Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

Darling Working To Protect Consumers

Darling responded with caution when asked by MPs how he and Prime Minister Gordon Brown plan to improve stability and transparency in the global financial system. The move to increase FSA powers will protect consumers' mortgages and savings.

UK Chancellor of the Exchequer Alistair Darling said governments must avoid implementing too many overly complex regulations that aim to cover 'every possible eventuality' when reforming the global financial system.

Some brokers are concerned about the proposals to increase the FSA's powers claiming that there will be repercussions for them in the day-to-day operations. "I have no problem with the FSA being given more powers," says Cath Hearnden, director of My Mortgage Direct.

"But what I would like to know, as a small broker, is who is going to carry the costs? Is the government going to give more funding to the FSA, or are banks' levies going to go up?"

Richard Morea, technical manager at mortgage brokers London & Country, agrees: "While the proposed changes to the FSA's powers are unlikely to have a direct impact on our day-to-day business, we would be concerned about any actions that could generate a knock-on effect on consumer confidence.

"We would hope that whatever measures are taken following the consultation, that there are no further situations like the Northern Rock crisis, which has affected the market as a whole."

"If these proposed powers are about the FSA putting the proper controls in place, that's a good thing, but not if it's just a way for the Chancellor to pass the buck."

Darling agrees, "we should not attempt to have a rule and regulation for every eventuality."

In an interview with the Financial Times, he said: "What I want is to give the FSA the powers it needs."

Published on January 31, 2008

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March 13, 2008

Lending Falls Again Says CML

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March 12, 2008

10 Tips To Improve Your Credit

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March 7, 2008

Interest Rates Kept At 5.25%

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March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008