Banking

One in seven Britons has turned to a pricey payday loan or sky-high unauthorised overdraft to cover rent or mortgage costs in the last year, a worrying study from charity Shelter has found.

Most money transfers will go through within one working day from this week, under a new EU directive.

The Co-operative Bank is suspending interest charges on agreed overdrafts for the next three months.

There has been a "seismic collapse" of private sector pensions and fresh incentives are needed to boost retirement savings as auto-enrolment nears, a report warned today.

The "bleak" financial situation faced by the younger generation was laid bare today, as official figures showed that more people aged 25 to 34 are turning to a type of insolvency known as a debt relief order (DRO) than any other age group.

Cheque guarantee cards will not be re-introduced, the body which oversees payments said yesterday, after finding the scheme's closure has had a "minimal impact" on consumers and businesses.

A number of banks will end the controversial practice of charging their debit card customers to take out foreign currency from a bureau de change in the UK, following an agreement with the Office of Fair Trading (OFT).

Banks are to be required to "ring-fence" their retail operations from risk-taking arms and to hold increased levels of capital to protect the UK from a repeat of the crash of 2008, Chancellor George Osborne announced today.

Consumers can now get permanently free access to their credit report, which can tell them if they're likely to be accepted for a credit card, loan or mortgage.