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Latest Stress Test Set by Bank of England

The Bank of England has told the biggest banks in the UK to prepare themselves for its latest stress test, which will include a ‘wide range of challenges’. The seven major lenders set to take part in this are HSBC, Lloyds, Barclays, RBS, Standard Chartered, Santander UK and Nationwide, and each will have to prove… View Article

Lloyds Sets Aside Further PPI Provisions

A further £350m has been set aside by Lloyds banking group in order to compensate their UK customers for mis-sold Payment Protection Insurance (PPI). The bank is blaming both the introduction of a deadline for making a PPI complaint and also ‘extra requirements’ from the Financial Conduct Authority (FCA) for these further compensation provisions. This… View Article

PPI Dominates Ombudsman Workload as Deadline Announced

With the PPI deadline announced for 29th August 2019, Payment Protection Insurance complaints continue to dominate the workload of the Financial Ombudsman Service (FOS). The deadline has been announced from the Financial Conduct Authority (FCA) and the regulator has also issued guidance for firms with relation to how they should handle any claims which relate… View Article

RBS Suffers Further Losses

Royal Bank of Scotland have suffered an annual loss of £7bn as a result of past problems, which are still weighing on its performance. This is the ninth year that RBS have been unsuccessful in making a profit, and this amount has come in at more than treble the banks 2015 loss of £2bn. The… View Article

Barclays Profits Up

Barclays Bank have announced a profit before tax of £3.2bn for 2016, which is an increase from £1.1bn the previous year. The increase is thought to be due to the bank making ‘strong progress’ in restructuring. Changes made by bank within its reorganisation have so far included selling parts of its business that is has… View Article

Martin Lewis Warns of Approaching PPI Deadline

Money expert, Martin Lewis, recently announced in ITV’s The Martin Lewis Money Show that the PPI deadline is fast approaching and that people should be making claims ASAP if they haven’t already done so. Mr Lewis encouraged people who had not yet claimed compensation for Payment Protection Insurance to make this a priority, as there… View Article

Personal Borrowing Figures ‘Stall’ During December 2016

Latest figures from the Bank of England have shown that during December, the ‘growth of personal borrowing’ stalled slightly. The month also witnessed the lowest increase in outstanding personal debt since May 2015, which rose by £1bn to £193bn. Recently, Mark Carney, Governor of the Bank of England, warned of how personal borrowing was increasing… View Article

Consumers Struggle to Keep up Debt Repayments

It has been reported that the number of borrowers struggling to repay their loans and overdrafts increased at the end of 2016. The level of unsecured debt has recently been increasing ‘at its fastest pace’ for 11 years, and default rates on unsecured debt rose during the final three months of the year according to… View Article