Vince Cable slammed banks for delaying compensation payments to small businesses mis-sold insurance, describing the scandal as a ‘catastrophe’ for many firms. The Business Secretary’s comments echo those made by City watchdogs as they revealed just 32 offers of compensation totalling £2million had been accepted by companies lured into taking out interest rate swaps alongside loans.
Bank boss Ross McEwan may need five years to get RBS fully on its feet again
Click through latest news features
MONEY'S SIX OF THE BEST
DEALS OF THE WEEK
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Premium Bonds winners
Prize value | Winning bond No. | Area |
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£1,000,000 | 56HH364824 | Essex |
£100,000 | 179DJ782814 | Inner London |
£100,000 | 183MM836517 | Hampshire and Isle of Wight |
£100,000 | 104WV555594 | South Gloucestershire |
£50,000 | 138EQ776178 | Essex |
£50,000 | 188NA853526 | West Sussex |
£50,000 | 150NX188041 | Devon |
£50,000 | 76ZE764654 | Kirklees |
£50,000 | 210WV343464 | Bristol |
£50,000 | 138FJ822676 | Birmingham |
DON'T MISS
- BEN GRIFFITHS: How can we inspire our youth to consider an engineering career? Demand for talent continues to outstrip supply
- What should you know before buying a fund? A DIY guide to researching investments
- RUTH SUNDERLAND: Why not ban bad bankers? It is surprising that none of the senior figures at RBS or HBOS yet face disqualification
- Rolls-Royce bosses reveal they are drawing up plans for their first ever 4X4 And here's how it might look
- INVESTMENT EXTRA: Banking on TSB as a good buy It is worth taking a closer look at the new bank and assessing its prospects
- We're moving into new rental property but landlord refuses to change the locks Is this legal?
- Will you be buying Royal Mail shares? Tell us why What's the lure of a flutter on the post? asks Simon Lambert
- Cigarette-style 'health warnings' and limited rollovers, but no price cap Watchdog's plans for payday lenders
- Bank of England official urges borrowers to avoid big mortgages But sees no housing bubble
- House prices hit highest level for five years Jump 6.2% to add £10k to the cost of buying a home in 12 months
CITY & MARKETS
MARKET REPORT: Rightmove shares are hot property again as house prices rise
Rightmove’s shares were hot property again when analysts waxed lyrical about the online estate agency’s prospects as UK house prices rise at their fastest rate for three years. They surged 29p further to 2367p, valuing the group at £2.4billion compared with £306million when it was floated at £3 in March 2006. Top US broker Morgan Stanley began coverage with an overweight rating and target price of £30.
SAVE MONEY, MAKE MONEY: THE BEST RATES, DEALS AND TIPS THAT CAN MAKE YOUR RICHER
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BALANCE TRANSFERS
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BEST BANK ACCOUNTS
Our pick of the top deals and perks that even include free money -
TOP CREDIT CARDS
From big ticket purchases to rewards, we pick the top deals -
CUT ENERGY BILLS
Is it worth switching supplier and how much could you save? -
CHEAP MORTGAGES
What next for rates, the best buy deals and should you fix? -
CAR INSURANCE
Ten tips to find the cheapest and best cover - plus compare quotes in minutes -
HOLIDAY SPENDING
Bank accounts and credit cards that don't hit you with big fees -
BALANCE TRANSFERS
Best credit cards to help clear your debts at 0 per cent interest -
FIVE FAVOURITE ISAS
We've scoured the savings tables to find the best tax-free savings
MONEY NEWS & ADVICE
A glass of wine with that fish?: Fishmonger with a twist reveals the secrets to starting up and standing out from the crowd
The golden rule for successful start-ups is to find a niche in the market - a concept that certainly resonates with Rick Toogood and his business Prawn On The Lawn, a former butchers-turned fishmonger and seafood bar.
TOP CURRENT ACCOUNTS
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Has your teenager flown the nest? Renting out their room for a tax-free £4,250 should cheer you up
Are you struggling to adjust (or leaping for joy!) following the recent departure of a son or daughter to university for the start of term? How about renting out their room for the prospect of a tax-free £4,250 to put a smile back on your face? Des and Sue Figueiredo are getting up to £850 per month.
Santander and Nationwide win from bank switching surge as customers rush to join - so what's luring them all in?
