Latest news with #Government-backed
Yahoo
28-05-2025
- Business
- Yahoo
Starling Bank profits slide after FCA fine and Covid loan issues
Starling Bank has revealed its annual profit fell by a quarter after being hit with a fine for weak financial crime controls and setting aside cash to cover issues with Covid bounceback loans. The bank reported a pre-tax profit of £223 million for 2024, down 26% from the £301 million made the prior year. It marks the company's fourth year in a row of profitability since launching a decade ago. The drop in profit was partly driven by Starling being fined £29 million by the UK's Financial Conduct Authority last year. The regulator described the bank's financial crime screenings as 'shockingly lax', leaving the system 'wide open to criminals and those subject to sanctions'. It was also found to have repeatedly breached a requirement not to open accounts for high-risk customers. Starling said it has learned lessons from the investigation and has built a stronger framework – but it still faces some restrictions in relation to banking with higher-risk customers. Profits were also dragged lower by the bank putting aside £28.2 million to cover a group of bounceback loans which it said 'potentially did not comply with a guarantee requirement'. Starling offered the loans to struggling businesses during the Covid pandemic as part of the Government-backed lending scheme, which guaranteed to cover any losses incurred by lenders. The bank said it agreed to remove the Government guarantee on the group of loans that had potential issues. Meanwhile, Starling revealed its revenues rose to £714 million, from £682 million in 2023, with the amount deposited by customers topping £12 billion. It also highlighted growth of its banking software platform Engine after ramping up investment and signing Salt Bank in Romania and AMP Bank in Australia as its first two customers. The London-based bank, which also has UK offices in Cardiff, Manchester, and Southampton, hired about 3,940 people on average last year – some 700 more than in 2023. This drove up staff costs by nearly a third year-on-year, while marketing spending reduced as bosses focused investment on financial crime controls. Chief executive Raman Bhatia said: 'In the last year we demonstrated our commitment to addressing legacy matters, investing in our people and capabilities so we now move forward from a position of strength. 'We will leverage our robust capital position to continue to scale our growth in the UK by helping our customers become better with money. 'We will also make great strides in turning Engine by Starling into a global success.'
Daily Record
21-05-2025
- Daily Record
Airport mistake could see you banned from flying
You could also be hit with a hefty fine, and 'ruin' a holiday Holidays could be "ruined", warns a multi-airport campaign across the UK. Holidaymakers are being urged to "fly responsibly" or face hefty consequences, according to a Government-backed initiative. The One Too Many campaign is in place across more than 20 UK airports, and its posters remind passengers that consuming too much alcohol at the terminal could lead to severe consequences. One Too Many signs read: "One too many is all it takes to ruin a holiday, cause a delay, land YOU in jail, cancel a flight, [and/or] divert a plane". Those who disrupt flights could be refused boarding, receive a lifetime airline ban, or could even incur fines of up to £80,000 if their on-board behaviour means the plane has to be diverted. One Too Many campaign assets are on display at more than 20 UK airports, including London Gatwick, London Heathrow, Manchester, Newcastle International, Liverpool John Lennon, and Bristol. Karen Dee, Chief Executive of the Airport Operators Association, said: "UK airports are committed to providing a safe and enjoyable travel experience for all passengers. We urge travellers to enjoy their journeys responsibly and not ruin their holidays or the holidays of others." "Airports will continue to monitor and act against any disruptive behaviour to ensure everyone's safety." The One Too Many campaign launched in 2018, backed by the government, including nods of approval from the Department for Transport and the Home Office.
Yahoo
11-05-2025
- Business
- Yahoo
Less than half of pensioners aged 65-75 ‘confident their savings will last'
Less than half (48%) of people aged 65 to 75 are confident their private pension savings will stretch for the rest of their life, research indicates. The survey, for Aviva and Age UK, took place among 1,000 people in this age group who are on a moderate retirement income, excluding people who only receive the state pension and those with more than £20,000 in annual household income from a defined benefit (DB) salary-related pension. Those taking part in the survey, carried out by consultancy Ignition House in October and November 2024, said they did not pay for financial advice. More than four-fifths (83%) said an income for life from their private pension savings has become more important to them as they get older, and the same number said they would be worried if their retirement income fell – with women more likely to feel this way than men (87% compared with 79%). Two-thirds (65%) of those surveyed do not believe there is enough support for people managing their financial needs as they age. Aviva and Age UK said the research highlights the 'pressing need' for regular financial reviews within retirement. They suggested that a 'mid-retirement MOT' could offer pensioners guidance and support while they are in retirement andwould act as a financial and lifestyle review that could include a conversation about estate planning, fraud protection, access to state benefits, and managing finances if they start to experience cognitive decline. Over-50s can access free guidance from the Government-backed Pension Wise service. Doug Brown, chief executive of insurance, wealth and retirement at Aviva, said: 'Pensioners today clearly value financial security, but many seem to be sleepwalking into later retirement with a set and forget approach to their retirement income.' Paul Farmer, Age UK's chief executive, said: 'We frequently hear from struggling pensioners, many of whom have a small private pension of their own, about how tough they have found the last few years. 'Managing your pension and other finances becomes harder as you get older – especially where people have suffered a major life-change like a bereavement or a dementia diagnosis. He added: 'The mid-70s is often a point where people need to take stock and think through their options.'
