Card firms on hook for £1.3bn mis-selling bill


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Card firms on hook for £1.3bn mis-selling bill

Card firms on hook for £1.3bn mis-selling bill
Thirteen of Britain’s biggest lenders yesterday unveiled plans to repay seven million consumers £1.3bn for mis-selling credit card protection products.
City AM London, p. 5
Also appeared in : Daily Mail, p.1-4, Daily Mail, p.73, The Sun, p.54-55, The Independent, p.8, The Daily Telegraph Business, p.2, The Guardian, p.31, Financial Times, p.3

Capital rise in bricks & mortar
London’s share of the nation’s £5 trillion property wealth has stretched to £1.35 trillion, or 27 per cent, in the past decade, new research has shown. The capital’s share of the total has grown from 22 per cent, or £792bn of £3.6 trillion in total, in 2003.
Independent i, p. 50

Apple and Facebook shares freeze after Nasdaq fails
US Stock exchanges halted all trading in companies listed on the Nasdaq after a “serious” technical issue stopped it from accurately quoting share prices yesterday.
The Daily Telegraph Business, p. 1

Six High St retailers exposed over cut-price furniture and carpet con
The Office of Fair Trading has accused six high street retailers of artificially inflating prices for a short period in order to exaggerate sale cuts. It refused to name the firms but has written to the six retailers asking them to stop using pricing practices that mislead consumers, giving them until autumn to respond.
Daily Mail, p. 17

HS2 must terminate here. All change, please
The former Chancellor and Transport Secretary, Alistair Darling, comments on his disapproval of government spending on the London-to-Midlands HS2 high-speed rail link.
The Times, p. 32

Bramson quits as F&C chairman
Edward Bramson has resigned from his position as chairman of F&C Asset Management as the activist investor prepares to increase his focus on 3i Group. Mr Bramson seized control of F&C in a bitter boardroom coup in February 2011 after building up a near-20pc stake in the UK’s fourth-biggest fund manager.
The Daily Telegraph Business, p. 5

Wall Street paralysed as Nasdaq suffers a blackout
US stock exchanges halted all trading in companies listed on the Nasdaq after a technical issue stopped it from accurately quoting share prices. Wall Street was prepared for a day of volatile trading following the release of Federal Reserve minutes on Wednesday night, however instead it was paralysed as the Nasdaq, which is favoured by some of the world’s top technology companies, went dark for hours.
The Daily Telegraph Business, p. 1

Customers due another windfall as banks face £1.3bn bill for new mis-selling scandal
Thirteen banks and credit card companies, including Barclays, HSBC and Royal Bank of Scotland, have consented to offer compensation for mis-sold card protection policies, with payouts likely to average £185 a person. The FCA has suggested that the total figure could total £1.3bn, but the founder of CPP, Hamish Ogston, called this estimate “ridiculous”.
The Guardian, p. 6

Pizza Express founder Osmond plans return to leisure sector
Corporate raider Hugh Osmond has pledged to return to the sector in which he made his name, after more than a decade focused on financial services. Mr Osmond, announcing his resignation from the board of closed life vehicle Resolution, said that he hoped to complete a major deal in the leisure sector within the year.
The Daily Telegraph Business, p. 3

Rich list ranking and a CBE for entrepreneur behind insurance firm
Hamish Ogston earned £120m from the flotation of CPP, the insurer that he founded and whose shares declined sharply in value yesterday.
The Guardian, p. 6

The above articles appeared on 23/08/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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