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3

Sep

New regulation requires banks to disclose customer satisfaction scores

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Posted by:     |     Category: Blog, News
banks to disclose customer satisfaction

Following a joint investigation by the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA), banks will now be required to publish their customers’ satisfaction scores on their websites, apps and in their branches. The new requirement aims to improve competition in the banking sector, and provide consumers with better information in regard to the services that banks offer. Under the new rules, banks...

29

Aug

HMRC increases late tax payment rate

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Posted by:     |     Category: HMRC Arrears, News
late tax payment

HMRC has announced an increase in its late tax payment rate, although it has not increased the corresponding interest rate for repayments to taxpayers who have overpaid their tax. The decision to increase the late payment rate follows the Bank of England’s recent decision to increase UK interest rates to 0.75%. HMRC has increased the late tax payment rate from 3% to 3.25%, while the repayment rate remains static at 0.5%. An HMRC...

15

Aug

Official figures reveal boost in UK economic growth

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Posted by:     |     Category: Blog, News

Figures published by the Office for National Statistics (ONS) have revealed a boost in UK economic growth. The UK economy grew by 0.4% in the three months to June, the ONS revealed – a rise when compared to growth of 0.2% recorded in the first quarter of 2018. Real household disposable income per head increased by 1.4%, representing its biggest increase since the fourth quarter of 2015. However, the data also showed that the...

15

Aug

Business groups respond to interest rates rise

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Posted by:     |     Category: Blog, News
interest rates rise

Business groups, including the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) have responded to the Bank of England’s decision to raise interest rates for the second time in a decade. Members of the Bank’s Monetary Policy Committee (MPC) voted to raise interest rates from 0.5% to 0.75% – representing the highest level since March 2009. Bank of England Governor...

20

Jun

Cash ‘no longer king’ in latest payment trends

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Posted by:     |     Category: Blog, News
payment trends

A report published by trade association UK Finance shows that payment trends are changing. By the end of 2017, more payments were made using debit cards, at 13.2 billion payments, than payments made using cash, which totalled 13.1 billion payments. According to UK Finance’s annual Payment Market Review: the number of debit card payments increased by 14% last year when compared to the previous year the use of cash as a form of...


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