With new easier current account switching rules coming into force last month, many more customers may now be inclined to switch bank. But there are always going to be winners and losers amongst the banks and building societies. Specialist research firm TNS has today released the findings from its current account switching index and has crowned Santander and Nationwide as the real winners in the last 12 months.
SIMON LAMBERT: Will you be taking a punt on Royal Mail shares?
Despite the lack of a Tell Pat promotion to rival the old British Gas campaign, the chance of a flutter on the post seems to have captured the public’s imagination. Under normal circumstances, I’d tend to wholeheartedly agree with the expert view that many would be better off with a decent fund - but this isn't normal circumstances.
House prices hit highest level for five years as they jump 6.2% to add £10k to the cost of buying a home in 12 months
Property values increased by 6.2 per cent in the three months to the end of September compared to the same three month period a year ago, the bank said. The rapid pick-up in property price inflation since the start of the year has driven fears of a new housing bubble emerging, as government support in the form of cheap mortgages and Help to Buy stokes demand.
MORE BUSINESS, CITY AND ECONOMY NEWS
Investors cheer as Aviva makes £500m more from sale of its US life and pensions business
Investors were cheered by the news as the firm squeezed almost £500million more out of the deal than first expected. This drove shares up 5.6p to 413.1p. An initial £1.2billion deal with Athene Holdings, an insurance company majority-owned by US private equity giant Apollo, was announced in December. But an improvement in the US arm’s earnings since then has enabled Aviva to secure a better price.
YOUR MONEY ESSENTIALS
ASK TONY: Hundreds were dying in Cairo but our travel agent said we had to go
My wife and I booked a trip to Egypt with Voyages Jules Verne. We paid a £350 deposit, with the £3,010 balance due on August 18. With the growing unrest in the country, I inquired about getting my deposit back. On August 14, I received notification that the balance of £3,010 was due by August 18. I was told that if I did not pay this, I would lose my deposit.
First your flight's delayed and now so is your payout: Passengers stuck as regulator sends cases back to airlines
Under European Union law, if your journey is delayed by more than three hours you are entitled to up to €600 (£500) compensation. However, airlines are routinely rejecting claims. If your claim is rejected you can refer your complaint to the Civil Aviation Authority. But now the authority has informed passengers that their cases are being sent back to the airline for a second look. This means passengers are essentially back to square one.
'I got my estate agent to pay for me': Could you claw money back to get a sale through?
Buying or selling can feel like you're doing all the legwork while your estate agent pockets a juicy fee, but those hit with unexpected costs can get agents to chip in. Olivia Greenway found her estate agent chipped in some of their fee when she sold her house after a dispute arose over a water softener staying or going.
CARDS OF THE WEEK
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THIS IS MONEY: HOW TO FIX YOUR FINANCES
- DIY investing essentials: Should you invest in shares or funds?
- Climb on the ladder: The first-time buyer's guide to getting a mortgage
- How to get a cheaper smartphone
- Going on holiday? Best debit and credit cards to beat overseas fees
- Ten tips to get cheaper car insurance
- The best balance transfer credit cards to help clear your debts
- Energy bills: Is it worth switching and which are the best deals?
- The best credit cards for spending, holidays and rewards
WHAT NEXT FOR YOUR MONEY?
Get saving now: This is Money's five favourite best buy cash Isas for 2013
A new tax year means a fresh Isa allowance to save. We pick our five favourite cash Isas for savers, don't miss this essential Isa reading that is kept up-to-date throughout the year.
Top 20 most reliable investment trusts: Best performers over the last decade
The Association of Investment Companies has analysed all investment trusts to find the 20 strongest and most consistent performers of the last decade. We reveal the full list.
When will interest rates rise? A first increase shifts back as market jitters ease
The bank rate is at a rock bottom 0.5%, and one day it must rise. The big question is when? We explain the factors that will decide when interest rates rise and how quickly, including the latest forecasts from markets and economists. Forward guidance was meant to offer reassurance, but markets responded with a spike.The past two weeks have seen a drift back, however, so what next?
A NEW ERA FOR BANK ACCOUNTS
MOST READ ON MONEY THIS WEEK
- Thousands of pensioners at risk of losing their homes Caught in interest-only mortgage trap
- The first-time buyer's guide to getting a mortgage How to climb onto the property ladder
- US shutdown: What it means for your investments And will you get cheaper holiday cash?
