My top pick from last week’s news is the latest JRF Minimum Income Standard report.
For a quick read, go for Italy approves blanket ban on gambling ads and Santander makes big changes to overdraft charges.
Tweet of the week
— Soccerex (@Soccerex) July 4, 2018
PPI (these two stories are not related):
- Banks could have to pay out ‘billions’ more in PPI claims BBC: court case – couple awarded all the sales commission they paid plus interest for a policy, a total of £17,345. Under FCA’s “Plevin” rules, they would only have got a part of this back.
- CP18/18: Guidance on regular premium PPI complaints and recurring non-disclosure of commission FCA: new consultation on commission-related claims for credit cards.
- Bankruptcy and the beautiful game Mortgage Introducer – piece on the history of bankruptcy.
- Church of England may be forced to sell some of its ancient cathedrals to cover their overwhelming debts Mail: bishops are to ask the Church’s parliament, the General Synod, to approve a new law to prevent any judge from responding to the financial crash of a cathedral by ordering a sell-off.
Powerless people: indebted and afraid experience of debt collection by local and central government CAP: Client survey finds CAP clients with local or central government debts are 81% more likely to have been afraid to leave the house and 41% more likely to have considered suicide as a way out of debt.
Car buyers are borrowing more than £100million per day to finance new vehicles amid fears of a dangerous new debt binge Mail: 209,547 cars were financed on credit in May according to figures.
‘I never thought I’d be alive to pay back my huge debt’ BBC: While just under a third of people did not talk to anyone about their problems, half said they wouldn’t know where to go for help.
Bank of England primed for rate rise Times (£ paywall): Pick-up in growth increases pressure on Carney to act.
Why Direct Line is right to warn on £69bn debt Britons are hiding from partners Independent: beyond regulators occasionally telling lenders to cool it, little has been done to address an issue that could inflict a painful bite on the UK economy, and an awfully large number of those living and working in it.
Santander to make big changes to all overdraft fees next week – after report finds it charges 7.5 times MORE than a payday loan Mirror: The bank is to introduce a new fee structure for overdrafts that will remove or reduce unarranged overdraft fees for all customers.
A Minimum Income Standard for the UK 2008-2018: continuity and change JRF: findings include transport costs have risen from around 10% to nearly 20% of minimum household budgets.
Losses at challenger bank Monzo quadruple to £33M – and four in five new customers don’t use it as their main account Mail: The figures show that customer deposits were £71.2million, the equivalent of less than £150 per account.