~theguardian-world | Bookmarks (5)

Credit card holders who make minimum repayments warned they could be in debt for years longerSome Barclaycard customers who only make the minimum repayment each month will take an extra decade to clear their debt and pay hundreds of pounds in extra interest after the credit card provider changed its terms.Barclaycard – thought to be the UK’s biggest credit card provider – has written...

Richard Branson has already indicated he will back takeover that will require the agreement of the group’s shareholdersNationwide Building Society is set to tale over its smaller rival Virgin Money after the pair formally agreed to a deal worth £2.9bn.The deal, which will solidify Nationwide’s position as the UK’s second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy,...

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...

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...