The multibillion-pound self-certification mortgage industry, in which customers are not required to provide proof of income, is set to be banned by the financial regulator.
Dubbed "liar's loans" by critics, self-cert loans were blamed for playing a large part in the housing bubble and ensuing financial crisis, according to The Times.
The Financial Services Authority (FSA) is effectively planning to kill off self-cert home loans by introducing a rule compelling lenders to insist that customers provide evidence of their income. See story...
Pensioners will see an increase in the state pension of just £2.40 from next April, half the rise introduced the same time last year reports The Telegraph.
The marginal increase, which will see pension payments increase from £95.25 a week to £97.65, prompted outrage from charities and politicians, who called for the pensions system to be urgently reformed.
Andrew Harrop, head of policy at Age Concern and Help the Aged, said: "Although the commitment to raise the basic state pension by at least 2.5 per cent will be a relief for older people, a £97.65-a-week pension is still not enough to ensure a decent standard of living to people who have worked hard all their lives. See story...
Britain is on the brink of emerging from the recession but could slip back into negative growth again next year when the benefits of the fiscal stimulus package begin to wane, a leading industry body has said reports The Times.
The forecast by the British Chambers of Commerce (BCC) was followed by separate data showing that the retail industry had rebounded in September. Growing consumer confidence pushed sales up by 2.8 per cent year on year, according to the British Retail Consortium (BRC) and KPMG, the accountancy firm.
The BCC said that the results from its third-quarter economics survey showed that the decline in activity was ending, with improvements in business confidence, employment, investment and domestic sales and orders, as well as export sales and orders in the services and manufacturing sectors. See story...
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Lack of innovation for solutions
Some 2,000 consumers affected
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