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Regulator fines stockbroker

The UK’s financial regulator, the Financial Services Authority, has fined a city stockbroker over selling risky shares to inexperienced investors and elderly customers. The stockbroker has been fined £250,000 by the Financial Services Authority, which claims that the case is one of the worst it has ever come across. According to reports the stockbroker was using high pressure tactics to get vulnerable customers to invest in risk shares. The stockbroker firm is called Square Mile Securities, and was previously known as Halewood International Futures. Read more

The gap between the North and South widens

According to recent data the difference between property prices in the North and the South of England is getting greater and greater, leaving an ever-widening gap when it comes to property prices in different parts of England. Recent figures indicate that the gap between property prices in the North of England and those in the South of England has widened by over £15,000. Read more

Woman owes thousands after becoming victim of scam letters

A woman from the Derbyshire area has found herself in £30,000 worth of debt after falling victim to scam mail over a period of ten years. The elderly woman stated that she wanted to remain anonymous, and she has recently had to approach her son for help after realising just how much debt she was in. Read more

Thinking of booking your annual holiday?

With Christmas and the New Year now over many people will be thinking about getting their annual holiday booked up, whether it is a spring vacation to help shake off the cobwebs of winter or a fantastic summer holiday in some far flung destination. One problem that many of us encounter at this time of year however is finding the cash to pay for a holiday. Having shelled out for the expenses of Christmas and the New Year most of us are struggling to find money to pay the bills never mind book a holiday. Read more

Loved ones don’t always offer sound advice

When it comes to getting financial advice many people go to a trained and experienced professional in order to get advice relating to different areas of finance. However, many others decide to take the advice of friends and family members, and although loved ones may have the best of intentions a recent survey shows that it is not always the best idea in the world to expect friends and family members to offer advice on something as important and potentially complicated as finances. Read more

Loss of personal and sensitive data should be an offence

A group of MPs has stated that agencies and firms found to have recklessly or repeatedly lost sensitive and personal data should be charged with a criminal offence. Members of the Justice Select Committee are calling for more stringent laws and increased powers when it comes to loss of sensitive data, stating that the level of recent incidents involving the loss of personal data has highlighted the need to take action with regards to this type of incident. Read more

Fall in level of confidence over house prices

A recent report has shown how the level of confidence in future house prices in the UK has tumbled compared to last year. The recent survey was carried out by This is Money and shows that consumer confidence levels when it comes to house prices in the UK has taken a real battering over recent weeks. Four thousand people were involved in the survey, and the results showed that three quarters of those responding expected house prices in the UK to fall over the coming year. Read more

Debt charities get ready for enquiries

With Christmas well and truly over for another year debt charities and agencies such as the Citizen’s Advice Bureau are now preparing themselves for the mass influx of debt related enquiries that is expected across the UK. The Christmas season will have seen many consumers overspend on credit cards and through other forms of finance, and as a result many will now face severe financial difficulties as the New Year kicks off, with many being forced to seek advice in order to try and sort out their financial woes. Read more

Research shows house prices to fall by £8000 this year

According to recent research house prices in the UK are set to fall by an average of £8000 over the course of this year. The research was carried out for the Daily Telegraph and indicates that there will be a minimum drop of £8000 in the average house price in the UK, with a 4% fall expected. If these predictions come true this will be the first annual fall in fifteen years. This adds further fuel to the many predictions that have already been made in relation to falling property prices. Read more

Sensitive data loss blunder continue

In an age where most people are concerned about becoming victims of fraud and identity theft it seems that authorities and companies are doing nothing to help the problem. Over recent months there have been many instances of sensitive data being lost by places such as HM Revenue and Customs, the Department of Work and Pensions, and the DVLA, amongst others. And now there is another admission of sensitive data loss, with the Skipton Building Society admitting that the details of around fourteen thousand customers has been lost. Read more

Consumers afraid to open post

Following the rush of mad spending over the Christmas period many consumers in Britain are now shying away from opening their post, nervous about what they will find in terms of bills and statements. A survey was carried out by the Financial Services Authority in the post Christmas calm, and unsurprising many consumers who may have gone overboard on the Christmas spending are now dreading the post arriving on their doorsteps in the New Year. Read more

Are you receiving poor financial advice from loved ones?

