An advert on the company’s website, which has now been taken down, said that the company was seeking a London-based intern to “drive out the roll-out” of Apple Pay across Europe, the Middle East, India and Africa.
It said: “Apple Pay is a new and exciting area in Apple that is set to expand across Europe, Middle East, India and Africa.”
“Apple Pay will change the way consumers pay with breakthrough contactless payment technology and unique security features built right into their iPhone 6 or Apple Watch to pay in an easy, secure, and private way.”
Apple Pay is two services that need close links between Apple and the banks.
The first is an in-app payment tool, which developers can implement to allow customers to make purchases without entering credit card details. In apps such as Uber, users will instead be able to pay by simply tapping the touch ID sensor of an iPhone 6, iPad Air 2 or iPad mini 3.
The other allows users to buy items in stores using their NFC-enabled iPhone 6, or their Apple Watch – which is yet to go on sale.
Over in the states, Apple have been making sure that retailers have the sufficient hardware handy. Whereas in Europe, we’re a bit ahead technology wise, and it’s expected to less hassle to launch.
Oh, the future is more trouble than it’s worth.
The previous contract between the government and the Post Office had been due to expire in March 2015, but crisis has been averted and now been extended to the new date in the future.
The card is a lifeline for those 2.5 million people – at least half of those being pensioners – who have no truck with banks
The account allows holders to get their cash out at the Post Office’s 11,500 branches or 2,500 cash machines.
Pensions Minister Steve Webb welcomed the news, saying: “Although most people have a bank account, there are certain groups for whom this is not viable and, for them, the Post Office card account provides an important lifeline,”
He also threw in the bonus news of the contract costing 10% cheaper than previously, but the amount paid to subpostmasters per transaction remained the same.
George Thomson, general secretary of the National Federation of Subpostmasters, said: “The renewal of the Post Office Card Account will help provide the Post Office network with a more stable future.”
The bank are trialling a prototype glove that will ‘tap and pay’ like shoppers would do with contactless cards.
Barclaycard’s cashless mittens are embedded with a small contactless chip that can be linked to a credit or debit card. And look so, so stylish.
You can use them to pay for items up to £20 which all sounds a bit of an effort to be honest.
They are presently being tested on guinea pig shoppers (not people shopping for actual guinea pigs) in the UK and may take off next year if they go down well.
Barclaycard added that it is working on, rather sexistly, ‘his and hers’ versions of the gloves, with the women’s version having a softer and more ‘fleecy’ appearance than the men’s.
Mike Saunders, managing director of digital consumer payments at Barclaycard, said that the gloves “could be bringing some festive cheer to bag-laden shoppers by Christmas 2015″. No, honest. He did.
The company had previously announced that they have already been testing out bPay wristbands. Oh they might as well just turn us all into cyborgs and be done with it, eh readers?
The tax helpline has been criticised in a new report by the watchdog of consumers, saying that there had been little improvement in the service since they met up in July with the Public Accounts Committee (PAC), which served them a scathing review of their lengthy waiting times and shoddiness in answering phone calls, which were costing customers £136 million a year.
The service will be in heavy demand in the next two months, as thousands will be completing their self-assessment tax returns before January 31st.
HMRC’s chief executive Lin Homer, reckons that they had been improving the service in recent months.
However, Which!!!’s report details that 29% of calls made by their members, were cut off by an automated answering system carping on about the lines being busy.
Where there were 71 instances of callers not being cut off, they were then put on hold for an average of 18 minutes, with one caller being held hostage for 41 minutes. PAC chairwoman Margaret Hodge said: “Customers of Government services should be able to contact those services easily and cheaply.”
The FCA have come in to tackle some blatantly unfair pricing scenes
The loan brokers have made as many as one million attempts a month to raid the bank accounts of some of the poorest members of society, who they’ve hoodwinked into having loans.
The payday loaners also charge a fee of around £50-75 and then will share people’s bank details with up to 200 companies. Which is not on, frankly.
