JIM SPOWART, the man who founded Standard Life Bank and Intelligent Finance, has signed by Scottish media company SMG to head a new price comparison website, says the Daily Telegraph .
Called Peopleschampion.com, the site will be powerehttp://www.peopleschampion.comd by the existing price comparison web site moneysupermarket.com to offer compared prices of a huge range of products from credit cards and mortgages to energy suppliers.
SMG argues its articles by Spowart - advising customers on personal finance - will differentiate Peopleschampion.com from its rivals as they intend to leverage his experience as a key driver of the site.
MORE THAN a million internet bank customers are to be sent electronic password-generating gadgets in an attempt to tackle increasing levels of internet fraud, says the Scotsman.
Barclays is planning to give its 1.6 million online banking customers hand-held devices next year which will read the chip on the customer's bank card and then provide a unique password needed to access the account on the bank's website.
Every time the customer logs on they will need to get a new password using the calculator-sized device.
Barclays is one of several banks looking to introduce new technology in a bid to stay ahead of the increasingly sophisticated internet fraudsters while Lloyds TSB is said to be trialling key rings which generate random passwords for accounts and Alliance and Leicester has introduced stringent authentication technology.
AND BRITAIN’S GOVERNMENT-LED consumer watchdog is looking at whether to host an investigation into current account overdraft charges, says the Times.
According to the paper, complaints suggesting hundreds of millions of pounds of the penalties are imposed illegally has led the Office of Fair Trading to conclude some overdraft charges could be unlawful.
A spokeswoman for the OFT says the body has not rule out a formal investigation, but it would come after the inquiry into credit card default charges, the findings of which are expected soon.
Many bank customers have demanded that charges routinely applied on unauthorised overdrafts must be paid back. In some cases, banks have paid compensation of £3,000 rather than try to defend the penalties in court.
Some banks are reported to be threatening to increase overdraft charges now they have been told to cut credit card charges.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m