The Community Investment Coalition recently held a roundtable discussion in view of the changing face of the financial services sector. With new technology in place designed to be tailored to the consumers’ needs and traditional banking institutes struggling to keep up and remain relevant, they felt that the changes to the market place had the potential to increase accessibility to appropriate financial services for all consumers.
In a report by the Financial Times dated 22nd April, http://on.ft.com/1OK2KZ1 it was noted that consumer demand for credit cards had increased as investors are being squeezed out of the market by new regulations. With banks offering looser investing criteria and competitive rates, more and more people are taking on more credit, rather than refinancing and taking control.
Inflation is a sustained increase in the general price level of goods and services in the economy over a given period of time. The BBC have published an article confirming that the Bank of England Committee have unanimously voted to keep interest rates at 0.5% whilst inflation remains at 0%. http://www.bbc.co.uk/news/business-32411561
Your credit rating affects far more than you think. It does not just dictate your ability to obtain a loan or credit card. It also affects some major financial areas, such as mortgage application, utility contract and mobile contract.
Approximately one year ago, at the Budget 2014, the UK Government committed to making P2P loans eligible for inclusion within Individual Savings Accounts (ISAs). On the 13th March BBCs Ramzan Karmali in anticipation of the Budget 2015 decision, wrote an article entitled: Will tax-free peer-to-peer lending get the go ahead. We explore the benefits of ISA within P2P as we wait expectantly for the decision.