The financial regulator has said it had blocked seven payday loan brokers from taking on new business, with three in line for further enforcement action. Sounds sexy.
According to NatWest, they reckon they were being contacted daily in October, by vulnerable customers being hounded by extra charges.
The FCA has said new rules would come into force on 2 January 2015, and would end the lack of clear information on the websites currently luring people into paying fees they’re not aware of.
The rules will ban credit brokers from charging fees to customers, and from requesting customers’ bank details unless they comply with new requirements. Transparency is key and people have to make it clear who they are dealing with, what fee will be payable, and when and how the fee will be payable.
The FCA said that over 40% of consumer credit complaints received were about credit brokers: “The FCA has also received relevant intelligence from consumer groups and others who are seeing increasing complaints from people who have had money taken from their accounts unexpectedly and often by more than one broker.”
RBS NatWest are the first bank to shade up the shady, and has terminated arrangements with 20 brokers already, but it’s a slippery affair as these companies are like eels.
According to reports, chancellor George Osborne is looking at announcing a change in next week’s Autumn Statement.
The original time limit of 30 days was reduced to a week last year.
The Treasury are expected to also extend its ‘switching guarantee’ to small businesses with a turnover of up to £6.5million. The guarantee is currently restricted to firms taking less than £2million.
This reduction in the time limit will encourage competition between banks and building societies, wherein they’re expected to increase interest rates to attract new customers and switchers.
Rates on instant-access current accounts have been at a record low since July, and show no signs of improving. The average is now just 0.42%, below the Bank of England’s base rate of 0.5%.
So get switching if you’ve been complaining about your bank since forever.
The Retailer’s Offer scheme is open to their debit and credit card customers, who can pick out their favourite stores from a list of 100 or so, such as Argos, New Look, Hertz, Patisserie Valerie and Heals.
There’ll be a handful of personalised offers each month, which will be based on what the get up to in the high street.
The move by Santander follows in the footsteps of Halifax, Lloyds Bank and Natwest, which also launched rewards schemes in recent months.
Santander already offers their 123 customers 1% for supermarket shops, 2% for department stores and 3% for TfL, National Rail and petrol.
It also pays 1% on water, council tax and Santander mortgage payments, a higher rate of 2% on gas and electricity bills and 3% on mobile, home phone, broadband and paid for TV packages.
The perk is offered to both new and existing account holders for free through their online banking so you can’t just shout “BUT I’M WITH SANTANDER!” at a shopkeeper and demand cash back. Click here to find out more.
The government has to upgrade living standards for Britain’s hard working families with £7bn of tax cuts and childcare subsidies, otherwise they will rescind the right to bang on about ‘hard working families’, according to the CBI.
The group reckon that some fairly radical ideas need to be dreamt up and implemented, as families and low-income workers are forever at the wrong end of the crap-stick, financially.
It is calling for changes to national insurance, an extension of free childcare and extended maternity pay as measures that would make an immediate difference.
In a new report called A Better Off Britain, John Cridland, the director general, said: “The financial crisis and the slow recovery have hit people’s finances hard. Living standards will gradually improve as the economy does. But growth on its own will not be the miracle cure.”
The CBI is also calling for a gradual increase in the threshold at which employees pay national insurance to £10,500 – bringing it line with the income tax personal allowance – over the next parliament.
It is estimated that this would bring in an extra £363 a year. While not staggering, it’s better than nothing.
The CBI is also calling for an extension of the 15 hours a week of free childcare for three and four-year-olds to all one and two-year-olds, saving the average family with a one-year-old £3,430 a year. As well as recommending statutory maternity pay be extended from nine to 12 months, closing the gap between when maternity pay ends and financial assistance for childcare kicks in.
Cridland went on to say that despite the expense to the Treasury – about £7bn over the next parliament – the measures did not amount to the government abandoning its deficit reduction plans.
“Tackling the deficit is an absolute priority, but I don’t think it’s an either/or debate. We need to be more ambitious about the ways we tackle the deficit. Deficit reduction doesn’t have to be cut and slash.”
