LibDem Shadow Chancellor Vince Cable has accused Lloyds TSB and other high-street lenders of behaving irresponsibly by encouraging rising debt levels.The MP for Twickenham was responding to an announcement from Lloyds TSB that it had increased provisions to cover bad debt in line with other banks. He says the irresponsible behaviour of lenders and consumers is starting to be seen through the bad debts that banks have to write off. Cable says banks must share some of the responsibility for rising insolvencies and act more responsibly. He says: “Individuals may have acted recklessly but banks are also to blame for increasing credit limits without a customer requesting it and for bombarding individuals with unsolicited mailings.”
Youngsters could learn all they need to know at a financial boot camp
The average first-time buyer paid a record 3.21 times their income to get a mortgage, according to data from the Council of Mortgage Lenders. This was up from 3.2 times the average income in May, and 3.06 times in June last year.Despite the rise, the number of first-time buyers taking out new loans went up […]
Way Group has set up an estate planning vehicle that it claims will allow policyholders to safeguard unlim ited funds from inheritance tax. The Way estate transfer plan uses an absolute trust to hold funds for future beneficiaries so a gift qualifies as a potentially exempt transfer. The investor decides how much of the assets […]
Scottish Widows chief executive Archie Kane says the firm will not get dragged into a “destructive” price war to protect its market share. Widows’ individual pension sales in the first half of this year were slightly down on last year and Kane blames the fall on rivals increasing their commission rates to unsustainable levels purely […]
Those with long memories will remember that in the run up to the 2010 general election there was much talk from the Conservative Party around a rather nebulous beast – The Big Society.
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Acquisitions are continuing apace this year but will that trend continue or will the market slow?
Latest statistics show personal pensions, in particular, get a bad rap The recently published preliminary estimates from the Office for National Statistics’ Wealth and Assets Survey make for interesting reading with regards to how people view pension savings and how safe they are. The next round of this survey will be even more interesting in light […]
Beaufort Group is planning to add three more firms to its network with one deal expected to finalise next week. Chief executive Andrew Bennett says the other two small to medium-sized firms are expected to join “imminently”. In January, Beaufort Group added Statehouse Group as an appointed representative. The firm is now called Beaufort Financial […]