Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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Basel Committe fail to sign off on latest bank reform measures

Banking regulators have failed to sign off the latest package of global industry reforms, leaving a question mark hanging over bankers who complain they have faced endlessly evolving regulation since the financial crisis. Policymakers had hoped to agree the contentious new measures at a crunch meeting held in Chile this week, but a senior official […]

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Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Categorized | Financial

FCA tightens rules for payday lenders

Posted on February 28, 2014

Payday lenders operating in the UK are being told to check whether borrowers can afford their short-term, high-cost loans under new rules introduced to address poor practice.

The UK’s financial regulator has announced its final verdict on plans to oversee consumer credit providers and debt management companies and says it intends to take a “hands on” approach.

    From 1 April, around 50,000 firms will be required to meet new requirements which include a ban on misleading adverts and provision of debt advice. Lenders will also not be able to automatically hit a customer’s bank account for funds if they miss a payment and cannot roll over loans more than twice.

    The UK’s “Wonga economy” has ballooned over the past few years, which has led to growing criticism from politicians, debt charities and consumer groups.

    Last year George Osborne, chancellor, told the regulator that it had a duty to impose a cap on the costs incurred by borrowers. This is expected to be put in place on 2 January 2015.

    “Millions of consumers access some form of credit each day, from paying for everyday goods by credit to taking out a payday loan. We want to be sure that the market works well when people need it – whether that’s for one day, one month or longer,” said Martin Wheatley, chief executive of the Financial Conduct Authority.

    “Our new rules will help us to protect consumers and give us strong new powers to tackle any firm found to be overstepping the line.”