TSB internet banking still running at half capacity as computer issues persist April 29, 2018 TSB’s online banking services are still only running at half capacity, a week after problems first emerged with a migration of computer systems which has dented the reputation of the high street bank. A spokesperson said that internet banking is running at around 50 per cent of its full capacity, meaning half of all log-in [...]
UK housing market continues to slump as number of homes sold in March drops April 24, 2018 The number of residential property transactions in the UK has dropped 7.2 per cent between February and March, according to the latest figures from HM Revenue and Customs (HMRC). The HMRC UK Property Transaction Statistics report showed that this month’s seasonally adjusted figures were 11.8 per cent lower compared with the same month last year. [...]
What Facebook’s downfall will mean for the future of fintech April 20, 2018 The year began with headlines predicting the entrance of Facebook and Google into the banking market, following the introduction of new Open Banking rules which forced banks and payment companies to share data with third parties if customers agreed. The changes were meant to boost account switching and improve price comparison, but some speculated that [...]
Bank of England official warns of risks building in the British mortgage market April 19, 2018 A top Bank of England official has warned that the UK’s mortgage market is showing signs of increasing risk in a speech today. Alex Brazier, executive director for financial stability strategy and risk at the Bank of England, said that the UK’s mortgage market was showing signs of greater risk. “A sharp slowing in credit [...]
UK house prices: London property market continues to cool as national average asking price reaches a record high April 16, 2018 The average price of property coming to the London market fell this month as the UK average price reached a record high, according to Rightmove’s house price index. The capital is just one of two regions to see a drop nationally, with prices decreasing by 0.6 per cent this month. The national average asking price [...]
Barclays agrees to pay $2bn in civil penalties to settle US mortgage misselling claims March 29, 2018 Barclays has agreed to pay $2bn £1.4bn) in civil penalties to resolve claims for fraud in the sale of residential mortgage-backed securities, the US Department of Justice said today. The US had alleged that Barclays caused “billions of dollars in losses to investors” by selling the deals in the lead up to the financial crisis. [...]
Small respite for household finances won’t last long March 21, 2018 The fall in Consumer Price Inflation (CPI) in February took a few people by surprise given it had hovered around 3 per cent since November. While a drop had been expected, CPI had not been expected to fall by as much as 0.3 per cent which in economic terms is substantial. While CPI remains above [...]
The lessons of the financial crisis have not been learned March 19, 2018 Last week, the Financial Conduct Authority (FCA) warned that household debt levels are very close to their 2008 peak and, more worryingly, that many households have borrowed so much that they may be out of their depth. "There are a significant number of households that are in so deep that the slightest sign of rough [...]
Why the younger generation can’t afford to buy their own homes in London March 16, 2018 In my 35 years as a property lawyer, I have seen a sea-change in the balance between ownership and renting. When I first cut my legal teeth, the Rent Act 1977 provided security for tenants and controlled rents below true market rate. As a result, there was little incentive for a prospective landlord to add [...]
Last Week in the City: Trump signs order for tariffs March 9, 2018 This week US President Donald Trump signed off on new tariffs on steel and aluminium imports, Trinity Mirror revealed plans to rebrand, and the European Central Bank took a further step towards ending stimulus measures. The FTSE 100 rose 1.9 per cent over the week by mid-session on Friday. Economics China will pursue annual growth [...]