Author Ben Leonard What do the wildly differing results reported by the big banks mean for the future of banking – and our high streets? I hesitate to spoil your Monday but I need to talk about the banks – specifically, the annual results some of the major banks reported last week. To say the [...]
By Mark Fairlie Concerns have been raised that lenders ‘aren’t doing enough to ensure people’s borrowing is sustainable’ in a new report from the Financial Ombudsman Service (FOS). The FOS study revealed complaints from borrowers increased 64% in the last year, with the ombudsman upholding more than six in ten new complaints made about payday [...]
By Trevor Clawson Fans of Travel Man and IT Crowd star, Richard Ayoade are doubtless already aware of HSBC’s Connected Money service. In a TV ad campaign launched earlier this month, Ayoade deploys his comedic talents to promote the virtues of a new smartphone app that brings together data from up to 21 different banks, [...]
By Mark Fairlie Hidden currency fees cost British travellers thousands of pounds when they buy foreign cash, says new research from Capital Economics. The analysis shows that, in 2015 alone, the UK public lost more than £5.6 billion to these secret bank and broker fees without realising; including more than a billion pounds in holiday [...]
By Mark Fairlie Following shadow chancellor John McDonnell’s pledge to limit the amount levied by credit card companies on interest payments last September, the Labour Party have announced a similar policy on bank overdraft fees and interest charges if elected. According to the party’s press release, people trapped in “persistent overdrafts” will save consumers £233m [...]
This week RBS announced plans to close 162 of its high street branches. With the well-documented TSB technology fiasco – and new technology poised to revolutionise the sector – are we seeing the beginning of the end for retail banking? By Mark Richards For much of the last 12 months, we have been writing about [...]
We have written a lot recently about trends – in retail, in banking and in employment. But what about the trends we will see over the coming years in personal finance and investing? In this article, we take a look at some of the changes you can expect to see, and the impact they will [...]
By Trevor Clawson London-based financial technology company, Transferwise has been admitted into the UK’s Faster Payments System, in a move described by the Bank of England as “an important milestone.” Established in 2010, Transferwise offers a range of payments services to consumers and small businesses, with a particular focus on cross-border transfers. Last week it [...]
17m journeys across London every week are made without cash, as we increasingly move towards contactless payments. Is the UK going the same way as countries like Sweden, where cash is all but dying out? And what does this mean for vulnerable groups like the elderly? By Mark Richards Figures came out from Transport for [...]
By Mark Fairlie Much has been made since the vote to leave the European Union about the apparent threat to Britain’s finance industry. By common agreement, London is the financial capital of the world and the sector has repeatedly expressed its worries over a potential lack of passporting rights to EU countries after the separation [...]