act...
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British house prices were down last month after rebounding in May, a new survey from mortgage lender Halifax has revealed. House prices fell 0.6% in June 2014 compared with the month before, when prices rose 4%. This was the fourth monthly fall...
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The Office for National Statistics' (ONS') monthly estimates of GDP suggest that output grew by 0.9% in the three months ending in June 2014, the National Institute of Economic and Social Research (NIESR) has revealed. This comes after a 0.7%...
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An EU-wide interconnection of national insolvency registers linking up databases from seven EU Member States was launched yesterday (7 July), the European Commission has announced. These are Germany, Estonia, Czech Republic, Netherlands, Austria, Romania and...
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"Clear and simple" complaints process information for social tenants is now available online, Housing Minister, Kris Hopkins, announced yesterday (7 July). He added there must be no delay in resolving issues where they arise and that tenants need...
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Data based on responses from 100 leading graduate employers reveals an 11.6% increase in job openings this year, market research from High Fliers has revealed. The graduate job market has now recovered to its pre-recession peak. The UK's top employers...
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The self-employed must not overlook the July 31 self-assessment tax payment deadline before their summer holiday getaway, or risk hefty fines when then return home, the Association of Chartered Certified Accountants (ACCA) has said. The accountancy body...
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Employees who started work in the 1990s were 40% better paid in the first 18 years of work than those who started in the 1970s, new figures from the Office for National Statistics (ONS) reveal. In 2013, those aged 38 had the highest average earnings, at...