Why don’t more people switch banks? Because it costs nothing to do so February 3, 2016 Most of us don’t love our banks. We have all experienced the unanswered letter, the seemingly interminable waits on hold before being put through to someone who gives the impression of auditioning for the infamous “computer says no” television sketch. Yet we are surprisingly loyal to our current accounts. Figures from Bacs suggest that around [...]
Pressure mounts on legal sector to make services easier for customers to understand as another consumer body joins the debate February 2, 2016 Legal sector regulators are facing further calls to make the marketplace easier for consumers to understand, as yet another consumer-focused body has voiced concerns. A report out today by the Legal Services Consumer Panel urges regulators to do more to make sure consumers can easily access useful information to help them make informed decisions. The study [...]
TSB results: Chief executive Paul Pester says the big banks have it far too easy as his challenger bank reports 22 per cent increase in customer lending for 2015 January 28, 2016 TSB Bank chief executive Paul Pester told City A.M. that the challenger bank "definitely went from strength to strength" in 2015, as the lender announced its full-year results this morning. The retail and commercial bank, which was carved out of Lloyds Banking Group in 2014, reported profits were ahead of expectations, with management profit before tax of £105.7m, while [...]
Tesco “seriously” breached grocery code, says supplier watchdog Groceries Code Adjudicator January 26, 2016 Tesco has been given a slap on the wrist over its relationship with suppliers during the lead-up to the accounting scandal which rocked the supermarket in 2014. Supplier watchdog the Grocery Code Adjudicator (GCA) said Tesco seriously breach of the code of practice, prioritising its own finances over treating suppliers fairly and acting unreasonably when delaying payments to suppliers, often for lengthy periods [...]
Iranian banks in talks with regulators over resuming London operations January 25, 2016 Two Iranian banks in London are in talks with UK regulators over resuming operations, according to reports. Melli Bank and Persia International Bank had heavy restrictions placed on them in 2009 when economic sanctions were put on Iran. They are now looking to fulfil Bank of England criteria for financial firms, sources told Reuters. The [...]
Shadow chancellor John McDonnell says a Labour government under Jeremy Corbyn would break up the big banks January 21, 2016 A Labour government led by Jeremy Corbyn would look to break up Britain’s biggest banks, shadow chancellor John McDonnell has said. Speaking at a Co-operatives UK conference in Manchester today, McDonnell said: “Small businesses in general, and not just co-operatives, face dreadful difficulties in getting the funding they need from our high-street banks. “No other major [...]
Ofgem has helped make it easier for consumers to switch energy provider – now British businesses deserve a better deal too January 19, 2016 The Which? Energy survey this week exposed yet again the woeful customer service record of the ‘Big Six’ energy companies, with smaller suppliers head and shoulders above their larger rivals. Despite this, it is heartening to see consumers looking for better deals, and with four million switching supplier in 2015, Ofgem should be applauded for its sensible regulation of [...]
Wonga secures authorisation from the Financial Conduct Authority as the payday lender seeks to rebuild its damaged brand January 19, 2016 Wonga has secured full authorisation from the City’s watchdog, as the payday lender looks to rebuild its damaged brand. The licence from the Financial Conduct Authority (FCA) comes just in time for the lender: its interim permission to operate was running out in a matter of weeks. Wonga, hoping to rebuild its much-maligned business, is [...]
China: Why international investors are right to be nervous January 19, 2016 A quote I saw a few days ago has stuck in my mind: “what happens in Beijing won’t stay in Beijing”. We should be pretty acclimatised by now to Chinese market sell-offs, a super volatile oil price, geopolitical instability, and to a marked slowdown in global growth. And yet the Dow shed more than 1,000 [...]
Time to give challengers a fair chance: Top City regulator urged to increase competition among banks January 18, 2016 The City's top regulator is being urged by to “do whatever is required” to increase competition in the banking sector by reducing entry barriers for challenger banks. Treasury Select Committee chairman Andrew Tyrie revealed today that he has written to Andrew Bailey, deputy governor at the Bank of England, asking for the prudential regulation authority [...]