BoE holds interest rates as businesses cut back on investment ahead of Brexit

The Bank of England’s (BoE) Monetary Policy Committee (MPC) has unanimously voted to maintain the UK interest rate at 0.75 per cent amid uncertainty about the potential nature and timing of the UK’s withdrawal from the European Union.Continue reading

Unexpected UK inflation in September causes pound sterling to fall

In September, the UK inflation came in much weaker than expected, causing the pound sterling to fall dramatically.Continue reading

Bank of England warns of impending interest rate increases

In recent days, the Bank of England (BoE) has warned that it intends to increase interest rates “sooner and faster” than previously expected over the coming months.Continue reading

News

Pay day loan complaints rise despite new legislation

The Financial Ombudsman Service (FOS) has found that complaints about pay day loans have risen once again, with there being nine times more complaints than two years ago.

According to the organisation’s annual report, 10,529 new complaints were logged relating to short-term credit products in the 2016-17 financial year.

Payment Protection Insurance (PPI) was the most complained about financial product, with 168,769 inquiries logged.

High costs and interest rates, damaged credit ratings and money being taken from accounts by a lender without permission are among other common gripes.

A new set of rules was put in place last month, asserting that pay day loan providers are now required to advertise on at least one price comparison website.

Caroline Wayman, the chief financial ombudsman, said “The most striking story this year has been the rise in complaints we have seen from people having trouble with credit.

“It is clear that financial difficulties and financial exclusion remain significant challenges for many people. The important thing is to speak up if you’re struggling. Money is often very complicated – and our job is to unravel what’s happened and find a fair way to put things right by looking at individual complaints.”

City regulator, the Financial Conduct Authority (FCA), and the Bank of England have both expressed concerns over consumer borrowing.

A Lords committee has also suggested that more stringent controls are needed in order to tackle the issue effectively.

News

Banks reject cash LISA on launch

A grand total of zero banks and building societies have opted to take up the Government’s new Lifetime ISA (LISA) cash accounts on the day of their launch, it has emerged.Continue reading

News

Inflation rises past BoE’s two per cent target

The UK’s inflation rate jumped from 1.8 per cent in January to 2.3 per cent in February, the Office for National Statistics (ONS) has revealed.Continue reading

News

SMEs rely on personal loans and salary sacrifices to patch up cash flow, research reveals

Nearly half of all UK small and medium-sized enterprises (SMEs) are being paid late, a report has revealed.Continue reading

News

Interest rate cut to offer mortgage bonus

For the first time in over seven years, the Bank of England (BoE) has cut interest rates to a record low of 0.25 per cent in a bid to bolster the economy, but how it will it affect mortgage holders?Continue reading

News

Only 8 per cent of Britons aware that ISA savings form part of their ‘taxable estate’

A recent survey has revealed that only 8 per cent of Britons are aware that ISA savings form part of a person’s ‘taxable estate’ under inheritance tax laws.Continue reading

News

Investment banks mislead clients and suppress competition, says watchdog

Investment banks should do more to encourage competition and fairer treatment of customers, Britain’s financial watchdog said, proposing changes to help firms to make informed choices about the banks they use.Continue reading

Can we help? Talk to our expert team