March 25, 2010
RBS and Lloyds to increase lending targets
Story link: RBS and Lloyds to increase lending targets
In yesterday’s Budget, Chancellor Alistair Darling unveiled plans for rescued banks, Royal Bank of Scotland (RBS) and Lloyds Banking Group, to lend more to businesses. In a legally binding agreement, RBS and Lloyds, which are 84% and 41% owned by the taxpayer respectively, were rescued at the height of the financial crisis but there have [...]
March 19, 2010
Student loans and grants face delays again this year
Story link: Student loans and grants face delays again this year
A report published by the National Audit Office (NAO) has warned the student loans and grants system is at “substantial” risk of being hit by delays again in 2010. The student loans system plunged into crisis after the Student Loans Company (SLC) acquired the processing system of all England’s student applications for grants and loans [...]
March 15, 2010
Consumers to save millions under new credit card protection
Story link: Consumers to save millions under new credit card protection
New measures unveiled by the Government look set to shake up the credit card industry and save consumers hundreds of millions of pounds. http://www.financemarkets.co.uk/2010/03/15/consumers-to-save-millions-under-new-credit-card-protection/ The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year. The crackdown comes after the Government warned credit and store card firms to “clean [...]
March 10, 2010
FSA delays PPI reforms
Story link: FSA delays PPI reforms
Earlier this week, research by Defaqto found that the average annual percentage rate (APR) had soared and one of the reasons behind this, according to the finance group, is “the absence of PPI sales income”. The FSA is in the process of reforming the PPI market but has announced a delay to its plans. http://www.financemarkets.co.uk/2010/03/10/fsa-delays-ppi-reforms/ [...]
March 9, 2010
APR on £5,000 loan soars to 13.9%
Story link: APR on £5,000 loan soars to 13.9%
It appears that despite interest rates being held for one year at the historic low of 0.5%, rates on personal loans continue to soar. Research carried out for The Independent by personal finance group Defaqto found the average annual percentage rate (APR) has soared in the last two years. http://www.independent.co.uk/money/loans-credit/massive-rise-in-interest-rates-on-personal-loans-1917782.html Banks and building societies have [...]
