More than 5,000 investors now suing Hargreaves Lansdown

Claims management company expects claims over collapsed Neil Woodford fund to exceed £200m

More than 5,000 people who invested in Neil Woodford’s collapsed equity fund are suing Hargreaves Lansdown, claiming that the investment platform was still promoting the fund even when it was aware of its problems.

The number of people suing Hargreaves Lansdown, the UK’s largest investment site, has almost doubled in the past two years, according to the claims management firm RGL Management. Two years ago the number of people taking part stood at 2,750.

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UK house prices hit highest annual growth since 2022

Nationwide says yearly rise in house prices increased by 3.2% in September putting the average home at £266,094

UK house prices are growing at their fastest annual rate for nearly two years as borrowing costs continue to fall on expectations that the Bank of England will keep cutting interest rates, Nationwide has said.

The building society said prices grew by 3.2% in September compared with the same month last year, well above the 2.4% annual growth recorded in August, and the fastest pace since the 4.4% recorded in November 2022.

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Housing market at its strongest since Truss mini-budget aftermath

House prices grew at annual rate of 2.4% in August, the fastest since December 2022, Nationwide figures show

The UK housing market is at its strongest since the aftermath of Liz Truss’s infamous mini-budget that sent borrowing costs soaring, according to the latest figures.

Nationwide said house prices grew at an annual rate of 2.4% in August, up from 2.1% in July and the fastest rate since December 2022.

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‘Kafkaesque’: bank blocks cash transfer, saying it could be an AI scam

Starling’s fraud team repeatedly refused to allow UK man to send £12,800 to friend in Austria, then froze account

An Edinburgh academic has accused Starling bank’s fraud team of behaving like officers in a police state after they repeatedly refused to allow him to send a €15,000 (£12,800) payment to a friend in Austria, then froze his account when he complained about their “absurd demands”.

John MacInnes, a professor emeritus of sociology and statistics, says he has been left astonished by his treatment by staff at the challenger bank.

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More than 6,000 bank branches now gone in nine years of ‘disastrous’ closures

Thirty-three constituencies, including two in London, will not have a single bank branch by the end of the year, says Which?

The number of UK bank branches that have shut their doors for good over the last nine years will pass 6,000 on Friday, and by the end of the year the pace of closures may leave 33 parliamentary constituencies – including two in London – without a single branch.

The tally is being published by the consumer group Which? as it seeks to make the “avalanche” of closures and the “disastrous” impact they can have on local communities an election battleground.

Barnsley East (estimated population: 94,000)

Bolton West (98,000)

Bradford South (106,000)

Bury South (103,000)

Central Suffolk and North Ipswich (102,000)

Chatham and Aylesford (103,000)

Clwyd South (70,000)

Colne Valley (112,000)

Dagenham and Rainham (117,000)

Denton and Reddish (88,000)

Don Valley (99,000)

East Worthing and Shoreham (99,000)

Erith and Thamesmead (117,000)

Glasgow North East (88,000)

Liverpool, West Derby (94,000)

Mid Bedfordshire (121,000)

Mid Derbyshire (83,000)

Newport East (84,000)

North East Derbyshire (92,000)

Nottingham East (98,000)

Penistone and Stocksbridge (89,000)

Plymouth Moor View (94,000)

Reading West (112,000)

Rhondda (68,000)

Sedgefield (85,000)

Sheffield Hallam (85,000)

St Helens North (100,000)

Stone (86,000)

Swansea East (81,000)

Warrington North (95,000)

Wentworth and Dearne (100,000)

Wirral West (68,000)

York Outer (92,000)

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Capital Group buys more than £110m in NatWest shares after UK government share cut

Leading US investor pours cash into shares after cut helps allay fears of state intervention

A leading US investor has started pouring cash into NatWest shares after a notable cut in the government’s shareholding helped to allay fears of state intervention in the bailed-out banking group.

Los Angeles-headquartered Capital Group, which is one of the world’s oldest and largest investment firms, with more than £2.5tn under management, has bought more than £110m worth of NatWest shares, days after the government cut its position, pushing the group into the bank’s top 30 shareholder list.

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Nationwide stops lending on some flood-risk properties

Banks may follow suit after UK weather-related claims on home insurance reach new high

Britain’s biggest building society has stopped granting mortgages on some properties where there is a high risk of flooding but said this affected only “a very limited number” of homes.

Nationwide’s head of property risk, Rob Stevens, said the lender used mapping technology to identify which homes were vulnerable to flooding, and it would decline to grant a mortgage to buy a property it deemed to be at high risk.

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Barclays profits tumble 12% as UK interest rates hit mortgage demand

Pre-tax profits drop to £2.3bn between January and March, down from £2.6bn last year

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Profits at Barclays tumbled 12% in the first quarter, as higher UK interest rates weighed on demand for mortgages and loans and its investment bank was hit by a backdrop of economic uncertainty.

The UK bank said pre-tax profits fell to £2.3bn in the first quarter, down from £2.6bn last year, when it reported the strongest quarterly profit since 2011 after a string of interest rate hikes by the Bank of England.

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Nationwide agrees £2.9bn deal to take over Virgin Money

Richard Branson has already indicated he will back takeover that will require the agreement of the group’s shareholders

Nationwide Building Society is lined up to take over its smaller rival Virgin Money after the pair formally agreed a deal worth £2.9bn.

