LONDON, UNITED KINGDOM -- (Marketwire) -- 01/03/13 -- Comparison website and consumer champion, Know Your Money (http://www.knowyourmoney.co.uk/), has published their review of the highs and lows of 2012.
In a year of scandals, mishaps and reprimands for the British financial industry, Know Your Money's editor focuses on the events and trends that had the most significant effect on UK financial customers including:
-- Banking: The banker backlash continued apace in 2012 with mounting political pressure for reform and calls for an end to its widespread bonus culture. A raft of IT fiascos caused banking errors for millions of UK customers, suggesting a worrying level of incompetence in certain sectors of the industry which, combined with 2012s glut of front page financial scandals (such as the Libor fixing debacle), saw public confidence in the banks reach an all time low.-- Savings: With interest rates on savings accounts plummeting and many products disappearing completely over the course of the year, 2012 was a difficult time for British savers. Discussing the causes of the problem, Know Your Money's article examines the repercussions of the Bank of England's Funding for Lending scheme and its negative effects on the UK savings market.-- Mortgages: Worrying trends emerged in the mortgage market in 2012 as the risk-averse banks decreased lending to first time buyers. As the ostensibly safe buy to let investors stepped in to snap up the properties Know Your Money voiced concerns that many young Britons are facing a future where renting at ever increasing prices is the only housing option.-- Loans: After years of ineffectual investigations and political pressure 2012 finally saw the tide turn against the exploitative elements of the pay day loan industry. Know Your Money's review looks at the events which lead to a shake up of the short term loans market and the calls for tighter laws and regulation.-- Alternative banking: As the traditional banks drew public indignation with a year of scandals and disasters, more Britons turned to the burgeoning alternative banking sector. Know Your Money's reflection of the year looks back at the successes of credit unions, peer-to-peer lending companies and other alternative financial institutions.
For in-depth analysis of the financial events of 2012 you can read Know Your Money's full review of the year article here.
Know Your Money's goal is to help our users to make informed decisions when purchasing or applying for financial products and services.
Through our product comparison tables and straight-talking guides, we help people to find suitable and affordable products that will stand them in good stead for the unknown financial demands of the future. The range of products we cover accounts for all major banking, insurance and utilities products.
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