Products

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Pensions dashboard could face 15 million requests

The pensions dashboard could face requests from 15 million consumers when it goes live and must be built accordingly, according to technology provider Origo. The firm has come to this figure through its own research and discussions it has had with providers and banks who operate consumer-facing platforms. The infrastructure underpinning the pensions dashboard must […]

Wonga
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Wonga records pre-tax loss following £35m customer redress hit

Controversial payday lender Wonga has reported a pre-tax loss of £37.3m for 2014 after taking a £35m customer remediation hit following an intervention by the FCA. The firm’s full-year results for the 12 months to 31 December 2014, published today, reveal revenues plummeted 31 per cent year-on-year, from £314.7m to £217.2m, driven by a “significant […]

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Lenders warned over TCF after FOS maximum mortgage age ruling

Mortgage lenders could fall foul of treating customers fairly rules if they apply generic lending criteria following a Financial Ombudsman Service ruling against HSBC, experts warn. The FOS has upheld a complaint against the bank for unfairly rejecting a mortgage application on the grounds of age in the first case of its kind. A couple in […]

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HSBC paves the way to replace chairman

HSBC is reportedly seeking a new chairman to replace Douglas Flint. Sky News reports the bank has appointed headhunters MWM Consulting to specifically replace Flint. HSBC has a long-standing relationship with headhunters MWM Consulting to recruit for non-executive directors.  Flint has served on the bank’s board since 1995, and took on the chairman’s role in 2010. While […]

BoE
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BoE creates oversight boards after mortgage system failure

The Bank of England is to strengthen oversight of its payments systems, after a glitch in October prevented borrowers from accessing mortgages.  The Bank’s real time gross settlement system, which allows money to be transferred between banks in real time to fund investment banking and consumer loans, was down for nine hours in October. The fault […]

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Moneysupermarket.com buys finance app Ontrees

Price comparison website Moneysupermarket.com has bought website and mobile app Ontrees for an undisclosed sum. The app has been bought from Associated Newspapers. The service, which launched in 2012, aggregates consumer bank account and credit card information and aims to simplify personal finance spending, budgeting and transaction monitoring. Ontrees was the top ranking finance application in […]

Old Mutual Wealth 2014
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Openwork chief exec exits for Old Mutual

Openwork chief executive Mary-Anne McIntyre has left the network to join Old Mutual Wealth. McIntyre will join Old Mutual as chief distribution officer in September, where she will draw together the firm’s distribution activities, as well as covering product development and marketing. Openwork managing director Mark Duckworth will assume the role of chief executive with […]

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Budget 2015: Govt to launch Help to Buy Isa

The Government is set to launch a Help to Buy Isa to help first-time buyers save for a deposit. Giving his Budget speech today, Chancellor George Osborne announced that for every £200 saved, the Government will top it up with an additional £50 – a 25 per cent tax-free bonus. The bonus will be calculated […]

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TSB Intermediary expands into remortgages

TSB Intermediary has expanded its mortgage range to include remortgage deals. The bank is initially launching a 10-year fixed rate product and a five-year fix, and says it will roll out further remortgage products over the coming weeks. It is launching a 10-year fix at 3.19 per cent at 60 per cent LTV with no […]

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Barclays pays bosses £16.5m in shares

Barclays has paid out a total of almost £16.5m in shares from deferred bonus schemes and new awards to its senior management. The Financial Times reports the payout has come in at half the amount Barclays paid last year, after the bank came in for criticism for increasing bonuses in 2013. The biggest share award […]

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TSB in takeover talks with Spanish bank

TSB has received a “preliminary proposal” from Spanish bank Sabadell to purchase all outstanding shares in the UK lender. An all-cash initial bid of 340p per share has been made, valuing the company at around £1.7bn. TSB says it would recommend accepting such an offer pending agreement of “other terms and conditions”. TSB’s share price […]