Richard Woolhouse Chief Economist at the BBA said:
“These figures show that mortgage approvals are rising again after four months of decline. That’s encouraging because those decisions are a leading indicator of what’s happening in the housing market.
“But the jury is still out on exactly how the new rules are affecting customer applications or approvals.
“Nevertheless, the higher demand for personal loans suggests that the consumer’s confidence in the recovery is growing.”Read more
The BBA today urges Europe’s leaders to make kick-starting economic growth their “top priority” and sets out a twelve-point plan setting out how this could be done.
In the report – Financing European Growth – the banks set out detailed proposals that will promote growth by improving access to finance for SMEs, boosting exports, strengthening infrastructure investment and enhancing the EU’s global competitiveness.Read more
New research from the BBA has revealed that UK influence in Brussels is set to decline sharply in the coming years as the number of British officials falls of a “cliff edge”. The BBA has called on the Government to take action to arrest this decline.Read more
Responding to the Which? investigation and release entitled “The real cost of current accounts” the BBA’s Executive Director of Retail, Eric Leenders, said:
“Banks already help customers to compare account charges in a variety of ways such as making literature available in branches and online calculators. They also itemise charges on bank statements and use text alerts to communicate important account information instantly.
“All the major banks also participate in the Government’s midata initiative to encourage transparency and make information about customers’ current account use available to them in a downloadable format.
“The good news is that across the board overdraft charges have plummeted since 2008, with estimated consumer savings of up to £928 million over the past five years.”Read more
Free schools introduced by Coalition ministers are nearly five times more likely to omit financial education from lessons than standard secondary schools, official figures have shown.
New research has found that free schools are much less likely to teach financial education than other schools.
5% of all secondary schools admitted that they did not teach financial education, in response to a Freedom of Information Request. However, that proportion rose to 24% for free schools.
Consumers groups, charities, banks and other experts have urged ministers to ensure that the basics of money management are taught to all pupils.Read more
Reacting to this morning’s announcement by the Competition and Markets Authority, BBA chief executive Anthony Browne said:
“All the banks will co-operate fully with this review and any subsequent investigation. There are substantial changes currently underway across the banking industry to strengthen competition – which improves choice and service for customers. We welcome the fact that the CMA has recognised that there have been a number of recent improvements for customers.
“Banks are pro-competition – they compete for customers every day. Last month we published a series of ideas to help new banks set up and smaller players to grow. We hope these suggestions will be taken up by regulators and politicians.”Read more
Major lenders today publish details of borrowing to individuals and businesses classified by more than 9,000 postcode sectors at the end of 2013, six months prior to their release.
The industry-wide data has been compiled jointly by the BBA and the Council for Mortgage Lenders. Participating lenders will also publish their own figures on their websites.Read more
“The banks have now written to almost all affected businesses advising them of the outcome of the review of their file. 14,549 of these customers have now received redress outcomes and more than £1.2 billion has been accepted.”Read more
Since 2007, a huge amount of necessary work has been done to reform and repair our banking sector.Read more
Mobile and internet banking is now being used for transactions worth nearly £1 billion a day, according to a major industry-wide report into consumer-friendly technology by the BBA and EY.
The second Way We Bank Now report also shows that millions of customers are using contactless cards, payment by mobile and SMS balance alerts. In 2014 the rate of adoption of digital banking has grown strongly with more than 15,000 people downloading banking apps a day.Read more