According to a recent report based on research carried out by Birmingham Midshires, nearly 20% of people in Britain have received poor financial advice from friends or family members, which has then resulted in them suffering financial losses and emotional problems. As part of the study over 2000 consumers were polled to ask for their opinions on taking financial advice from family and friends. Read more

Another data loss blunder

Over recent months there have been more and more stories hitting the headlines with regards to loss of sensitive data, and it seems that the blunders keep occurring time and time again. Just a few weeks ago HM Revenue and Customs admitted the loss of two discs containing personal and bank account details of twenty five million people. This came just weeks after thousands of consumers’ pension details were lost on disc whilst being sent to Standard Life, the company through which they had their pension plans. Again, the discs were being sent from HM Revenue and Customs. Read more

Tough times for borrowers in the run up to Christmas

According to a recent report borrowers are set to face tough times in the run up to Christmas this year, with increased difficulties when it comes to getting credit. The problems are set to continue well into 2008 according to officials, as lenders tighten up on their lending policies and try to protect themselves in the wake of the credit crunch that has swept across the UK in recent months. Read more

Massive cash reward offered for return of HMRC lost discs

According to a recent report a massive £20,000 reward is now being offered for the safe return of the two discs that were recently lost by HM Revenue and Customs.

The discs were being sent to the National Audit Office, and contained the banking details of 25 million consumers. Although a massive operation to recover the discs was put into place there has been no sign of the lost data, and the search for the discs is now drawing to an end, prompting authorities to offer a rewards as a last resort in order to try and recover the sensitive data. Read more

Consumer confidence takes a hit due to credit conditions

A recent report has shown how consumer confidence in the UK has taken a hit over recent weeks due to the difficult credit conditions and turmoil in the financial markets. The effects of the credit crunch that has wreaked havoc in the UK since August has taken its toll on consumers, and confidence has plummeted in the run up to Christmas, which may have partly prompted the Bank of England to lower interest rates earlier this month from 5.75% to 5.5%. Read more

FSA states a quarter of financial websites unclear

According to the UK’s financial regulator, the Financial Services Authority, around a quarter of websites that promote financial services are actually unfair or unclear.

The Internet has become a hit amongst consumers looking for information or services in the financial sector, and many browse through financial websites to find the services that they need. This, therefore, comes as worrying news to surfers that rely on such websites to deal with their finances. Read more

Many consumers suffer from ‘finance phobia’

A recent report has detailed how many consumers in the UK suffer from what has been described as ‘finance phobia’, and experts state that this phobia could have serious financial repercussions.

According to officials this phobia has resulted in a worrying number of people stating that they would not notice right away if up to £1000 went missing from their bank accounts, which puts them at increased risk of becoming the victims of fraud and theft. Read more

The child benefit data loss blunder

Alistair Darling, the Chancellor of the Exchequer, may have only been in post for a matter of months.

However, in this sort space of time he has faced a number of challenges, such as the Northern Rock crisis, and even more recently the HM Revenues and Customs blunder that resulted in the confidential bank details of 25 million people being lost, putting those affected at increased risk of fraud and identity theft.
After the blunder was realized – resulting in the resignation of the head of HMRC, Paul Gray – Mr Darling apologised and made an emergency statement to MPs. He described the data loss as an “extremely serious failure on the part of HMRC to protect sensitive personal data entrusted to it in breach of its own guidelines”.

He also told MPs: “The missing information contains details of all Child Benefit recipients: records for 25 million individuals and 7.25 million families. ” Read more

FSA calls for greater transparency from its members

The UK’s financial regulator, the Financial Services Authority is calling for increased transparency from its member, and plans to introduce a paper that is designed to discuss the benefits of greater transparency from its members.

There have been calls from consumer groups for the FSA to name and shame members that breach any of its regulations. The FSA is due to release the paper on greater transparency early next year according to reports.

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EPC requirements postponed on new build properties

A recent report has revealed that the government has delayed requirements for Energy Performance Certificates (EPCs) on new build properties.

The EPC forms part of the Home Information Packs that are now required for properties of three bedrooms or more that are being marketed for sale. From 6th April the builder responsible for new builds will also be responsible for ensuring that there is an EPC available. This move was supposed to commence in January, but has been delayed by several months. Read more

CAB accuses financial regulators of sleeping on job

Financial regulators in the UK have been accused of being ‘asleep on the job’ by an official from the Citizen’s Advice Bureau.

CAB officials are concerned that many lenders are pushing consumers into higher and higher levels of debt, and that the financial services industry is doing little to stop this irresponsible lending, thus fuelling rising levels of consumer debt that are already causing concern across the UK. Read more

Firms being encouraged to help workers to improve financial management

Over recent months many consumers across the UK have found it increasingly difficult to deal with their finances, which has resulted in panic and stress amongst many people.

Increasing costs on food and insurance coupled with higher interest rates and increased repayments have resulted in many consumers being unable to balance the books due to rising costs compared to the subdued rise in wages. Read more

Tesco property sales site on hold

Earlier this year, in the summer, the UK’s supermarket giant Tesco announced that it was launching a property sales website, where consumers would be able to sell their property yet avoid the extortionate fees charged by many estate agents.

