PRA

George Osborne has pledged to save families up to £470 a year by boosting competition and cutting red tape in areas such as banking, utilities and mobile phones.

The chairman of the influential Treasury Committee has renewed his call for the Chancellor to prevent an "absurd" cut to the amount of savings protected if your bank, building society or credit union goes bust.

The chairman of the influential Treasury Committee has called on the Chancellor to prevent an "absurd" cut to the amount of savings protected if your bank, building society or credit union goes bust.

The amount of standard savings protected if your bank, building society or credit union goes bust will fall from £85,000 to £75,000 from January because the pound has got stronger.

Royal Bank of Scotland (RBS) is to pay fines totalling £56 million following an IT meltdown in 2012 which locked millions of customers out of their accounts.

Ulster Bank has been fined almost £2.75 million (€3.5 million) over an IT failure that prevented thousands of customers from using their accounts for more than a month in 2012.

Lloyds Banking Group has set aside another £1.8 billion to deal with claims for mis-sold payment protection insurance (PPI), meaning the bill for its part in the scandal could top £10 billion.

Banking giant Barclays has set aside another £1.35 billion to cover payment protection insurance mis-selling, taking its total PPI bill to £4 billion.

Around 15,000 savers with the UK arm of stricken Cypriot bank Laiki will have their deposits protected under British rules and will escape the Cyprus banking levy, it was announced today.

Plans to overhaul the structure of financial regulation were revealed today, in a bid to prevent a future financial crisis.