The average couple with two children saw their real income fall by £2,132 a year between 2009-10 and 2012-13 according to the CBI. Inflation has outpaced wage growth for much of the period since 2008.
He also hit out at large companies who refuse to pay the minimum wage: “The National Minimum Wage is about ability to pay. The Living Wage is what people need to earn. Should companies pay the Living Wage if they are able to? Yes. I would encourage them to. Can it ever be more than an encouragement? No.”
There is going to be a new Queen on the coins as of next year.
Well, strictly speaking it will be a new image of Queen Elizabeth “II”, rather than a brand new monarch, but you get the drift.
It’s the first new portrait since 1998, and only the fifth image to be commissioned during her 62 year tenure.
Designs have already been submitted by specialist designers for the new portrait, and the winner will be revealed by the Royal Mint Advisory in the new year.
The current portrait of the Queen was created by Ian Rank-Broadley and has been in circulation for 16 years.
In September, the Royal Mint launched a public design competition to find designs for the reverse side of the coins, with the winner to receive a ten grand fee for their design, which – lordy – will stay in circulation for around 30 years.
We hope they use the photo where she looks like a Sith from Star Wars.
The government wants to be able to share information with credit agencies, which will then be used by banks as back-up to determine whether they offer cash to the customer.
If that sounds a bit hardcore, even a missed or late payment on a mobile phone bill can be enough to cause somebody to be declined credit.
Child maintenance minister Steve Webb said: “For too long, a minority of absent parents have got away with failing to pay maintenance, leaving families without that financial support,”
Naturally the government being the government, they expect this move will also act as a deterrent to others from stopping child maintenance payments in the future.
“I would hope that we see this power used very little, because the deterrent effect of a possible negative mark on a person’s credit rating will convince those who have previously failed to pay towards their children’s upbringing to do the right thing.”
The record of a missed payment won’t appear on a credit record until a liability order is made against them.
You can now – if you bank with Nationwide that is, if not then move along – check your finances while on the move, or on the run from muggers.
You obviously need an Android Wear watch running Android 4.3, but the app is free, so that’s a nice bonus.
The app is available now, and is apparently quite easy to setup, so soon you’ll be shouting for your balance at your wrist or sobbing loudly in toilet cubicles at your overdraft fees.
Chief Operating Officer at Nationwide Tony Prestedge said: “Providing customers with a variety of ways to manage their money, whenever and however they want is a priority for us. Giving those members who want and have the technology the ability to check their balance on their watch provides them with even more choice as to how they interact with us whether it is online, through an app, face-to-face or over the phone.”
Fnarr. He said ‘members’.
The bank’s profits didn’t quite gain the heights that were expected after they’d put aside $1.8 billion (£1.5 billion) to pay back compensation to customers as well as a possible fine for rigging the currency markets.
This does however indicate that regulators are generally stepping up to the mark and shaming bad banks and banking. If only they’d been this tough, say, six years ago.
HSBC reckon they’d spent $700 million more this year on compliance and risk than a year ago, and that level of expense looked set to stay, meaning it would miss one of its main cost targets.
HSBC said its forex investigation provision covered “detailed” talks with Britain’s financial regulator about alleged manipulation in the $5.3 trillion-a-day forex market.
The talks were in relation to systems and controls in one part of its spot forex business in London, it said. Last month HSBC fired two traders in London, sources said.
Shall we see what excuses CEO Stuart Gulliver is bleating?: “The cost base of a global bank like ourselves is higher than it was before, because … it includes a significantly higher compliance and regulatory cost than historically the banks had invested in,”
“It reflects the fact that standards, foreign policy, etc, all evolve in a world that is a lot less certain than it was 10, 15 years ago.”
HSBC added 1,400 more compliance staff in the third quarter and now had 24,800 staff in risk and compliance, or one in 10 of its employees. That’s heartwarming really, that the growth sector of banking-based employment is down to the bank themselves ripping its customers off.
