News archive from 25 February 2015, page 7

Big banks maintain monopoly on accounts despite 'seven-day switching' rules, says Yorkshire BS

Reforms to make it quicker and easier for customers to change bank accounts have failed to break the stranglehold of the High Street giants, according to Yorkshire Building Society. Research from Britain’s second biggest building society has found...

 

Royal shirtmaker Turnbull & Asser tie up expansion as it extends factory and opens stores in London and New...

Royal shirtmaker Turnbull & Asser has pushed the button on expansion and is set to unveil an extension to its Gloucestershire factory and open stores in London and New York. The 130-year-old menswear label, owned by Ali Fayed – the younger brother...

 

ALEX BRUMMER: Flawed choice to choose Sir Howard Davies as next chairman of RBS

The likely choice of Sir Howard Davies to be the next chairman of Royal Bank of Scotland is despairing. It shows a bankruptcy of imagination in the City and Whitehall, and a forgiveness of past mistakes of biblical proportions. Taking Colonel...

 

High Street banks and insurers fail the vulnerable, finds City watchdog's report

Britain's banks and insurers are failing sick and vulnerable customers, a major report has found. A report from City watchdog the Financial Conduct Authority (FCA) claims firms are taking an inflexible approach to loyal customers who are faced with...

 

Aviva fined £17.6m over failures in its fund management business after two traders short-changed investors...

Aviva has been hit with a £17.6million fine for weaknesses in its fund management business that enabled two rogue traders to short-change investors by £132million. The Financial Conduct Authority said slack systems and controls meant the insurance...

 

Rates on short-term fixed deals cut again as banks also shut their doors to new savers

Rates on fixed deals of up to two years continue to plummet as a stream of banks and building societies cut rates to very low levels - or shut their doors to new savers. BM Savings, part of Halifax, which has historically paid top deals, has cut its...

 

Persimmon posts bumper results as builders reap rewards of housing market recovery

Persimmon has become the latest builder to report bumper results as the industry reaps the rewards of the recovery in the housing market. The company, whose brands include Charles Church and Westbury, reported a 44 per cent rise in annual profits to...

 

JAMES CONEY: Five weeks to go until new pension freedoms come into force and many key aspects are still not...

It's an abiding principle of Money Mail that if you want someone to read something and then act on it, you should try to make it succinct, relevant and engaging. We know not everyone is interested in cashback websites, or switching their energy...

 

When a roof rack could wreck your insurance - and other small print lurking in your car and home cover

Drivers and homeowners could find their insurance claims refused because they have breached their policies without realising it. Technical details in insurance small print can mean that even the most innocuous alteration to your car or home could...

 

Pay your carer a pension or face a £400 fine: Watchdog's chilling threat to the elderly and disabled

More than 100,000 elderly and disabled people have been warned they face a £400 fine or prosecution if they don’t set up a pension for their carer. Charities say they have been flooded with calls from the frail and vulnerable who have been left...

 

Could fledgling firms boost your nest egg? Star investment boss Neil Woodford launches a fund focused on...

Star investment boss Neil Woodford is to launch a fund focused on fledgling firms - but there are lots of options out there already for savers who want to back start-ups. Smaller companies can be exciting to invest in. These are fast-growing firms...

 

Personal loan rate fall could save borrowers £271 in interest payments on a £10,000 loan

Plummeting personal loan rates could save borrowers £271 in interest payments on a £10,000 loan A year ago, the cheapest rate available on a loan this size was 4.6 per cent but this has plunged to 3.6 per cent. Last year, repayments on a typical...

 

Need a bank branch? Then head to Europe as in Spain there are four times as many branches per person than...

Consumers in Spain have almost four times as many branches per person than in the United Kingdom, a report has found. For every 10,000 customers in the UK there are just 1.8 bank branches. By comparison, Spain has 7.18 branches, France 5.89, Germany...

 

When William Herd died he left £300,000 but his only son Stuart never saw a penny: Why you must write a will

When Stuart Herd’s widowed father, William, remarried at 67, Stuart was delighted. He’d feared his father would live out the rest of his days alone, after the death of his wife, Freda, in 1986. But, two years later, William had met Dorothy on a dating...

 

Married couples and civil partners can register today for a tax break worth up to £212 a year 

Married couples and civil partners can register today for a tax break worth up to £212 a year. In a bid to reward commitment and stay-at-home spouses, the Government is letting eligible couples switch a slice of their tax-free personal allowance...

 


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