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Out-of-court settlement reached with law firm acting for customers who have been left owing big sumsOne of Britain’s biggest high street banks has agreed a payout to settle a case involving “unfair” mortgages – giving hope to thousands of people who have been left owing huge sums.On the eve of a trial set to last six weeks, Bank of Scotland – part of Lloyds...

Though rapid rebound is unlikely, outlook for property market ‘is a little more positive’, says NationwideBusiness live – latest updatesThe outlook for the UK housing market is “more positive” as prices improved at their strongest rate in a year, according to Nationwide.The building society’s index found that the average house price had increased by 0.7% in January on the previous month – a significant...

Regulator says bank failed to properly implement Financial Services Compensation SchemeBusiness live – latest updatesHSBC has been fined £57m by the Bank of England’s financial stability arm for failing to protect customer deposits in the event of a banking collapse.It is the second-highest fine imposed by the Bank’s Prudential Regulation Authority (PRA) and reflects the seriousness of the failings, the watchdog said. The highest...

While some banks and building societies scrap system, others report increase in usage by customersWhile some banks are scrapping passbook savings accounts amid suggestions they are past their sell-by date, other providers have reported an increase in their usage as people turn to cash to help them manage the cost of living.Newcastle building society said that in 2023 it issued about three times as...

‘Poverty premium’ penalises drivers who cannot pay one-off lump sum, say campaignersCar owners who pay for their insurance monthly rather than with a one-off lump sum are being charged interest of more than 30%, research has found, in what has been described by campaigners as a “poverty premium”.Insurers give customers the choice of paying one annual premium or breaking it up and paying over...

Charity set up by Martin Lewis says up to 1.3m people forced to cut back on food, energy and even medicineHomeowners with mental health problems are more likely to have cut back on food and energy to keep on top of their mortgage payments, a charity set up by the consumer finance champion Martin Lewis has warned.The Money and Mental Health Policy Institute said...

Payments halted four times and left Eileen McGrath without income over ChristmasA retired teacher has had her pension payments stopped four times because her pension provider repeatedly refuses to accept that she is not dead.Eileen McGrath, 85, was left without income over Christmas when Teachers’ Pensions, which administers payments on behalf of the UK government, wrongly matched her with a deceased stranger. Continue reading...

Thousands of concerned parents reportedly struggling to sign up for flagship offering that starts in AprilA flagship government childcare scheme is at risk of “falling apart” with parents struggling to access new free hours and nurseries in the dark about if they can afford to provide care, according to charities.Parents’ groups have accused the government of planning the new free offering “on the back...

Younger employees could increase their retirement pot by more than £100,000 by saving monthly gainThe millions of workers who will get a bit more cash in their pay packet from this month have the perfect opportunity to increase their retirement savings before they get used to having the extra money, say experts.Younger employees could eventually increase their retirement pots by more than £100,000 by...