April 2007 Finance News Archive

• Mortgages are now available at affordable fixed rates [30.04.07]
  The recent interest rate rises that were enforced by the Bank of England have unsurprisingly unsettled both homeowners and new property purchasers, with rates rising from four and a half percent to five and a quarter percent in the space of just six months.
• Poorer customers diverted to overseas call centres by bank [30.04.07]
  One of the UK's leading high street banks had taken a new stance with customers that are on lower incomes or do not have a certain number of products with the bank.
• UK consumers want to save their money [28.04.07]
  According to the results of a recent survey consumers in the UK are increasingly keen to save money, with a large percentage of those surveyed expressing their wishes to try and save some money.
• Vulnerable could be at increased risk of abuse of power by bailiffs [28.04.07]
  Many people could find themselves at increased risk of abuse of powers from bailiffs according to the Citizen's Advice Bureau.
• Future claims against banks in the UK could be reduced [27.04.07]
  Financial watchdogs are alerting consumers in the UK to another tactic that the major banks are using in a bid to try and get out of repaying the unlawful and unjustified charges that they have been applying to customers’ accounts for many years.
• More parents saving for their children's future [26.04.07]
  According to economic experts and financial professionals, more and more parents are now working towards providing their children with a more secure financial future through saving for them, thanks to the child trust fund scheme that was introduced by the government a couple of years ago.
• Many consumers claiming over a thousand pounds each from banks [26.04.07]
  The recent controversy to hit the financial world with regards to the unlawful and unfair charges that UK banks have been charging customers for many years has seen a flurry of activity, where bank customers have quickly seized the opportunity to try and claim back these charges, plus interest, going back as far as six years.
• Customers funding free banking in the UK [26.04.07]
  According to the owner of an organization that helps consumers to reclaim unfair bank charges, many UK consumers feel that the free banking system in place in the UK is a very unfair one, and that those being charged extortionate fees for going over their overdraft limit or found returned cheques and direct debits are actually funding free banking for other customers through having to make hefty payments.
• Further claims could result from banking industry profits [25.04.07]
  Recent announcements from the UK’s major banks revealed record profits, with banks such as HSBC, Barclays, and Lloyds TSB raking in the cash at a time when consumers are expressing their outrage over the way that they are being treated – and financially fleeced – by some of the UK’s leading banks.
• Millions still entitled to bank refund but fear retaliation [25.04.07]
  A recent study has revealed that there are still millions of people in the UK that are still entitled to reclaim unfair and unlawful banks charges, but are failing to do so because they are afraid of retaliatory action by the banks.
• Egg changes risk ratings for reliable customers [25.04.07]
  Banking giant Egg has shocked many of its loyal credit card customers by announcing that their risk ratings have changed for many customers, and therefore the interest rate on those customers' credit cards will rise.
• Consumers need to be more savvy about savings [24.04.07]
  According to recent data consumers in the UK are not being as savvy about their savings account as they are about their borrowing, and in many cases this could be losing them a small fortune in interest.
• Children's savings for single parents far more difficult [24.04.07]
  Following recent news that many parents are saving towards their child's future because of the Child Trust Fund scheme set up by the government two years ago, research shows that those most likely to be able to add to their child's account are married parents, with things looking far more bleak for the children of single parents when it comes to saving for their future.
• Universal banking proves popular [23.04.07]
  A government and banking initiative that was set up several years ago is proving increasingly popular amongst those looking for banking facilities that would otherwise have been left out in the cold.
• Fixed rates proving a hit with first time property purchasers [23.04.07]
  The recent three interest rate rises that have been enforced in the UK by the Bank of England do not seem to have had an adverse effect on the mortgage and housing industry.
• Make sure you know what your travel insurance covers you for [23.04.07]
  Consumers in the UK are being urged to ensure that they check their travel insurance policies to make sure that they have adequate levels of cover to protect themselves and their loved ones.
• Lenders learning to tighten their belts to keep down bad debt [22.04.07]
  Recent reports have slated banks in the UK for failing to carry out adequate checks before allowing consumers to borrow money on credit cards and on unsecured personal loans.
• Energy firms criticised by MPs [22.04.07]
  MPs in the UK have criticized three major energy suppliers, accusing the firms of taking advantage of lower income customers by back charging them and forcing them into unmanageable debt that is brought on through no fault of their own.
• Watchdog wants tighter regulations to control credit card fraud [10.04.07]
  A consumer watchdog in the UK has urged banks to put stricter banking regulations in place in order to try and reduce the levels of online credit card fraud, which has increased over recent years and is costing consumers millions of pounds.
• Sky and Virgin row continues to rage [10.04.07]
  The digital television market has been at the centre of heated debates over recent weeks, with Virgin Media and Sky continuing to row over costs – resulting in hundreds of thousands of Virgin Media customers being left without a range of popular channels that they received through Telewest and NTL, the names by which Virgin was previously known.
• FSA warns insurers over advertising [09.04.07]
  The Financial Services Authority is coming down hard on insurance companies in a crackdown to try and eliminate false or misleading claims from these companies in advertising.
• FOS cracks down on retaliation from banks [08.04.07]
  In the latest moves against consumers that are attempting to claim back unfair and unlawful overdraft charges, banks have resorted to a range of measures, such as delaying sending out documentation, and worse still, informing consumers that do take action that their accounts will be closed down as a result of their actions.
• Capped deal energy customers could now suffer [08.04.07]
  Over the past few years many energy customers in the UK have been opting for capped deals with energy suppliers such as British Gas, which has placed a ceiling limit on the amount that they can be charged for their gas and electricity.
• Figures indicate cooling of mortgage market [08.04.07]
  According to recent figures that have been released in the UK, the mortgage market could be going through a cooling period, with far fewer people now taking out mortgages.
• Consumers should be far more careful with credit card details [07.04.07]
  As concern about the security relating to both credit and debit card rises, experts have urged consumers to be far more careful when it comes to providing their credit card details.
• Another major energy supplier joins the price war [06.04.07]
  Following gas and electricity price cuts from three major UK providers, yet another energy provider has now joined the price way by announcing price cuts for its customers on gas and electricity.