We look forward to all our terms and conditions being updated in the coming weeks across the banking sector while they all fiddle with more margins and charges to claw some money back from our accounts, to atone for their mess-ups.
This time, Tesco Bank are in a mess, after having to pay out £43 million in compensation, after a loan statement removed cash from 175,000 customers. The bank has issued an apology, wherein they claim a technical breach was behind the cock-up.
Online Tesco Bank went and admitted the breach of industry rules which breached the 1974 Consumer Credit Act – and those who accrued interest on loans during that time must now be refunded – with an average payout of £228. That’s a load of people having a nicer Christmas, eh?
Various customers have tweeted about receiving cheques for cash, because there’s nothing quite like an overshare on social media about personal finances. Under the Consumer Credit Act, failure to provide prompt ‘post-contractual’ information is viewed as a statutory breach. Any money vendor then has to refund any charges or interest incurred during the period the bank couldn’t be arsed.
An understandably nameless Tesco spokesman said: “‘As stated earlier in the year, we have put in place a redress programme to return interest and charges to customers who did not receive documentation in line with the requirements of the Consumer Credit Act.”
“This redress programme has commenced and we are writing to all of those customers affected. Customers do not need to take any action however if they do have questions they can contact us as normal. It’s not an incident of mis-selling. This is an industry-wide issue.”
The bank has already had to set aside £240 million for customers who were miss-sold payment protection insurance.
The building society has been slapped with a £4.1 million fine, for being shits to customers facing financial difficulties.
The findings were found after a City regulator noticed that call handlers at Yorkshire had failed to implement the right payment solutions, making it even worse for customers having a struggle.
The building society has agreed to refund all mortgage arrears fees, plus associated interest, charged to customers since January 2009.
This redress scheme, announced in February, is currently under way and about 33,900 customers will be repaid a total of £8.4m.
Those customers with an existing mortgage will have their loan credited, while former customers will be sent a cheque. Cor! A cheque. How modern. A Yorkshire spokesman named anonymous, reckons that all affected customers will be refunded by the end of 2014.
The Financial Conduct Authority (FCA) had said that while Yorkshire viewed repossession as a last resort, it failed to recognise that delays in reaching long-term payment solutions meant that some customers incurred increased fees and interest.
These failures happened between October 2011 and July 2012 as is the company’s second fine for being devious arses.
The regulator noticed that in 64 out of 87 cases reviewed, showed that the consumer was treated shoddily.
Tracey McDermott, director of enforcement and financial crime at the FCA, said: “Customers in financial difficulty need to be treated fairly and sensitively. Firms must ensure that they are taking into account the particular circumstances affecting customers who find themselves in difficulty. Firms need to be dealing with these customers proactively, without delays, in order to ensure they are not losing out.
“By allowing cases to drift without agreement, Yorkshire’s actions meant that customers in vulnerable circumstances risked falling into further financial difficulty.”
Chris Pilling, chief executive of Yorkshire Building Society, apologised to customers using the ‘inflatable school’ joke as an apology. “We are very sorry for letting them down,” he said.
This is Yorkshire’s second fine in 2014. In June the FCA issued a £1.4m fine for exaggerating the returns that investors could expect from stock-market-linked bonds.
The tax-payer saved bank is said to have put aside £600 million to cover the PPI mis-selling shambles, which is on top of another £600m which Lloyds threw at it earlier this year.
Lloyds said at the time that, although the number of PPI claims is falling, it is still paying out around £200m a month to victims.
This is on top of the news that the bank was the worst performing UK bank in the European bank ‘stress test’ and the confirmation that there’d be 9,000 job losses over the next three years .
As PPI was designed to cover repayments on loans and credit cards, most loan and credit card companies sold the product at the same time as they sold the credit.
By May 2008, 20 million PPI policies existed in the UK with a further increase of 7 million policies a year being purchased thereafter. Surveys showed that 40% of policyholders claim to be unaware that they had a policy.