LONDON, UNITED KINGDOM--(Marketwire - Jan. 3, 2013) - 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
-- 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
-- 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.
Since launching in 2005, KnowYourMoney.com has grown to over 200,000 unique visitors every month, with more than 50,000 opted in recipients for its weekly e-newsletter.
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