UK government details loans under RBS insurance scheme
The UK government has today issued details of the Royal Bank of Scotland's participation in the asset protection scheme and there is some concern about the make-up of the loans in question. More than half of the £280 billion of loans in the scheme have been agreed with foreign entities, something which is causing concern within the UK government. In reality, the UK taxpayer is paying to ensure loans which were agreed with foreign entities.
The massive document which details the RBS participation in the scheme also confirms that the UK government has the power to "parachute in" experts if it believes that the loans in question are not being managed correctly. Nobody quite expected the amount of detail which has been published and indeed there will be some embarrassment to those involved in the loans in question.
The Royal Bank of Scotland's entry to the scheme is funded by the UK taxpayer and will see the government's share stake in the business increase from 70% to 84%. It is also believed that the UK government has obtained the authority to block any staff bonus payments from Royal Bank of Scotland although whether this particular power will be used in the short to medium term is open to debate.
Wonga caps interest rates at FCAs maximum rate
17/12/2014 Payday loan company Wonga have changed their loans cap and interest rates in line with the new regulations introduced by the Financial Conduct Authority (FCA). The UKs leading payday loan company have decided to cap the interest rate on their loans at 0.8%, which is the maximum rate of interest allowed by the FCA. They have cut their missed payment fee from £20 to £15, which is...Read More
Consumers urged to check accessibility of ISAs
Consumers have been warned to check how they will be able to access their mini cash ISA by Abbey.Recent research by the bank found that around one-in-five so-called 'easy access' accounts only allowed customers to access their money by one method.This lack of accessibility might come as a surprise to some customers, who are used to having a variety of methods at their disposal by which to manage t...Read More
Waitrose calls time on online delivery charges
The online arena may well be entering a serious shakeup with news that Waitrose has ended delivery charges with regards to its online operations. This is sure to place pressure on Tesco's and Sainsbury's to follow suit and could lead to a substantial price war in the sector.
While Waitrose has been a part of the online sector for some time, the perception of the company is as a high...
Santander confirms 400 new UK jobs
Spanish banking giant Santander, the owner of Abbey, Bradford and Bingley and the Alliance and Leicester, has today confirmed a further 400 new jobs in the UK. The 400 jobs will be in call centres in Liverpool, Leicester and Glasgow and are on top of the 600 jobs announced in July. It seems that Santander is now making a major push for the UK market at a time when many UK banks are pulling back on...Read More
UK Banks need help not revenge
As governments, regulators and heavyweights from the business arena continue to gang up against UK banks there is a feeling that revenge is on the cards and the banks will be the ones to suffer. However, while even the most loyal of bankers in the UK would agree that changes need to be made to the UK banking sector, we need to see remedies for the UK banking sector not revenge.