Santander admits to glitch over statements

Banking giant Santander has recently admitted that it has made a grave error that resulted in tens of thousands of its customer receiving the details of other customers on their bank statements. This is another of a string of security breaches made by banks and building societies over the past couple of years that has put consumer at increased risk of identity theft.

For many, ID theft is a very serious and frightening prospect and with fraudsters becoming more and more prevalent in the current climate many people have become increasingly nervous about falling victim to their crimes. However, security breaches such as the one by Santander can put people at increased risk of falling victim to this sort of crime.

According to officials from Santander it was a printing error that caused the problem on this occasion, as it resulted in pages from other people’s statements getting mixed in with accountholder statements that were being run to send out. This meant that whilst accountholder received details of their own transactions they also receive details of other accountholders transactions too.

Whilst the bank has apologised for the breach it has also said that customers accounts cannot be accessed using the details from the statements. An official from the bank said that although customers could see other customers’ details they could not be used to get into the account. Some customers are still worried though.

One customer said: “Initially I thought the statement was mine because my name, address and account number were correct, but when I turned the page over, I could see that transactions were someone else’s. I could also see the other person’s name, account number and sort code,” said Anne Robb, from Edinburgh. I called the bank to complain. The staff were very professional and helpful, but I am still concerned that someone has details of what money comes into and goes out of my account.”

Tags: name, identity, banks, theft, breach, robb, run, problem

Oxfam branded the ‘Tesco of the book industry’

Charity shop Oxfam has come under fire recently by a number of specialist and small book sellers, who claim that the charity is putting them out of business. Read more

Tags: second-hand booksellers, high street shops, oxfam, problem, tesco, supermarkets, book stores

‘We need to be doing much more saving’, says expert

With the economic downturn increasingly putting a strain on people’s finances, the country needs to “be doing much more saving”, an expert has advised.

Jamie Elliott, coordinator at Transact, which is a UK-wide network for people committed to promoting financial inclusion, pointed out that Brits have one of the lowest saving ratios in the world.

“It’s a huge problem and we need to shift from a culture of borrowing and seeing borrowing as the solution to our problem[s], to living within our means.”

He added that people should also be saving for “difficult times” and the financial industry will be making efforts to encourage this, for example by allowing people on low incomes to open bank accounts with the government adding a maximum of about £250.

Recent research by Credit Action revealed that total secured lending on homes was £1,207 billion at the end of April this year, which represented an increase of 8.7 per cent over the last 12 months.

Tags: Transact, GBP, secured lending, year, business, lending, recession, problem

Homeowners facing arrears advised to speak to lenders

Homeowners who think they are getting into difficulties with their mortgage repayments should speak to their lender as soon as possible, an industry expert has advised. Read more

Tags: Mr Clarke, option, mortgage lending, problem, council of mortgage lenders

Debt cycle ‘carries on’ with payday loans

Regularly using payday loans to get through until the next paycheque can lead people into a spiral of debt, National Debtline has warned.

Spokesperson Beccy Boden Wilks said that payday loans can have high interest rates and consumers can often find cheaper borrowing options.

Ms Boden Wilks warned that people using payday loans on a regular basis may have a more serious underlying debt problem and advised them to have a close look at their budgets as well as to possibly seek advice on how to deal with their debts.

“If you’ve run out of money [ahead of your next paycheque], so you feel that you need to use these sorts of services, then there’s obviously a problem,” she commented.

Ms Boden Wilks added that people using these services should review their spending and budgets.

The take-up of short-term payday loans has risen by 55.4 per cent since last September, according to Moneysupermarket.com.

Tags: Boden Wilks, finance, debt, national debtline, Financial services, spending, problem, Business Finance

Mothers should be able to make pension contributions

More action is required in order to ensure that women are able to contribute to their pensions through motherhood, according to the Fawcett Society.

Company spokesperson Sarah Campbell has claimed that the government and employers need to act on the issue, noting that women who take time out of work during motherhood have reduced access to both private and state pensions.

Her comments follow research by the society that reveal that men save £51.03 more each month than women, while 55 per cent of single mothers were found to have no savings at all.

Ms Cambell believes that the gender pay gap lies at the root of the problem and that mandatory pay checks for all employers should be enacted to prevent the problem.

“Measures are needed to increase access to flexible working for parents and to encourage and enable men to take more responsibility for caring for children, so that this task can be shared more equally,” she added.

A UK campaign group for equality between women and men, the history of the Fawcett Society traces back to 1866 when Millicent Garrett Fawcett instigated a peaceful campaign for women’s votes.

Tags: pay, women's votes, women, cambell, United Kingdom, Yvette Cooper, problem, employment

Holidaying Britons need ‘comprehensive insurance packages’

Holidaymakers planning to take their car overseas this summer should make sure they are comprehensively covered, M&S Money claims.

The group believes that with the holiday season gearing up to get into full swing, motorists need to make sure their insurance packages cover them to drive in the EU.

M&S Money’s figures show that last year over two-fifths of Britons had no idea whether they were insured to drive in Europe.

The group claims that while a quarter of other policies in the market charge extra for the addition of cover in the EU, M&S insurance includes full policy cover in the EU as standard.

Its policies also include breakdown cover as standard for both the UK and Europe, with only one in ten packages from other insurers including this.

Steve Price, insurance manager for M&S, said: “It’s important to be aware of what’s required for driving in Europe as you may be caught out quite easily.”

He added: “Just as important is making sure you’re covered, which is why we designed M&S car insurance to enable people to carry on with their holiday or get home safely if there’s a problem with their car.”

Tags: full swing, problem, M&S car insurance, policy cover, Types of insurance, standard, addition

Bailiffs will be regulated

Those of us in debt will be protected from overzealous bailiffs by a strict new licensing regime.

That is the promise of constitutional affairs minister Vera Baird who says that bailiffs will not be given the power to forcibly enter a domestic property until the new licensing system is in place.

It comes as new laws are set to be introduced which will give bailiffs to right to force their way into a property to collect debts due for credit cards, loans and other bills.

The proposed laws have caused controversy as it is claimed that bailiffs are not properly policed and consumers need to be protected from rogue elements.

“Concerns have rightly been expressed about the right of bailiffs to force entry to people’s homes,” commented Ms Baird.

“We have always said forced entry can only be used as a last resort and when all other avenues have been exhausted.

“Today, I’m happy to announce this power will not come into force until those bailiffs who are not Crown employees are licensed by an independent regulator. This will help to further protect the public,” she added.

Ms Baird’s announcement has been welcomed by Citizens Advice, although the organisation has warned that regulation of bailiffs must be “robust”.

If you are in debt do not ignore the problem and hope that it will go away. If you contact your lender or debt collection agency to arrange a repayment plan you can begin to pay off the debt and avoid having bailiffs visit your home.

Tags: way, proposed laws, repayment, problem, debt