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Lower Income Households Face Debt Fears

Lower Income Households Face Debt Fears Research has shown that out of the lowest-income households in Britain, a third of them possess credit card debt and loans which exceed their assets. Within the UK, unsecured borrowing has been rising by almost 10% a year, which includes overdrafts, loans and credit cards, and these debts are becoming increasingly difficult for families to...View Post

‘Open Banking’ Threatens Traditional Banking

Chief Executive of Clydesdale and Yorkshire Banking Group, David Duffy, claims new rules under 'Open Banking' may see certain banks disappear over time. Mr Duffy believes banks will need to undergo 'radical changes' if they want to survive 'amid challenges from technology firms.' Open Banking means that as of the 13th January this year, customers will be able to...View Post

Is New Technology ‘Square’ The Answer to Bank Branch Closures?

During 2017, the four major high street banks in the UK either closed, or announced to close, a combined total of 948 branches. Advances in technology took the blame for the high number of closures, as the banks claimed their customers preferred to use online banking and smartphone apps. During 2017, RBS (including NatWest) closed or announced the closure of 471 of its branches,...View Post

Billions of Pounds Worth of PPI Compensation May Remain Unclaimed

It is believed that billions of pounds worth of compensation money could be at stake as over 80% of Brits do not know when the PPI deadline is. Earlier this year, 29th August 2019 was announced as the cut-off date for people to make a Payment Protection Insurance (PPI) claim, which now leaves around 19 months for people to get their claims in. ...View Post

FOS to Halve Complaint Times

The Financial Ombudsman Service (FOS) is set to up its game in 2018, as it announces it will aim to resolve at least half of all complaints in half the time it currently does. The ombudsman announced in its draft plan and budget for 2018/19 period that it aims to deliver an answer - except for highly complex complaints - within 9 days....View Post

RBS to Close 259 Branches

As more and more customers turn to online banking services, RBS has announced it will close 259 of its branches. RBS, which is currently 71% owned by the taxpayer, has said that it will close 62 of its Royal Bank of Scotland branches and 197 of its NatWest branches, which, combined, will result in a loss of around 680 jobs. However, the bank has said...View Post

Old £10 Not ‘Legal Tender’ from March 2018

People are being encouraged to spend any old £10 notes before 1 March 2018, as the Bank of England announces they will then no longer be 'legal tender'. Charles Darwin was replaced as the face of the £10 note back in September 2017 by novelist, Jane Austen, as the second polymer note was released. The £5 polymer featuring Winston Churchill was the first of the new...View Post

Past Six Months Sees Rise in PPI Complaints of 24%

The Financial Conduct Authority (FCA) have stated that Payment Protection Insurance (PPI) complaints have risen to their highest level in three years. The regulator said that during the first half of 2017 these complaints have risen by 24% when compared with figures from the previous six months. The first six months of this year saw a total of 1.11million PPI complaints being...View Post

FCA Warns Over Treating PPI Claimants Fairly

The Financial Conduct Authority (FCA) has warned Britain's banks that they must treat people fairly when it comes to claiming compensation for Payment Protection Insurance (PPI). The regulator has warned that if banks do not comply then they will face 'punitive measures,' which will include the taking of action against their directors. The warning comes to ensure that the...View Post

Rescue Rules Set Out by Bank of England

The latest 'Purple Book' has now been published by the Bank of England, which states how banks should prepare themselves for a crisis. The books aim is to attempt to protect taxpayers from costs should there be a big bank collapse and includes the Bank's thoughts on regulation as well as the required monies that must be set aside for...View Post