Scottish Sun
07-05-2025
- Business
- Scottish Sun
I followed Martin Lewis tip and got £1,200 free cash bonus while on Universal Credit
A UNIVERSAL Credit claimant has revealed how a simple savings hack helped her pocket a £1,200 free bonus cash. Claire spotted a savings tip on TV and four years later, she's sitting on a £1,200 bonus thanks to one simple move recommended by Martin Lewis. 1 A woman bagged £1,200 of free cash following Martin Lewis' key tip The savvy saver, who was on Universal Credit when she opened her Help to Save account, has now officially cashed out after diligently putting money away each month and she's urging others not to miss out. She shared her story with Martin Lewis' Money Saving Expert team, saying: 'I've saved for the last 4 years... I'm about to cash out my last £2,400 plus my second £600 bonus, so £3,600 in total. "It was tight some months, but I always pulled the cash together to get the max back! Thanks for the tip all those years ago!' Claire's bonus came from the Help to Save scheme, which is a Government-backed savings account that rewards low-income earners with 50p for every £1 they put away. It's designed for those on Universal Credit or tax credits, and it's been described by Martin as 'totally unbeatable'. The account allows users to save between £1 and £50 per month over four years. After two years, savers get a 50% bonus on the highest balance they held, even if they dipped into it. Then, if they carry on saving for another two years, they get another 50% bonus based on what they added in years 3 and 4. Just by saving £50 a month, she unlocked the full £1,200 in free Government money. Now, anyone on Universal Credit who earned at least £1 in the last month can open an account. Skipton free ISA buns Previously, only those earning £793.17 or more in take-home pay per month could apply, but from April 6, the threshold was lowered dramatically. That's an extra 550,000 people now eligible, bringing the total pool to 2.7million. Once you open an account, you can save anything from £1 to £50 a month. After two years, you get a tax-free bonus equal to 50% of the highest amount you had in the account, even if you withdrew it. Then, you can continue saving for another two years and earn a second bonus calculated on the increase in your balance. That means over four years, savers could walk away with £1,200 in free Government cash on top of the money they've set aside. The Money Saving Expert explained: 'Even if you only save a few pounds a month, the rewards are unmatched. It's rare I use the word 'unbeatable' but this truly is.' Better yet, the account is easy-access, meaning you can withdraw money whenever you need to which is a lifeline for many juggling tight budgets. However, there is a caveat. If your total savings, including Help to Save , exceed £6,000, it could reduce your Universal Credit payments. But for most savers who stick to the scheme alone, this won't be a problem. Also, the bonus itself isn't counted towards the threshold, only what you've physically deposited. There's one situation where Help to Save might not be the best option and that's if you're carrying expensive debt. In that case, it could be wiser to pay down what you owe before building up savings. But for everyone else, it's a financial no-brainer. And the perks of being on Universal Credit don't stop there. Claimants can also get up to 85% of childcare costs covered, access Sure Start Maternity Grants worth £500, and apply for support from the £421million Household Support Fund via their local council. You can cash in on £29,000 worth of free cash and benefits. If you're unsure whether you're eligible for Universal Credit or Help to Save, you can check using tools. In a cost-of-living crisis, this could be the most rewarding £1 you ever.
The Herald Scotland
27-04-2025
- Automotive
- The Herald Scotland
One in 20 would pay an unjustified parking ticket
Of the survey respondents that would pay an unjustified PCN, more than half (53%) said they would do so because 'it gets rid of the hassle'. Some 13% said they felt they would not get a fair hearing at an appeal, while 11% would fear legal action. There is a growing trend for people approaching Citizens Advice regarding private parking operators. The AA found the organisation helped 9,926 people in relation to the issue in 2024/25, compared with 7,412 people three years earlier. Private parking businesses have been accused of using misleading and confusing signs, aggressive debt collection and unreasonable fees. An investigation by the PA news agency earlier this week found drivers across England say they are being sent tickets because of faulty machines, which one campaigner claiming the devices are 'set up to trap people'. A Bill to enable the introduction of a Government-backed code for private parking companies received royal assent under the Conservative government in March 2019. The code was withdrawn in June 2022 after a legal challenge by parking companies. Jack Cousens, head of roads policy for the AA, said: 'The delay in implementing the official Government code is scandalous. 'Six years on, no part of the legislation has been introduced to protect and safeguard drivers from an aggressive industry. 'The fact that drivers are willing to pay up when they have done nothing wrong, nor have any confidence in the current appeals process, shows why urgent action is needed. 'We are hugely concerned that the Government is standing idly by while drivers continue to receive threatening letters from a sector that works on the basis of guilty until proven innocent. 'Urgent action is needed, and introducing the rules by the end of the year will help wrestle back some of the balance in favour of the motorist. 'Until the measures within the Act are in place, drivers will continue to be attacked by these shark-like businesses.' Private companies chase vehicle owners for alleged infringements in private car parks, such as at shopping centres, leisure facilities and motorway service areas. They issued 7.2 million PCNs in the six months to the end of September 2024. That was up 12% from the same period a year earlier and represented an average of 41,000 per day. Each ticket can be up to £100. Local growth minister Alex Norris said: 'We inherited a dysfunctional private parking market that has lacked crucial transparency and protection for motorists, leading to unfair and unjustified charges. 'Parliament legislated for a legally binding Code of practice six years ago with cross-party support but the four previous administrations all failed to implement it. 'Where they failed, we are determined to act. 'That is why we are working at pace to drive up standards by bringing forward a stronger, more robust legal private Parking code of practice.' Will Hurley, chief executive of trade body the International Parking Community, said: 'Data shows that the appeals system is a vital and effective safeguard for motorists: one in four who appeal to the operator are successful. 'If a motorist believes a parking charge has been issued in error, we urge them to appeal and submit evidence. 'This process exists to ensure fairness and protect the motorists.'
