CashNews.co (Bloomberg) — The boss of Lloyds Banking Group Plc has warned the uncertainty around lawsuits and regulatory probes into motor finance mis-selling is making it difficult for investors to have confidence in British banking, with ripple effects across the economy. Charlie Nunn said investors had in the past few weeks raised worries about the […]
CashNews.co Uncertainty over the outcome of the car finance probe is causing the UK an âinvestability problemâ, the chief executive of Lloyds Banking Group has said. Speaking at the FT and The Bankerâs Global Banking Summit on Wednesday, Charlie Nunn said the unpredictability of the recent ruling is also negatively impacting the consumer finance industry […]
CashNews.co Mortgage lending rose for the second consecutive quarter to reach ÂŁ41.4bn in Q3, up 15% compared to the same three months of last year, according to UK Finance. Arrears dipped by 3% in Q3 to 106,630, which more than reversed the slight increase recorded earlier in the year. Repossession numbers were unchanged from Q2 […]
CashNews.co Mortgage lending grew steadily for the second successive quarter, rising by 15% year-on-year, despite the continuing affordability challenges facing first-time buyers, figures from UK Financeâs Household Finance Review for Q3 2024. In the third quarter, as lenders were able to reduce prices further, application volumes increased, thus pointing to further lending growth in the […]
CashNews.co In just six months since our last report, AI has moved on significantly in finance. More companies are rolling out AI, and not only within their financial reporting processes but across wider areas of finance, including accounting, financial planning, treasury management, risk management, and tax management. In addition, more companies are moving onto the […]
CashNews.co The Financial Ombudsman Service has been inflating its reported success rate for complaints by a third, giving consumers false expectations of the likelihood of a complaint succeeding, according to a new study. Researchers at Warwick university said around 33 per cent of Fos cases they studied were so-called âinflationary upholdsâ, where the ombudsman rejects […]
CashNews.co The Chancellor has appointed Tom Hayhoe as Covid corruption commissioner to claw back taxpayersâ money wasted on deals during the pandemic. He has started a review of ÂŁ8.7 billion worth of PPE bought during the pandemic that was later written off the governmentâs books. Chancellor Rachel Reeves previously said she had ditched Tory plans […]
CashNews.co Figures published this morning showed that shoppers are reluctant to open their wallets, with retail sales falling 3.3% in November, in what the British Retail Consortium (BRC) called a âbad start to festive seasonâ. It certainly is. In November last year retail sales actually grew 2.6% (and the economy wasn’t exactly booming then). This […]
CashNews.co Trump Selects Warren Stephens as US Ambassador to the UK: A Diplomatic Shift Rooted in Finance President-elect Donald Trump has made headlines with his latest nomination, choosing Warren Stephens, CEO of the Arkansas-based private investment bank Stephens Inc., to serve as the next United States ambassador to the United Kingdom. The announcement underscores Trumpâs […]
CashNews.co A loyal Premium Bonds saver has been reward with a big win in the December draw after waiting 65 years to take home a prize. The longtime saver from Kent won ÂŁ5,000 for a winning Bond which they purchased in February 1959, when they bought ÂŁ5 in Bonds. This was less than two years […]