- Abysmal mistakes by Student Loans Company costs woman her job Geraldine Hall was put £20,000 in debt
- MOT winners and losers Best models for passing their first health check
- Should I lend my daughter £10k to start up a business when I think she will fail? Have your say in Money Morals
- 'I got my estate agent to pay for me' Could you claw some money back to get a sale through?
- How much do the world's best footballers get taxed on their salaries? And does it affect where they play?
- 'Yes, that really IS Ray Winstone by my pool' Earn cash by using your home as a film set, or even letting space in your loft
- Loan costs fall Hitachi launches market-leading 4.8% personal loan for existing customers - but only for a month
- 'We did some DIY and got a cheaper mortgage' How to profit from the boom in house prices without having to move
This is Money on Twitter
Latest: Mortgages & home
- Fixed rate mortgages look like they have already hit the bottom, so should you lock in? What next for mortgage rates?
- Santander is back in the best buy race with a two-year fixed rate mortgage at 1.89%
- How to play the property game: Ten steps to buying your first home
- House prices hit highest level for five years as they jump 6.2% to add £10k to the cost of buying a home in 12 months
- Empty home loans to transform derelict properties into affordable housing 'swamped' with enquiries in first month
- Bank of England official urges borrowers to avoid big mortgages but sees no housing bubble
- There is a housing bubble but if we build more we can stop it, says leading property boss
- The second mortgage to cover the cost of having a child - but you must give away 40% of any house price rise
- Record amount of mortgage debt being repaid as borrowers take advantage of ultra-low mortgage rates
Latest from Saving & banking
- 'Our bakeries have been left 20k out of pocket': Business attacked by cyber crooks - but NatWest refuses liability and won't refund the cash
- Coventry BS launches best buy four-year cash Isa at 2.75% - but you have to put in exactly a year's Isa allowance!
- Santander and Nationwide in pole position to win from bank switching surge with big customer gains in run-up to new rules
- Our savings picks: This is Money's five favourite best buy cash Isas for 2013
- Premium Bonds winning numbers
- Premium Bonds unclaimed prize table: have you won £100,000 without realising?
- Savers need to keep on their toes to nab the best rates as short-term fixed deals vanish overnight
- RIP interest: Rates for savers dealt a death by more than 1,000 cuts this year alone
- Move your money now to avoid the bonus honey trap as easy-access savings rates plummet
- Halifax nudges up rates on longer-term fixed-rate savings bonds and Isas, but best buy Britannia one-year fix falls away
ANSWERS FROM THE Experts
- We're moving into a new rental property but our landlord refuses to change the locks on the back and front door - is this legal?
- Why won't BT remove £89 charge for an 18 hour phone call I didn't make? I reckon that it actually called me!
- My dad lent his neighbour £60k. A year has gone by but he still hasn't paid back a penny - what can we do?
- ASK TONY: Hundreds were dying in Cairo but our travel agent said we had to go
- TONY HETHERINGTON: Granddaughter's boyfriend burgled our house and now our insurer won't pay out
- My wife and I do not receive enough income to pay tax. Is it still worth us taking out a cash ISAs?
- BT left me without phone and broadband for almost a month after removing a cable - can they legally cut me off as they did?
- ASK TONY: MBNA left me to sweat on a £1,300 claim for my sauna
- ASK THE EXPERTS: As a joint tenant of dad's house do I face a tax bill?
- My insurer can't find the van driver who crashed into me last year. Why must I pay because they can't close my claim?
