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The Latest Breaking News from UK Finance

Banks warned over denying sex workers business accounts

FCA gives detailed guidance to lenders after hearing lack of access could lead to ‘significant harm’ for individuals

The Guardian - UK

£5bn in new loans handed to older mortgage borrowers in second quarter of 2024

The total value of new later-life loans was 17.5% higher than the same quarter a year earlier, UK Finance said.

The Independent UK

31% annual jump in homeowner repossessions in second quarter of 2024

While many households remain under pressure, the challenges of higher rates and the cost-of-living have started to ease, UK Finance said.

The Independent UK

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Housing market ‘set for confidence boost following base rate cut’

Some experts said the Bank of England base rate cut from 5.25% to 5% will help to give confidence to home buyers and sellers.

The Independent UK

How will Bank of England interest rate cut affect my finances?

From mortgages to savings and from loans to credit cards, we look at impact of quarter-point cut to base rate

The Guardian - UK

Treasury ‘confident’ enough coins available without ordering more this year

A Treasury spokesman said there are no plans to alter the mix of coins, after doubts were cast on the future of the smallest denominations.

The Independent UK

Surprise jump in number of UK people mainly using cash for daily spending

Banking body reports increase to 1.5m in 2023 – the highest since before Covid – despite move to cashless society

The Guardian - UK

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Number of new UK buy-to-let mortgages halves in just over a year

Sector shrinks in size for first time since launch of products in 1996 as higher costs drive out investors

The Guardian - UK

Buy-to-let mortgage market has shrunk ‘amid challenges for landlords’

Strong rental demand and lending standards could mean the buy-to-let sector emerges from the downturn sooner than expected, UK Finance said.

The Independent UK

Global IT outage shows dangers of cashless society, campaigners say

Cash provides essential fallback when digital payments break down, Payment Choice Alliance points out

The Guardian - UK

Some savers being short-changed by poor rates, says Which?

UK Finance said it would ‘always encourage customers to shop around for the deal that works best for them’.

The Independent UK

Banking complaints reach highest level in a decade as current account gripes soar

Consumers brought 24,402 credit card complaints, mostly due to perceptions around unaffordable or irresponsible lending

The Independent UK

Penalise startups that take state aid then list abroad, says UK Finance

Banking sector suggests ‘two-way commitment’ that would require subsidies and tax breaks to be clawed back

The Guardian - UK

Households warned to check mortgage and savings rates after Bank of England decision

A mortgage holder on the current average SVR could end up paying £287 more per month compared with if they were on an average two-year fixed-rate mortgage

The Independent UK

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The Independent UK

Number of contactless cards across the UK tops 150 million

UK Finance’s spending data for March shows the number of contactless cards in issue has reached 150,172,000.

The Independent UK

21% of new first-time buyers stretch mortgage terms for more than 35 years

The trend of longer-term mortgages is ‘further evidence of the ongoing affordability crunch’, according to UK Finance’s Household Finance Review.

The Guardian - UK

Business manifestos: six pre-election proposals touted by UK industry

The business groups’ big ideas, from payroll savings schemes to making big tech compensate for fraud on its platforms

The Guardian - UK

Next UK government should introduce scams legislation, says City lobby group

Group wants big tech social media firms to pay up to £40m a year to reimburse customers after years of shouldering cost of fraud

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The Guardian - UK

Demand for Taylor Swift’s UK tour could fuel summer ticket fraud bonanza

‘Purchase scams’ often pegged to big events, warns UK Finance’s annual fraud report

The Independent UK

Tricked consumers lose record amount to purchase scams in 2023 – UK Finance

People looking to attend events such as the Olympics and Taylor Swift concerts could be targeted by scammers this year, UK Finance said.

The Independent UK

Recommendations to help economic abuse survivors regain financial independence

Issues that prevent survivors from regaining their financial independence and achieving economic safety must be addressed, UK Finance said.

The Guardian - UK

Are 25-year UK mortgages a thing of the past?

Younger homebuyers are turning to ultra-long loans, prompting fears over the risk to their finances and the wider economy

The Guardian - UK

City of London watchdog is making a fair point on ‘naming and shaming’

Disclosure of the identities of firms under investigation by FCA could be in the public interest

The Guardian - UK

Even a ‘rate shock’ for British mortgage borrowers may not help the banks

The prospect of home loan rates staying high for longer is not the tonic for lenders’ financial results it once was

Evening Standard

Ex-police chief says he didn't report wife's stolen credit card... as thief spent less than her

Fellow peers were left struggling to work out if he was joking or not...

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