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Equitable Life victims should receive compensation

EQUITABLE life policyholders suffered "serial regulatory failure" and should receive up to £4.5 billion in compensation from the government, a damning inquiry finds today.

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Banking News

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.

Ivobank - Open for business

Ivobank, an online bank specifically designed for online payment services, has officially made its debut in the UK - the bank simultaneously launching in Ireland, Spain and Canada.

NatWest launches 2008 student package

NatWest has confirmed details of its 2008 Student Package offering both financial benefits and incentives, including the 5-Year 16-25 Railcard, worth £120.