Currency | Rate | Buy now |
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Updated 05 Oct 2013. | ||
Euro | 1.1627 | Buy Now |
US Dollar | 1.5838 | Buy Now |
Australian Dollar | 1.6599 | Buy Now |
Canadian Dollar | 1.6271 | Buy Now |
Chinese Yuan | 9.4937 | Buy Now |
Croatian Kuna | 8.7195 | Buy Now |
Czech Koruna | 29.386 | Buy Now |
Danish Kroner | 8.5657 | Buy Now |
Egyptian Pound | 10.522 | Buy Now |
Euro | 1.1627 | Buy Now |
Hong Kong Dollar | 12.194 | Buy Now |
Hungarian Forint | 337.36 | Buy Now |
Japanese Yen | 153.46 | Buy Now |
Malaysian Ringgit | 4.923 | Buy Now |
New Turkish Lire | 3.137 | Buy Now |
New Zealand Dollar | 1.899 | Buy Now |
Norwegian Kroner | 9.3135 | Buy Now |
Polish Zloty | 4.7964 | Buy Now |
Singapore Dollar | 1.9628 | Buy Now |
South African Rand | 15.69 | Buy Now |
Sterling | 1.0 | Buy Now |
Swedish Kroner | 9.9349 | Buy Now |
Swiss Franc | 1.4192 | Buy Now |
Thai Baht | 48.533 | Buy Now |
UAE Dirham | 5.772 | Buy Now |
LATEST ON HOUSEHOLD Bills
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- 'Only Finland and the US have cheaper gas': British Gas boss stokes up the heat in storm on fuel pledge
- 'I paid nPower a security deposit of £7,000': Credit scores can send fuel bills soaring for small firms
- Energy chiefs call for urgent talks on Ed Miliband's price freeze plan
Latest from Cards & loans
- Borrow interest-free for 28 months: The best balance transfer credit cards to help clear your debts
- The Post Office and Tesco Bank beef up their credit card offerings - but are they worth switching for?
- Cigarette-style 'health warnings' and limited rollovers, but no price cap: Watchdog's plans for payday lenders
- Payday loan critics say watchdog's new rules do not go far enough to curb 'out of control' industry
- Hitachi launches market-leading 4.8% personal loan for existing customers - but only for a month
- Most payday loan customers 'borrow for food and heating' - while many lenders still fail to check they can afford to repay
- Got your number, 118: Directory enquiry firm launches personal loans business to cash in on consumer credit crunch
- Abysmal mistakes by Student Loans Company costs woman her job, university course and puts her £20,000 in debt
- Going on holiday? Best debit and credit cards to help you avoid overseas fees
Latest from Investing
- What should you know before buying a fund? A DIY guide to researching investments
- INVESTMENT EXTRA: Banking on TSB as a good buy
- SIMON LAMBERT: Will you be taking a punt on Royal Mail shares?
- Investors have just days to sign up for Royal Mail shares, so what do you need to consider?
- As Tesco's profits slide again... Is this it for Britain's biggest retailer or a chance to buy shares on the cheap?
- US shutdown: What it means for your investments - and will you get cheaper holiday cash?
- 'Barclays put my £25k in shares just as the market collapsed': Saver earns no interest - but bank pockets £875 commission
- 'Forget taking a punt on Royal Mail shares, most investors would be better off with a good fund'
- INVESTMENT EXTRA: Is Neil Woodford still the king of funds for long-term investors?
Latest: money and Cars
- Best month for new car sales in more than five years as new '63' plates and PPI windfalls drive demand
- Growing confidence and PPI mis-selling payouts help to fuel a boom in British car sales
- Supermarkets battle it out at the pump: Asda to cut petrol price by ANOTHER 3p while Sainsbury's slashes 6p off a litre
- MOT winners and losers: Top ten best models for passing their first health check after purchase - and the ten worst
- British motorists pay fourth highest diesel prices in the world - but where can you buy it for just ONE PENCE a litre?
- Car crash victim? The cost of your insurance could rise as much as 30% - or by 50% if you had two not-at-fault accidents
- Cost of getting the family car serviced rises by a third in a decade - despite 10% fall in garage charges since last year
- Dreaming of a stress-free holiday? Your most common car hire questions answered
- Petrol retailers urged to cut pump prices 'immediately' as they benefit from sharp drop in wholesale costs
TOP CALCULATORS
- This is Money's calculators and tools All our calculators in one place. See how they could help you
- Historic inflation: how the value of money has changed The effects of inflation since 1900 and what past prices mean today
- True cost mortgage tool - rates AND fees Compare the cost of rival fixed and tracker rate mortgages
- Mortgage affordability: How much you can borrow Find out how much you can afford to borrow and the difference between repayment and interest-only
- Monthly or lump sum savings calculator How much a regular monthly savings scheme could make or a lump sum could be worth.
- Premium Bonds: Have I won? How close have you been to winning your fortune? Our unique calculator will try to show you
- Pleasures v Treasures (how you can save more) How diverting the cash you 'waste' on everyday items into a long-term savings plan pays off
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