Category: Finance

Car financing crackdown ‘to save drivers £165m’

Finance

The Financial Conduct Authority has announced a crackdown on the car financing industry which it claims will save drivers £165m. It says that some dealers make commission on the loan’s interest rate, which they set, something which “creates an incentive for brokers to act against customers’ interests”. Some brokers...

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Regulator could ban insurance ‘loyalty penalty’

Finance

The Financial Conduct Authority could ban insurers from moving policyholders on to more expensive policies when they renew deals, with a probe finding that around 6m customers were being overcharged by £1.2bn a year. The FCA found that customers who were initially offered “new business” discounts were regularly subject...

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MPs call for action to keep banks in towns

Finance

MPs have urged ministers to force banks to commit to keeping at least one local branch open in towns across the UK. In a new report, Westminster’s Scottish Affairs Committee recommends introducing legislation if banks refuse to provide such a guarantee. It follows an inquiry by the committee into...

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Barclays boss concerned by challenger compliance

Finance

Barclays’ head of consumer banking and payments has warned that compliance concerns around challenger banks risk “creating a bad name for the banking industry”. Ashok Vaswani said that concerns around the ability of start-ups to automatically monitor transactions are “dangerous” for the sector. “At the end of the day,...

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Government borrowing up 33%

Uncategorized, Finance

Figures from the Office for National Statistics show that public sector net borrowing rose sharply in June, hitting £7.2bn. This marks the highest June borrowing figure since 2015 and compares to the £3.3bn recorded in June 2018. While the tax and National Insurance take was up £800m on a...

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Chancellor calls out late payment culture

Finance

Chancellor Philip Hammond has called for “radical cultural change” to end the scourge of late payments – which puts 50,000 small firms out of business every year. The Chancellor said companies’ unfair behaviour risks hampering the economy by restricting the growth of smaller firms, as he held urgent talks...

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P2P lenders braced for fee hikes

Finance

The Financial Conduct Authority (FCA) has confirmed its annual funding requirement for 2019/2020, revealing that it will need £558.5m from all regulated firms – up from £543m last year. Peer-to-peer lenders are among those financial services firms preparing for a bill hike this month. The regulator has proposed a...

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FSCS rebate for 4,500 firms

Finance

The Financial Services Compensation Scheme has announced that more than 4,500 companies will not pay its levy in 2019/20, with these each instead receiving a rebate, with the average payout at £139. Analysis shows that 46,000 companies across the financial services industry will pay the levy in 2019/20, with...

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Anger over SME mistreatment is misplaced

Finance

MoneyWeek’s David Prosser says that much of the anger over the Financial Conduct Authority’s investigation into the treatment of small businesses by Royal Bank of Scotland is misplaced. He points out that small business lending is still not within the FCA’s remit. For victims of the RBS affair, the...

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