Consumers were being charged £199 in all, and this enables them to use the website to try and sell the property along with getting them a for sale sign for their property. However, the supermarket giant has now announced that it will have to suspend the site on a temporary basis. Read more

Global Markets On Borrowed Time

August 20 was the date when things came to a head on the world’s stock markets. The yield on three-month US Treasury notes plummeted at the fastest ever known, even faster than the stock market crash of 1987 or 9/11.

There was a massive breakdown of trust in the market for US commercial debt, worth $2.2bn. The trouble is that this market keeps daily business ticking over, and the problems have not been limited to the United States.

Banks in China, Korea, Russia, India, Brazil, Thailand and Britain have purchases bonds, now creating a bond bubble, which has driven down the cost of money across the whole range of global credit. Read more

Sale and rent back schemes are a disaster

CAB officials have expressed concern over sale and rent back schemes, stating that these schemes are a ‘disaster waiting to happen’.

These schemes have been at the centre of controversy for some time, and many companies involved in sale and rent back are targeting consumers that have been hit with the interest rate rises and could face repossession in the near future. Read more

Number of bankrupt pensioners doubles

A recent report has shown that the number of pensioners that are going bankrupt in the UK has shot up in recent years. In fact, the figures indicate that in the space of just five years the number of bankrupt pensioners has more than doubled in the UK.

In 2002 just 2% of the total number of people going bankrupt was made up of pensioners. However, according to the figures pensioners now make up for around 7% of bankruptcies in the UK, reflecting how the figures has risen. Read more

Brits prepared for a lifetime of debt

According to a recent report an alarming number of Brits are concerned about their debts, and feel that they will be in debt for most of their lives.

The report revealed that many of those taking out a loan to consolidation their smaller debts in the hope of easing their finances and reducing their monthly outgoings actually end up accruing even more debt than they had in the first place, and then have to start making repayments on their consolidation loan as well as on the new debts that they have built up since taking out the loan. Read more

Alliance and Leicester shares take a tumble

Following the recent turmoil in the financial markets, and the period of unrest suffered by Northern Rock, there has been a sharp drop in the value of Alliance and Leicester shares. Northern Rock saw its share values plummet last week after it was discovered that the bank had gone to the Bank of England for a sizeable loan. Within hours share prices plummeted by 25% and continued to fall.

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Inflation Fall May Not Mean End Of Rate Rises

Yesterday’s cheering news that inflation was down to 1.9% in July may not after all spell the end of base rate increases in the UK. That will come as bad news for homeowners who would have been hoping that they could leave increasing mortgage rate misery behind them.

The 1.9% Consumer Prices Index (CPI) inflation measure caught everyone by surprise, being, as it was, below the government target of 2%. It raised hopes that the widely forecast increase to 6% could be avoided. Read more

Insolvencies fall during second quarter of year

According to official figures released by the government recently the level of insolvencies within the UK has taken a tumble during the second quarter of 2007 compares to the first three months of the year.

Figures were released by the Insolvency Service, which is a government agency, and the figures showed that there was a reduction in the number of insolvencies during the second quarter compared to the first quarter of 8%, with just under 27000 people being declared bankrupt of taking out an Individual Voluntary Arrangement (IVA) during the second quarter. Read more

Wales has lower student debts

Student debts in Wales are significantly lower than student debts in England according to recent figures. Many students get themselves into high levels of debt whilst studying, but these recent figures suggest that students in Wales do not have to put themselves in as much debt as those in England. The average annual student debt in England is around £4296, and in Wales the average annual student debt is £3774.

The estimated debt for students that are graduating in Wales comes in at around £11,496, which is over £1500 lower than the estimated debt for those graduating in England. Read more

Drop in insolvencies during second quarter

The government has recently released a report that shows insolvencies have actually fallen in the UK during the second quarter of this year. Compared to the first three months of this year the level of insolvencies has seen a drop, and this is according to the government’s Insolvency Service.

During the second quarter of this year fewer than 27000 people went through bankruptcy or an IVA (Individual Voluntary Arrangement, which is al alternative to bankruptcy) according to the government statistics. Read more

Bankruptcy could be the right answer for some borrowers

The level of consumer debt and bad debt in the UK continues to rise, and many consumers have found themselves in huge levels of debt, which for some will prove impossible to pay off.

A recent report has suggested that for those that have little or no hope of every repaying their debts bankruptcy could prove an effective option, despite the stigma and repercussions associated with this course of action. The statement was made by a debt charity in the UK, Credit Action. Read more

Holiday season leaves Brits with increased debts

Recent reports have shown that many consumers in the UK get into debt every year for the sake of enjoying a week or two away from home.

