Will homeowners see any benefit from the rate cuts?
After a series of interest rate hikes between August 2006 and July 2007, which left many homeowners struggling to keep up with mortgage repayments because of the higher interest rates from banks, many were relieved to see interest rates plummet over recent months. In October of this year the Bank of England reduced the base rate from 5 percent top 4.5 percent, and a month later the central bank wiped another 1.5 percent off the base rate, taking it to just 3 percent. In December yet another 1 percent came off, which took the base rate to a fifty seven year low of just 2 percent. Read more
Tags: market, Savings and loan association, base rate, great news, mortgage rates, rates, chancellor of the exchequer, property market
Consumers can bank on changes to Banking Code
November 24, 2007 by admin
Filed under News, News-Banking
Changes are to be made to personal business and Banking Codes as the result of an independent review.
The review was followed up by a public consultation which drew out necessary reforms that will give consumers a fairer deal.
Among the reforms will be a step up in the amount of aid given to customers heading into financial trouble, greater clarity in cheque clearance and information on products and greater transparency of information for credit cards and credit card cheques.
Angela Knight, chief executive of the British Bankers’ Association, commented: “The Banking Code is the charter that sets out how customers are treated by their banks and building societies.
“These revisions to the code reflect the need to keep up with a changing world. It will continue to underpin the treatment and protection customers value and have every right to expect.”
Meanwhile, Paul Smee, chief executive of APACS, said that the improved transparent for cheque users is “great news” for all consumers but especially for those with basic bank accounts as well as small businesses.
