Money saving site ends tick-box ruse
Money saving site ends tick-box ruse
Britain’s biggest price comparison website, Moneysupermarket, has scrapped a controversial feature after being accused of misleading consumers and preventing them from getting the best deal on savings products. The website had automatically refined consumers’ searches to exclude banks that were not paying it fees. Both Secure Trust Band and Skipton Building Society had complained that their higher-paying savings products were unfairly excluded from the site and that consumers might be misled.
The Times, p. 8
Fund chief spells out the dangers of Help to Buy
The IMF warns that Chancellor Osborne’s £12 billion Help to Buy scheme to enable first-time buyers to get a foot on the property ladder could backfire by pushing up house prices and burdening borrowers with unsustainable levels of debt. The latest Halifax house price index showed that prices have risen by an average of almost £10,000 in the past 12 months, the biggest jump in three years.
The Times, p. 45
Also appeared in : Financial Times, p.4
Housebuilders in demand after City backs ‘Help to Buy’
RICS Survey data strongly indicated a rebound in housing activity with “forward sales for UK housebuilders currently up around 50%” which is all in part “stimulated by the “Help To Buy shared equity scheme”.
Evening Standard London, p. 45
Osborne’s housing boom will echo into the future
This week David Cameron launched phase two of the Help to Buy scheme, designed to help people who cannot raise a big deposit to get on or move up the housing ladder with 95 per cent mortgages backed by government guarantee.
The Independent, p. 10-11
Finding a home under £600k
Property websites and mortgage lenders have been taken by surprise by the early introduction of phase two of the Help to Buy low-deposit scheme.
Evening Standard London Homes and Property, p. 7
Low-deposit loans ‘already being offered’
Mortgage lenders’ appetite for handing out lower-deposit loans had already increased significantly before the Government’s new Help to Buy scheme was fired into action, the Bank of England has found.
Independent i, p. 7
RBS’s ‘bad bank’ to offload 1,300 homes
Royal Bank of Scotland’s £3. 2bn distressed-property arm is trying to sell off a portfolio of more than 1,300 UK residential properties, and is considering floating them on the stock exchange, in a move that would be seen by the City as the creation of a mini “bad bank”.
The Guardian, p. 31
Four directors to leave Co-op in board revamp
Four directors are leaving the board of the Co-operative Bank, which is being revamped ahead of the bank’s stockmarket listing later this year.
The Guardian, p. 30
Also appeared in : Evening Standard London, p.40, The Times, p.42, Metro London, p.63, Independent i, p.42
Appeal court backs RBS in ‘mis-¬sold’ rate swaps case
RBS won in the Court of Appeal against two businessmen who alleged it had mis-sold them interest rate swaps.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23
Code system will end long-winded online credit card Payments
Treasury officials yesterday unveiled banking reforms that will set up a new regulator to end the big banks’ domination of the payments network and make it easier and cheaper for smaller banks to use it.
The Daily Telegraph, p. 7
Lenders predict three-year high in credit levels for small firms
The Bank of England’s quarterly Credit Conditions Survey has found that banks and building societies are planning to make the highest amount of credit available to small businesses in more than three years.
The Daily Telegraph Business, p. 3
Economy grows, but manufacturing slips
The economy continued to grow strongly between July and September, according to the latest estimates from the UK’s leading macro-economic think-tank. GDP expanded by 0.8 per cent in the third quarter, the National Institute of Economic and Social Research (NIESR) said.
The Independent, p. 55
Payments crackdown targets abuses by banks
The Treasury has announced the Payments Systems Regulator, a new regulator to crack down on abuses in transfer and payment mechanisms. The Treasury said that the new system would make it cheaper for small banks to access the payments system. The regulator will come under the auspices of the Financial Conduct Authority but have its own board and budget.
The Times, p. 40
The above articles appeared on 10/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.
Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.