Latest News

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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...
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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...