Complaints about packaged bank accounts rise

Complaints about packaged bank accounts increased by more than three times last year whilst PPI complaints dropped, but still remained the biggest source of complaints according to figures from the Financial Ombudsman.

Financial Times, 19 May 2015

UK household wealth exceeds £9 trillion

The net worth of UK households exceeded £9 trillion for the first time mainly due to rising property prices. The net value of residential property after mortgage borrowing increased by 14 per cent on the previous year to £3.6 trillion.

Financial Times, 15 May 2015

High-street lenders aim for large mortgage market

High-street mortgage lenders are making a bid to enter the large mortgage market for homes over £1m more traditionally the preserve of private banks. However, those customers seeking advances of over £3 million and/or with unusual financial arrangements will remain with private banks.

Financial Times, 15 May 2015

Latest figures on mortgage arrears and repossessions

The Council of Mortgage Lenders has published figures for Q1 2015 showing a fall in the number of and the proportion of mortgages in arrears or ending in repossession. In total, there were 113,900 loans in arrears.

Council of Mortgage Lenders, 14 May 2015

EU

EBA guidelines on national provisional lists of the most representative services linked to a payment account and subject to a fee

The European Banking Authority has published translations of the guidelines on national provisional lists of the most representative services linked to a payment account and subject to a fee under the Payment Accounts Directive. One of five types of service are overdraft and overrunning services.

European Banking Authority, 12 May 2015

CASES

Business purpose exemption and non-commercial agreements

In the context of a creditor petitioning for the debtors' bankruptcy, the High Court considered the meaning of the phrase "a business carried on ... by him" in the context of the business purpose exemption under the Consumer Credit Act 1974 (CCA), and further, whether the creditor had carried on an unlicensed lending business, and if the loan was exempt from regulation under the CCA as a non-commercial agreement.

Woolsey v Payne [2015] EWHC 968 (Ch), 28 April 2015