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The Latest Breaking News from UK Finance

Expecting a new credit card in the post? Beware the ‘not received’ scam

The amount of money stolen from plastic that is being intercepted and used for spending is soaring rapidly

The Guardian - UK

City firms rarely dock pay for misconduct, FCA survey finds

Watchdog found 40% rise in alleged bad behaviour, including sexual harassment and bullying, last year

The Guardian - UK

More than £570m stolen by fraudsters in first half of 2024

Losses where people were tricked into transferring money decreased in the first half of this year, UK Finance said.

The Independent UK

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Labour’s new green rules for big companies face resistance in the City

Business lobby groups fear the impact of the government’s environmental standards on efforts to revive the London Stock Exchange

The Guardian - UK

‘Major step forward’ for bank transfer fraud victims as new refund rules launch

The new scheme should ensure the vast majority of victims are reimbursed and treated in a fair and consistent way, consumer group Which? said.

The Independent UK

The 40-year mortgage – solution to rising property values or too high a price to pay?

Deals that last four decades can help some get on the property ladder, but the overall cost may be a shock

The Guardian - UK

Warning as domestic abuse victims left in ‘mortgage prisons’ with partners

One woman told the charity her former husband remains on the joint mortgage, more than a decade since she left him

The Independent UK

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Why is the UK slashing the maximum banks must refund to fraud victims?

Consumer groups hit out at regulator’s ‘outrageous’ decision to cut limit from £415,000 to £85,000

The Guardian - UK

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

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

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The Guardian - 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

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 Independent 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 Guardian - 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

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The Independent 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 Guardian - 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 Independent 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

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

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