According to the reports many Brits get into debt in order to take a holiday that they cannot really afford, and then have to deal with the consequences of repaying the debt when the holiday is over. An alarming number of consumers rely on loans and credit cards to fund their holidays, and in many cases the first lot of credit is not even paid off before another loan is taken for the next holiday, simply adding to the debt. Read more

The end of this year could see debt levels rocket

Debt levels and bad debts in the UK are already at the centre of much concern, and although the level of insolvencies is thought to have gone down in the second quarter of this year compared to the first quarter recent reports indicate that the level of debt in the UK may have rocketed by the end of this year.

Those taking out IVAs or declaring themselves bankrupt have gone down in the second quarter of the year compared to the first quarter, but have risen compared to the same period last year. Read more

MPC members vote unanimously to hold interest rates

At the latest Monetary Policy Committee meeting to discuss the base interest rates in the UK, the MPC members voted unanimously to keep interest rates on hold for the month of August according to the minutes from the meeting.

Interest rates have risen five times in the past year, with a series of five 0.25% interest rates taking the base rate from 4.5% to 5.75%. Many experts thought that August would see yet another interest rate rise, but the MPC decided unanimously against this. Read more

Charity confirms continued rise in debt enquiries

A debt charity in the UK has confirmed that debt related enquiries have continued to rise over the first half of this year, reflecting the problems that consumers are facing with regards to their debts, and also reflecting the impact that rising interest rates and repayments have had on households that are now struggling to keep up with repayments. The information comes from the Consumer Credit Counselling Service, and shows a steep increase in the level of bad debt enquiries. Read more

Is Britain’s debt problem worse than we realize?

According to a recent report collective debt levels in Britain could actually be around £100 billion more than most people realize.

According to some industry professionals many consumers owe far more than they realize on credit cards, store cards, and other finance, and are simply trying to ignore the problem and failing to monitor how much they actually owe. Collectively, this could mean that Brits owe around £100 billion more than they think, with many owing twice was much as they think they do on finance such as credit cards.
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Rising number of consumers in serious debt

The level of consumer debt in the UK has been at the centre of concern for some years now, and according to recent reports the situation is getting worse, with the level of consumers in serious debt shooting up by around 30% in the last year alone.

Much of this sharp rise has been blamed on interest rate rises, which have shot up from 4.5% this time last year to 5.75% after a series of five interest rate rises in the space of a year, each for 0.25%, which has left many people struggling to manage their finances.

Read more

HIPs Are Here

They can be put off no longer. No more delays, no more beating the deadline. Home Information Packs are finally launched today – 1 August. Estate agents have been warned – encourage sellers to bend the rules, and you could be out of a job.

So, there it is: from today all properties with four bedrooms or more being put up for sale must have a Home Information Pack (HIP), which should contain evidence of ownership, local search information, planning or building consents, and the contentious energy efficiency certificate. Read more

Take care when dealing with sale and rent back companies

Campaign groups and authorities are advising customers to exercise care when dealing with sale and rent back companies. These companies offer buy property from customers and then rent it back to then.

There has been an increase in the number of such companies that have sprung up in recent years. According to the reports, such companies do not have a lot of cash at their disposable in spite of having large amounts of assets that are worth a substantial amount of money. Read more

Government aims to aid credit unions

Credit Unions in the UK are to be given a helping hand by the government, which plans to try and help this sector to expand within the finance industry in the UK in order to give lower income earners greater access to finance.

There was an announcement made last week in relation to a treasury consultation that would be aimed at helping this sector to expand. It is the government’s aim that the availability of these credit unions and financial cooperatives be extended. Read more

Financial benefits of quitting

With the smoking ban now in force in the UK, many smokers have decided to try and kick the habit in order to become part of the new, smoke free Britain.

With smoking now banned in all public enclosed areas, going out for a drink and puffing on a cigarette has become a thing of the past, and for many smokers the ban has provided the ideal reason to give up. And experts are stating that smokers could boost their finances hugely with the money that they save by giving up. Read more

Borrowers on variable rates should be careful

Consumer debt levels in the UK have been a major concern for some years, and experts are now warning that consumers that have variable rate finance could soon find themselves struggling to keep up with repayments as interest rates continue to rise.

Since August last year interest rates have gone up four times by 0.25 percent each time, and the rate has gone from 4.5 percent to 5.5 percent during that time. Borrowers on variable rates have already seen their repayments rocket in some cases, and experts state that the situation is set to get worse before it gets better. Read more

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