Posted on: 5th October 2014 7:36pm
Wonga's new chief executive, Andy Haste, has been forced to write off millions by the FCA (the new City Regulator, Financial Conduct Authority). This was brought about by a ruling from the FCA this week that the company should not have lent money to people who could never afford to pay it back. Andy Haste accepted that his company should have been more vigilant with their credit checking procedures.
Posted on: 18th August 2014 6:08pm
High street building society Nationwide has witnessed profits rising substantially in the months from April to June 2014. Profits have more than doubled in this period. This equates to £263m which is an increase of 117% for the same time last year. Statutory profit was up 141%, to £253m in the quarter. This is apparently despite lending to homebuyers reducing by one third. This in turn is a result partly, of more stringent regulations on granting mortgages.
Posted on: 14th August 2014 4:36pm
For the tenth time this year eBay's website crashed. The popular online auctioneer was unable to trade for most of last Tuesday. This was not great timing as eBay have now announced that some costs to sellers will be increased. This announcement merely added fuel to fire for unhappy traders who claimed to have lost business due to the crash.
Posted on: 7th August 2014 6:48pm
As of this November Barclays are moving customers who have ISAs to an alternative Instant Cash ISA which gives a worse rate of interest. This is due to them removing 11 of their cash ISA products, which are now unavailable to new customers. The change will impact on 1.6 million customers leaving them with a worse rate. Only 740,000 will remain unaltered or on an improved rate.
Posted on: 1st August 2014 6:50pm
British Gas domestic supply operating profits have fallen following a previous price increase in 2013. Customers rushed to turn off their heating thermostats as a result of the warmer weather in an effort to save money on energy bills. This in turn resulted in British Gas profits plunging by 26% brining their profit down by £265 million in the first six months of 2014, from 2013.
Posted on: 22nd May 2014 9:37am
eBay are asking customers to change passwords after their systems were compromised. To date there is no evidence of illegal or suspicious activity on members accounts however it said that password changes are best practice to increase security for its users. eBay engineers are currently rolling out a feature that asks customers to change their passwords when they log in to their account. This feature should go live worldwide on 22nd May 2014.
Posted on: 21st May 2014 9:56pm
SSE has reported a rise in profits of 9.6% to £1.55bn. SSE, amongst other members of the big six energy companies have come under fire in recent years for increasing gas and electricity tariffs. SSE is the UK's second largest energy supplier with over 9.6 million customers who will no doubt be infuriated by this latest profit report. The only winners are of course SSE's shareholders who have benefited from a 3% rise in dividends.
Posted on: 20th May 2014 12:12pm
A new Banking Standards Review Council is set to launch which will oversee the behaviour and competence of the industry. Sir Richard Lambert who is acting as interim chairman has set out the BSRC proposal. The body will be funded by the banking industry and early adopters include HSBC, Barclays, Lloyds, Nationwide, RBS, Standard Charter and Santander.
Posted on: 19th May 2014 6:27pm
Talk Talk is set to sell off 136,000 broadband customers in an effort to increase profitability. The customers accounts that its plans to sell off are classed as "off-net" subscribers. These 136,000 customers connect to the Internet via BT equipment which Talk Talk purchases on a wholesale basis rather than its own more profitable infrastructure. The sale is most likely to go to BSkyB or BT themselves.
Posted on: 16th May 2014 2:43pm
E.ON, one of the country's "Big Six" Energy firms have been fined a record £12m, the largest single penalty to date by the energy regulator Ofgem. This fine comes after an investigation discovered poor phone and door-to-door selling practices. The final bill for E.ON could reach as much as £20m with compensation payments likely to reach £8m added to the imposed £12m penalty.