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The Latest Breaking News from UK Finance

London fraudsters who used 'SIM farm' to con £220K from victims in banking scam jailed

The fraudsters used texts and calls to scam victims of thousands of pounds

Evening Standard

Loneliness at Christmas puts people at risk of scams, campaign warns

Impersonation and romance scams are particularly harmful methods of defrauding people, the Take Five to Stop Fraud campaign said.

Evening Standard

Average UK house price hits record £300,000 as demand remains undented

Cost of housing at all-time high, Halifax reports, as mortgage lengths and borrowing multiples grow

The Guardian - UK

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City regulator offers to water down ‘name and shame’ rules after pressure

FCA proposes giving 10 days’ notice before revealing identities of firms under investigation and will consider market impact

The Guardian - UK

Average tracker mortgage payments will fall by nearly £30

The reduction follows the 0.25% cut to the Bank of England base rate.

Evening Standard

Home repossessions jumped annually in the third quarter of 2024

Monthly mortgage payments have been ‘eating up’ a much larger proportion of incomes, debt help charity StepChange said.

Evening Standard

Expecting a new credit card in the post? Beware the ‘not received’ scam

The amount of money stolen from plastic that is being intercepted and used for spending is soaring rapidly

The Guardian - UK

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City firms rarely dock pay for misconduct, FCA survey finds

Watchdog found 40% rise in alleged bad behaviour, including sexual harassment and bullying, last year

The Guardian - UK

More than £570m stolen by fraudsters in first half of 2024

Losses where people were tricked into transferring money decreased in the first half of this year, UK Finance said.

The Independent UK

Labour’s new green rules for big companies face resistance in the City

Business lobby groups fear the impact of the government’s environmental standards on efforts to revive the London Stock Exchange

The Guardian - UK

‘Major step forward’ for bank transfer fraud victims as new refund rules launch

The new scheme should ensure the vast majority of victims are reimbursed and treated in a fair and consistent way, consumer group Which? said.

The Independent UK

The 40-year mortgage – solution to rising property values or too high a price to pay?

Deals that last four decades can help some get on the property ladder, but the overall cost may be a shock

The Guardian - UK

Warning as domestic abuse victims left in ‘mortgage prisons’ with partners

One woman told the charity her former husband remains on the joint mortgage, more than a decade since she left him

The Independent UK

Why is the UK slashing the maximum banks must refund to fraud victims?

Consumer groups hit out at regulator’s ‘outrageous’ decision to cut limit from £415,000 to £85,000

The Guardian - UK

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The Guardian - UK

Banks warned over denying sex workers business accounts

FCA gives detailed guidance to lenders after hearing lack of access could lead to ‘significant harm’ for individuals

The Independent UK

£5bn in new loans handed to older mortgage borrowers in second quarter of 2024

The total value of new later-life loans was 17.5% higher than the same quarter a year earlier, UK Finance said.

The Independent UK

31% annual jump in homeowner repossessions in second quarter of 2024

While many households remain under pressure, the challenges of higher rates and the cost-of-living have started to ease, UK Finance said.

The Independent UK

Housing market ‘set for confidence boost following base rate cut’

Some experts said the Bank of England base rate cut from 5.25% to 5% will help to give confidence to home buyers and sellers.

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The Guardian - UK

How will Bank of England interest rate cut affect my finances?

From mortgages to savings and from loans to credit cards, we look at impact of quarter-point cut to base rate

The Independent UK

Treasury ‘confident’ enough coins available without ordering more this year

A Treasury spokesman said there are no plans to alter the mix of coins, after doubts were cast on the future of the smallest denominations.

The Guardian - UK

Surprise jump in number of UK people mainly using cash for daily spending

Banking body reports increase to 1.5m in 2023 – the highest since before Covid – despite move to cashless society

The Guardian - UK

Number of new UK buy-to-let mortgages halves in just over a year

Sector shrinks in size for first time since launch of products in 1996 as higher costs drive out investors

The Independent UK

Buy-to-let mortgage market has shrunk ‘amid challenges for landlords’

Strong rental demand and lending standards could mean the buy-to-let sector emerges from the downturn sooner than expected, UK Finance said.

The Guardian - UK

Global IT outage shows dangers of cashless society, campaigners say

Cash provides essential fallback when digital payments break down, Payment Choice Alliance points out

The Independent UK

Some savers being short-changed by poor rates, says Which?

UK Finance said it would ‘always encourage customers to shop around for the deal that works best for them’.

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