Tag Archives: Financial News

Is your name listed in the fraudster’s phone book? Cautionary Tales, Financial Advice, Latest Articles, Property Investment News

Property investors targeted by fraudsters are about to receive a letter or email from financial watchdogs warning them crooks are trying to con them out of cash.

More than 75,000 names are on a secret scam list recovered by the Financial Services Authority (FSA) in an operation against firms selling worthless investments. Continue reading Is your name listed in the fraudster’s phone book?


Bad bank profits leap to £1 billion Latest Articles, Property Investment News

The ‘bad bank’ that owns former buy to let specialist Mortgage Express has announced a massive surge in pre-tax profits to just over £1 billion.

UK Asset Resolution, the government-backed bank that took over the debts of Northern Rock and Bradford and Bingley in 2010, claims the improvement is due to tough action to reduce arrears and stamp out fraud.

Mortgages three months or more in arrears fell 14% during the year to 33,216, with 98 homes repossessed. Continue reading Bad bank profits leap to £1 billion


Possibility of Civil War in Greece? Latest Articles, Property Market News

This week I attended an unofficial Bank of England briefing. This article is based on that meeting and informal discussions with other attendees before and after. It is not intended to be representative of any official views of the Bank of England or Property118. These are my personal opinions and perceptions only. Continue reading Possibility of Civil War in Greece?


Finance firms named and shamed for poor customer service Financial Advice, Latest Articles, Property Market News

Phone on fire

"Barclays are the bank with the most complaints"

The worst banks and financial services firms picked up 1.1 million customer complaints in the first six months of the year.

The figures come from name and shame data published by the Financial Services Authority (FSA).

Bottom of the list come the high street banks, courtesy of the payment protection insurance debacle that has led to them repaying customers around £13 billion in rip-off fees.

Also in the bottom 10 are credit card providers Capital One and MBNA, while British Gas sneaks in at number 10.

The bank with the most complaints is Barclays, with 251,563 customers moans. Next were Lloyds TSB stacking up 181,907 gripes and Santander with 168,888 complaints.

Altogether, 165 financial firms which picked up more than 500 complaints are listed.

They collected a total 1,761,144 customer complaints. Around 285,000 are still open.

“The FSA is committed to greater transparency where it will benefit consumers. Publishing this data brings complaints to the attention of firms and consumers alike, and gives firms a benchmark and an incentive to improve how they treat their customers and handle complaints,”said an FSA statement accompanying the data.

The complaints cover banking, insurance, credit cards, loans and mortgages


Financial consumer champion gets a complaint call every 10 seconds Latest Articles

Phone on fireConsumer champion the Financial Ombudsman deals with an inquiry from a disgruntled financial services customer every 10 seconds every working day.

The depth of customer dissatisfaction with financial firms was shown in the ombudsman’s annual report that disclosed over a million inquiries were handled resulting in a record 206,000 complaints in 2010 – up 26% on the year before. Continue reading Financial consumer champion gets a complaint call every 10 seconds


UK interest rates may not rise for years, says BoE governor Latest Articles

The Bank of England interest rate may hover around 0.5% for at least another two years because of a weak economy and overwhelming personal debt.

Bank governor Mervyn King has hit out at interest rise hawks speculating that rates must soon go up in a speech to a finance committee at the European Parliament. Continue reading UK interest rates may not rise for years, says BoE governor


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