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UK Cash System at Risk of ‘Falling Apart’

A review by finance experts has warned that the system that allows people to use cash within the UK could potentially ‘fall apart.’ The experts have stated that a new ‘guarantee’ is needed in order to ensure that people can still use cash, and they have urged the government and regulators to ‘step in’ to do this. The report – named...View Post

Computer Disaster Causes TSB Substantial Loss

TSB has reported a loss of £105.4m last year after its IT upgrade when disastrously wrong, costing the bank £330.2m. In 2017 the bank reported a profit of £162.7m, however, the upgrade which potentially caused around 80,000 customers to switch their accounts from TSB, caused a substantial loss for the bank last year. The upgrade saw thousands of the banks’ customers left...View Post

Bank Branch Closures Affect 13 Million People

Analysis carried out by the BBC has revealed that around 13 million adults living within the UK are residing in areas where ‘at least’ half of the local bank branches and building societies have closed down. Since 2010, around 6,000 local branches have shut down, a number which has been described as ‘alarming’ by consumer group Which? More and more branches have been...View Post

RBS in Bottom Place of Banking League Tables

Rankings from the Competition and Markets Authority have shown Royal Bank of Scotland (RBS) to be bottom of banking league tables. According to rankings, less than half of RBS customers have said they would recommend the banks customer service to their family or friends. RBS have come joint last with Clydesdale in the personal banking table, and solo last of...View Post

Extra £460m PPI Compensation Set Aside by Lloyds

Lloyds Banking Group has announced it has set aside a further £460m for Payment Protection Insurance (PPI) compensation. As the August 2019 deadline slowly approaches for reclaiming PPI, it seems lenders are ensuring they have enough provisions set aside to handle the expected surge of last minute claims that will be coming their way. Lloyds stated that up until August 2019, it...View Post

Ombudsman Complaints Relating to Loans Rise 40%

The Financial Ombudsman Service (FOS) has advised that complaints relating to borrowing have risen by as much as 40% in just one year. More and more concerns are being taken to the Ombudsman with relation to how lenders are treating their customers who have taken out high-cost loans and over one third of the complaints made have been upheld in favour...View Post

Payday Loan Compensation

Have you ever taken out a Payday Loan? If you have, you could be due compensation from the Lender you had this with. During April 2014, The Financial Conduct Authority (FCA) took over the regulation of the Payday Loan industry, and since then, the sector has found itself having to repay millions to its clients after it irresponsibly gave out loans. ...View Post

Government ‘Steps Up’ Crackdown on Loan Sharks

A government ‘crackdown’ on illegal lenders who are thought to be targeting vulnerable people is set to be stepped up. £5.5m has been set aside to fund investigations and prosecutions of those deemed to be “nasty lenders” and “lowlife crooks” by the Treasury. The money will also be used to fund support for the victims of these illegal lenders. In...View Post

FOS Allowing Computers to Decide PPI Complaint Outcomes

With the Payment Protection Insurance (PPI) claim deadline set for August 2019, more people than ever are attempting to claim compensation for the mis-sold product. However, it seems that the Ombudsman - who is supposed to be there to support claimants reach fair outcomes - is finding itself in more and more controversy. When a claimant and lender cannot agree on...View Post

EY Item Club Predicts Two Rises in Interest Rates for 2018

Forecasting body, the EY Item Club, have predicted that the Bank of England is likely going to raise interest rates twice this year, and twice next. Governor of the Bank of England, Mark Carney, stated that it is “likely” rates will rise this year, however, added that increases will be “gradual.” However, the forecasting body believes a ‘tight labour market...View Post