The deal, which will solidify Nationwide’s position as the UK’s second largest mortgage lender, will also trigger the resignation of Virgin Money boss David Duffy, and is likely to lead to job cuts as well as an official “review” of the combined group’s workforce.

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Virgin Money bosses in line for £6m if Nationwide takeover goes ahead

Chief executive David Duffy would be biggest winner on £3.5m, with large paydays for about 12 other staff if deal goes through

Banking bosses at Virgin Money are in line for a £6m windfall if Nationwide Building Society pushes ahead with a proposed takeover of the lender, with more than half of that sum set to be pocketed by longtime chief executive David Duffy.

Public shareholder data suggests that 13 executives, board members and senior staff are poised for big paydays from the potential £3bn deal, after accumulating stock through years of service at Virgin Money, which was co-founded by billionaire Sir Richard Branson in 1995.

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UK savers should pick accounts beating rising cost of living while they can

Many best rates are easy access and notice options rather than ones that lock money away

This week’s news that inflation stayed steady at 4% in January means it is still possible to put your money in a savings account with an interest rate that beats the rising cost of living.

Returns on fixed-rate savings accounts have been falling, but, so far, variable rate deals have remained unchanged.

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Nationwide’s Dominic West ad prompts complaint from rival

Watchdog receives complaint, reportedly from Santander UK, that advert paints misleading picture of bank branch closures

Dominic West’s portrayal of an arrogant, smoothie-drinking, branch-closing banker has landed Nationwide in potentially hot water, with the building society now facing a formal complaint over its TV advert from a rival lender.

Santander UK is understood to have lodged a complaint with the Advertising Standards Authority (ASA) over the television commercial, on the basis that it “discredits and denigrates” Nationwide’s rivals and paints a misleading picture about bank branch closures.

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Dublin not expecting EU objections to new trade rules for Northern Ireland – UK politics live

Irish foreign minister says he does ‘not anticipate any particular difficulties in respect of the EU side’

Back at the home affairs committee James Daly (Con) asks why so few police investigations end up in people being charged.

James Cleverly, the home secretary, says the Crown Prosecution Service is independent. He wants to make sure investigations are as professional as possible.

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HSBC fined £57m over ‘serious’ deposit protection failings

Regulator says bank failed to properly implement Financial Services Compensation Scheme

HSBC has been fined £57m by the Bank of England’s financial stability arm for failing to protect customer deposits in the event of a banking collapse.

It is the second-highest fine imposed by the Bank’s Prudential Regulation Authority (PRA) and reflects the seriousness of the failings, the watchdog said. The highest fine was £87m, imposed on Credit Suisse last July.

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Savings passbooks popular as Britain turns to cash amid cost of living crisis

While some banks and building societies scrap system, others report increase in usage by customers

While some banks are scrapping passbook savings accounts amid suggestions they are past their sell-by date, other providers have reported an increase in their usage as people turn to cash to help them manage the cost of living.

Newcastle building society said that in 2023 it issued about three times as many passbooks as it did in 2021, and that it is getting new customers on the back of decisions by rivals to axe them.

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Lifetime Isas: calls to increase price cap that ‘fines’ first-time buyers

People who want to buy property costing more than £450,000 say they unfairly face losing money

Campaigners are pressing for changes to a UK government scheme for would-be first-time buyers that “fines” people if they use it to buy a home costing more than £450,000.

Martin Lewis, the founder of MoneySavingExpert.com, is among those calling for an urgent revamp of the rules that apply to lifetime Isas, which let people save for a first home or for their retirement.

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UK savers urged to act quickly for best returns as rates drop

NS&I, Shawbrook and Tandem among providers to make reductions amid flurry of such moves

Savers have been urged to act quickly if they want to get the best returns on their money after a flurry of interest rate cuts on top-paying accounts.

This week NS&I reduced the rate it offers on its three-year green bonds from 5.7% to 3.95%, while Shawbrook, Tandem and Ford Money were among other providers making cuts.

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Don’t get caught out by tax on cash interest, UK savers told

Higher interest rates and move away from cash isas means hundreds of thousands more people may be hit

Higher interest rates look set to land hundreds of thousands more people with an unwelcome tax bill for their savings, a financial advice firm warned this week.

A couple of years ago it was typically only the wealthiest with very big nest eggs who had to pay tax on their savings interest – but now someone with an emergency savings pot of about £8,000 could find themselves falling foul of this little-known tax trap.

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Supply shortages and mortgage rate rises push UK rents to highest point ever

Average rental property receives three times more enquiries from prospective tenants than in 2019

Private home rents in Great Britain have increased to their highest point on record after shortages in supply and mortgage rate rises combined to push the cost up by 10% over the past 12 months.

The average rent for new properties being put on the market now stands at a record £1,278 per calendar month outside London in the July to September period, according to Rightmove.

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UK ‘mortgage meltdown’ looms amid ‘terrifying’ growth in arrears

Jump in borrowers unable to make payments with landlords particularly hit and ‘worse to come’

Mortgage arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures that underscore the stress in the UK mortgage market.

Rising interest rates and unemployment over recent months have put pressure on household disposable incomes, forcing some families to cut or suspend their monthly mortgage payments.

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