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The Competition Commission has completed a review into the controversial Payment Protection Insurance. The report comments on the fact that there is very little competition in the PPI market. The recommendation includes banning the sale of PPI during the sale of a loan and for seven days after. The Competition Commission to hoping to make it easier for customers to switch between PPI providers. |
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Homeowners repaid an estimated £8.1 billion of their mortgages for the first three months of 2009, bringing the total amount repaid for the year ended March 2009 to £23 billion. This is partly due to low interest rates. Homeowners are now repaying debt rather than taking out more credit. Homeowners have borrowed £300 billion against the value of their homes since 2000. There are signs that the lending criteria is finally being relaxed with mortgages only requiring a 10% deposit returning to the market. |
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The government have announced that credit card cheques are to be banned and new measures are to be introduced to help those struggling with debt. Figures released by the Bank of England has shown that UK citizens owe £233 billion on credit cards, loans and overdrafts. Credit card cheques are blank cheques sent out with statements. They have proved to be controversial as they do not provide the same protection as credit cards. The government will also be reviewing credit card charges and fees. |
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A government scheme designed to help homeowners who are at the risk of repossession has only helped six families. The scheme started in January and the government put £200 million aside to help individuals stay in their homes. In April the government added another £80 million to the scheme to help those suffering from negative equity however this has had little impact. The government has said that a new central team will be introduced next month which should help those at risk more quickly. |
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It has emerged that Belgian insurer Fortis is in advanced discussions with Tesco, who is currently in the process of reviewing the contract for its car and household insurance. This will come as a major blow to the partly nationalised Royal Bank of Scotland who currently provide the car and household insurance for Tesco.
In 2008 Tesco bought RBS 50% stake in the Tesco insurance arm. Premiums in Tesco insurance are worth £600 million per annum. If Fortis and Tesco reach a deal, this would mean the creation of around 1000 UK based insurance jobs for Fortis. |
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