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CPP Group Plc, which provides credit card and identity protection, claims that a mis-selling investigation by the Financial Services of Authority (FSA) could put it out of business. The FSA has been reviewing the firm for a year following complaints over the way it sold card protection and identity protection products. The regulator has now ordered the suspension of CPP’s shares and has called for a far-reaching investigation into past sales in order to assess how much mis-selling occurred.
February 21, 2012 /
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The government expects to either achieve or exceed its target of borrowing no more than £127bn this year, after recording its biggest surplus for four years in January. In the tax year to date the government has borrowed £93.5bn and in January it made a net repayment of £7.75bn, excluding financial interventions. Although a surplus is traditionally expected in January, because of an increase in tax receipts, January 2012’s result was significantly higher than the previous January’s surplus of £5.2bn
February 21, 2012 |
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The Financial Services Authority (FSA) has fined Santander £1.5m for failing to explain to customers that some of its investment products were not covered by the Financial Services Compensation Scheme (FSCS).
February 20, 2012 |
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Gross mortgage lending fell to £10.5bn in January, 12 per cent lower than the total for December. However the figures represent a year-on-year increase of 10 per cent, the Council of Mortgage Lenders (CML) said.
February 20, 2012 |
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The average rent increased by 0.1% from December to January, a traditionally quiet period for the rental market. It was the first January increase in rents ever recorded by LSL Property Services, which said that tenants were trying to take advantage of the quiet period. With many potential first-time buyers unable to afford to buy a property, demand for rented accommodation has soared and homes are being let in record time
February 17, 2012 |
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The economic downturn, the rising cost of living and the government’s austerity programme have pushed over 70 per cent of UK families to the brink of poverty, according to online parenting organisation Netmums.
February 17, 2012 |
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The number of properties bought with buy-to-let mortgages increased by 84,000 in 2011 according to the Council of Mortgage Lenders’ latest figures. In the final quarter, 34,800 buy-to-let mortgages totalling £4 billion were approved, compared with 26,300 worth a total of £2.9 billion, in the 2010 final quarter. Demand for rented accommodation has increased significantly since the 2007 credit crunch caused mortgage lenders to tighten up their criteria and demand much higher deposits than previously
February 16, 2012 |
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Barclays’ free ‘Pingit’ app allows the bank’s UK current account holders to send money from their phone by simply entering the recipient’s mobile phone number.
February 16, 2012 |
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By Jon Cook TORONTO (Reuters) – Canadian stocks were higher at midday on Wednesday on encouraging economic data and news that China would continue to buy up European debt, but enthusiasm was tempered by reports that Greece’s debt bailout may be delayed. Greece approved painful austerity measures on Sunday to secure another European Union debt bailout but sources said the deal may now be delayed until after Athens holds elections in April.
February 15, 2012 |
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(Reuters) – Kellogg Co agreed to buy Pringles potato chips from Procter & Gamble Co for $2.7 billion in a cash deal that will nearly triple the cereal maker’s international snack business. The transaction will also let household goods maker P&G finally leave the food business after its agreement with Diamond Foods Inc fell apart.
February 15, 2012 |
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