Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned that it may struggle to meet the targets it set in October last year.Six months ago, the company announced a "demanding" 2008 target of £180-£200 million in new business profits, a goal it may not meet."Although we remain committed to achieving this target, the product mix and, in particular, the level of protection sales, which has been subdued in recent months, will be critical," said Philip Moore, the group chief executive."It is early days, and we are making progress towards our goal, but the prospects for a more challenging protection market, and the impact on our 2008 target, will not be fully understood until later in 2007."The announcement of last year's profit slide caused the firm's shares to dip by seven per cent on Tuesday morning.
Consumers lose £355m a year on mobile phone handsets
15/04/2015 A report from Which? has claimed that consumers are losing a £355 million a year by continuing to pay for mobile phone handsets that they have already bought. The research found that 46% of people did not upgrade their phones immediately at the end of their contracts, resulting in them paying on average an extra £92 extra for their handset. When you buy a phone contract, th...Read More
Mortgage lending 'recovering'
The British Bankers' Association (BBA) has released new figures which appear to show a recovery in mortgage approvals. The BBA said high remortgaging rates drove up approvals to 44,288 in January - up almost 2,000 over December, which was itself a near-record low. Total net lending also rose from £4.9 billion to £5.2 billion, BBA said. Statistics director at the association David Dooks commented...Read More
Government under pressure as 1000 homes a week are repossessed
The UK government is tonight under serious pressure with news that on average 1000 homes a week were repossessed between July and September this year. The figure has been branded as unacceptable by consumer groups who are seriously concerned about lack of activity from the banking sector bearing in mind the multibillion pound bailout. The number of homes currently on the market continues to increa...Read More
Savings account rates 'benefit from credit crunch'
Best-buy savings rates continue to rise due to the credit crunch, new figures from cahoot show.According to the online bank, the average rate now stands at 6.51 per cent, up from 6.27 per cent last year.This figure is all the more impressive when it is taken into account that the Bank of England's base rate has declined from 5.75 to five per cent over this period.The credit crunch has largely been...Read More
Number of customers switching current accounts improves
27/04/2015 The Payments Council has announced that they have see a 7% increase in the number of customers switching their current account over the past 12 months. They Payments Council announced that they had recorded 1.14 million switches in the year up to March 2015. The year before that there had been 1.06 million switches, so there has been an improvement. Rules intending to make the sw...Read More