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70% surge in complaints about financial products recorded by ombudsman
Complaints about financial products jumped by around 70% between April and June, compared with the same period a year earlier, according to the Financial Ombudsman Service (FOS).
Consumers raised 74,645 cases with the resolution service about financial products between April 1 and June 30 this year, compared with 43,953 complaints reported in the same period last year. In the first quarter of this financial year, 25% of claims brought by professional representatives were upheld, compared with 40% of those brought directly by consumers.
Most complaint issues brought by professional representatives relate to perceived irresponsible and unaffordable lending or motor finance, the service said. Credit cards were the most complained-about product in the first three months of this financial year, followed by hire purchase (motor).
Ted Baker to relaunch UK online business after shutting stores
Ted Baker is to relaunch its online business in the UK later this year, after a deal was struck by its US brand owner.
The move comes days after Ted Baker’s final UK high street shops shut their doors.
Last week, Ted Baker closed its 31 remaining stores in the UK and Ireland after No Ordinary Designer Label Limited (NODL), the business which ran Ted Baker’s UK operations, collapsed into administration earlier this year.
Land Rover reveals classic Defender V8 by Works Bespoke
Land Rover has launched a special programme of its classic Defender by its in-house commissioning service Works Bespoke.
Available in four-seat 90, five or seven-seater 110 body styles, all versions of the Defender by Works Bespoke are hand-built by expert Land Rover Classic engineers. They are powered by JLR’s ubiquitous 5.0-litre supercharged V8, here in 410bhp form. Each car gets high-performance Alcon brakes, as well a revised spring rate Eibach coil suspension and anti-roll bar, as well as Bilstein dampers.
Buyers can choose from unique paint schemes and exterior styling, and personalise the interior with a host of luxury and modern features. Prices start at £190,000 plus VAT for the 90, £199,000 plus VAT for the 110 five-seater and the seven-seat 110 costs from £204,000 plus VAT.
The FTSE 100 fell slightly on Wednesday after being weighed down by banks and commodities stocks.
The blue-chip index fell 1.61 points, or 0.02%, to end the day at 8343.85; Frankfurt’s Dax index rose 0.57% while the Cac 40 in Paris closed up 0.16%; the S&P 500 was trading down 0.56% while the Dow Jones was 0.31% lower.
On currency markets, the pound was trading 0.46% lower against the dollar at 1.32 and had risen 0.06% against the euro at 1.1864.
Starmer continues UK-EU ‘reset’ effort with Macron talks in Paris
Sir Keir Starmer will continue efforts to build bridges with European leaders as he holds talks with French president Emmanuel Macron on Thursday.
The prime minister travelled from Berlin to Paris as he undertakes two days of meetings designed to show the UK wants to ‘reset’ its relationship with the European Union following years of Brexit troubles.
On the first leg of his trip, Sir Keir said he was not ‘reversing Brexit’ as he set out plans for a new treaty with Germany – including ‘deeper links’ in several areas.
Government sets up dedicated team tasked with speeding up housing delivery
A dedicated team tasked with speeding up the delivery of housing has been established by the government, as part of its commitment to overhaul the planning system and build 1.5m homes.
The New Homes Accelerator will ‘support local authorities and developers to get shovels in the ground’, deputy prime minister Angela Rayner said, ahead of its launch on Thursday.
As part of the scheme, planning experts will be deployed to potential housing sites to work through blockages and local issues. There are 200 sites across England with outline or detailed planning permission for up to 300,000 new homes, which are yet to be built, according to government analysis.
Wheeler Dealers star Mike Brewer will join Car Dealer Podcast Live, sponsored by Motorway, on September 4 in Abingdon, Oxfordshire. He’ll discuss his TV work and new dealership. The event includes a live podcast recording, industry insights, BBQ social, and networking opportunities. Tickets start at £149 – click the headline above to book yours.
Holdcroft directors increased their pay by 345% despite a 21.3% drop in pre-tax profit to £8.04m, while revenue rose 13.7% to £750.3m. The firm criticised the government’s delay in the petrol and diesel ban, citing its negative impact on the EV market.
Michael Lohscheller will become Polestar’s new CEO on October 1, following Thomas Ingenlath’s resignation after seven years. Lohscheller, previously CEO of Opel, VinFast, and Nikola, is seen as ideal for leading Polestar’s growth.
Motors has partnered with used car website Parkers to expand its dealer partners’ reach. Parkers joins Motors’ network, including Gumtree, eBay, and Cazoo listings. Dealers paying for multisite advertising through Motors will now appear on Parkers, enhancing their visibility and buyer options.
Warranty Solutions Group’s marketing director, Steph Newbery, will join a charity event on September 8, pulling three heavy HGVs to raise £5,000 for St Piers School, which supports children with special needs. Proceeds will fund a new library for the school.
It’ll be a breezy day in Scotland, Northern Ireland, northern England and northern Wales as scattered showers move in, reports BBC Weather, but it’ll turn drier later on. Sunny spells elsewhere with temperatures peaking at 23 degrees in the south and 19 in the north.
Variable cloud and scattered showers for the far north – less so for the rest of the north. Clear skies in the south.