Brits paid £650 million in late penalties on credit cards and bank accounts.

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Brits paid £650 million in late penalties on credit cards and bank accounts.

2m caught in late payment trap in just three months

Britons have paid nearly £650million in penalty fees on credit cards and bank accounts in the past year.

Metro London,  p. 56

 

Britons owe £13bn to the bank of mum and dad

Britons are more than £13billion in debt to their parents, research from Amigo Loans suggests.

The Daily Telegraph,  p. 12

 

 profits distorted by audit rules, warn investors

Some of Britain’s biggest investors and pension funds, including the Co-Operative Asset Management, London Pension Fund Authority and Railpen, have warned Vince Cable in a letter that UK accounting rules are harminglongterm shareholders and destabilising the banks and economy. They have also called for action from the EU Commissioner Michel Barnier.

The Daily Telegraph Business,  p. 1

 

Casting a shadow

The system of so-called “shadow banking”, including hedge funds, which has been blamed for aggravating the financial crisis, grew to $67 trillion globally last year, amidst calls from the world’s top policymakers for greater control of the sector. A report by the Financial Stability Board reportedly appears to confirm fears that the sector is thriving, fuelling concern about risk.

The Times,  p. 31

 

Regulators to tackle shadow banking

Lord Turner, the UK regulator, has said that non-bank lending markets face unprecedented levels of government intervention under sweeping proposals to tame “shadow banking.”

This abstract from the Financial Times was produced by Kantar Media

Financial Times,  p. 1

Also appeared in : The Independent,  p.48, Financial Times Companies and Markets,  p.21

 

Quantitative easing ‘is still in Bank’s armoury’

Bank of England policymaker David Miles has said that Britain still has the firepower to boost a sluggish economy and has scope for further stimulus with more asset purchases. Mr Miles told Sky News: “If growth does stay very weak and inflation stays low and close to the target level there is more that we can do, we have not run out of ammunition. There is the scope for more quantitative easing … it remains a powerful weapon.”

The Times,  p. 38

Also appeared in : The Daily Telegraph Business,  p.4

 

Bankers looking east

According to a survey by the recruitment firm Astbury Marsden, more banking jobs will be created in the Far East than in London in the next 12 months. Hong Kong, Shanghai and Singapore are seen as hotspots for new banking jobs.

The Times,  p. 31

Also appeared in : The Independent,  p.47

 

Santander prepares to back small businesses

Santander UK is planning a rapid expansion in small business lending after freeing up more than £2bn previously retained to buy 316 branches from Royal Bank of Scotland.

The Daily Telegraph Business,  p. 1

 

Banking & finance

A network of 316 branches of the Royal Bank of Scotland could be wholly nationalised and turned into a new business lender under a Whitehall plan.

The Times,  p. 34

 

RBS resists calls to sell its US arm

Sir Philip Hampton the chairman of RBS has written to the FSA and UK Financial Investments defying their pressure to sell RBS’s US arm for a knock-down price.

Daily Mail,  p. 60

 

The above articles appeared on 18\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.