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Tories issue HIP warning

The Conservative Party is warning investors of the risks of holding shares in providers Home Information Packs (HIPs), the governments flagship policy for speeding up the house sale process, and recommending that any such companies diversity their business. Shadow Ministers have pledged that an incoming Conservative Government will pass legislation to scrap the requirement for a home owner to purchase a Pack.

In the statement Shadow Housing Minister Grant Shapps said ofHIPsHIP ''Given a Conservative Government will scrap this red tape, investing in Home Information Pack companies should now carry a health warning.''

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Banking News

Skipton launches new fixed savings rates

Skipton Building Society is launching a new issue of its range of Pick N' Fix bonds. Its new fixed rate savings products, which launched yesterday, include a 1 year, 2 year and 3 year bond

A&L offers £100 to current account switchers

Alliance & Leicester is continuing with its extremely competitive approach to the current account market by giving £100 to customers who switch online to their Premier Current Account. This is one of a range of incentives to encourage people to break free from their existing accounts.

OFT says bank current accounts aren't working

The complexity and lack of transparency of personal current accounts makes it extremely difficult for individual customers to compare their bank account with other offers. The OFT says there is thus little incentive for consumers to switch - especially as people generally believe that it is complex and risky to switch accounts.

Alliance & Leicester accepts Santander offer

Alliance & Leicester (A&L) has accepted a three-for-one share swap takeover bid from Abbey's Spanish parent Banco Santander. The takeover values A&L at £1.3 billion. Santander will invest a further £1 billion to help repair the bank's battered balance sheet.

Deposit protection to be raised to £50,000?

The Treasury document "Financial stability and depositor protection: further consultation" says the the authorities are considering raising the deposit protection compensation limit under the Financial Services Compensation Scheme to £50,000.

Nationwide puts ISA transfers on hold

From Monday 7 July, Nationwide Building Society has temporarily closed its cash ISAs, including Fixed Rate ISA Bonds, to customers transferring their ISA from other providers. The Society will continue to offer new ISAs for people who have not yet used this year's ISA allowance, using cash or a cheque but not a transfer.

Alliance & Leicester extends high interest offer

Alliance & Leicester (A&L) is extending the 8.5% AER (8.19% gross) credit interest offer on both its Premier Direct and Premier 50 current accounts until 30 September 2008. The introductory interest rate offer is available on balances up to £2,500 fixed for one year.

Financial Capability Action Plan unveiled

Action to give people more support to tackle their money concerns has being announced by Yvette Cooper MP, Chief Secretary to the Treasury and Hector Sants, CEO of Financial Services Authority (FSA). The Financial Capability Action Plan sets out new measures to give people free advice and assistance to help them to manage their finances

Barclays offers online banking security software

Barclays has become the first UK bank to offer all its two million online banking customers free internet security software covering not only anti-virus software but also spyware, adware, firewalls, parental controls and spam filters.