Financial News Round Up for the Week Ending 25th February 2012

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Published Monday, February 27th 2012

Welcome to Worldwide’s weekly financial news round up. Another week of mixed fortunes in the financial world with further unrest in Greece alongside the FTSE100 holding (fairly) steadily around the 5,900 mark.

Peacocks takeover by Edinburgh Woollen Mill

Fashion chain Peacocks has been sold out of administration by Edinburgh Woollen Mill, meaning 6,000 jobs will be saved, although 3,100 staff will be made redundant and 224 stores will close with immediate effect.

Source: BBC News

FSA: PPI payments reach £1.9 billion in 2011

The Financial Services Authority has reported that banks paid out a total of  £1.9 billion in compensation for mis-sold Payment Protection Insurance.

Source: BBC News

£1.5 million fine for Santander from the FSCS

The Financial Services Compensation Scheme (FSCS) has fined Santander bank £1.5 million for failing to clarify confusing information for customers about investments which were not covered by the FSCS.

Source: Guardian

Split at Bank of England over Quantitative Easing 

Notes from the meetings of the Monetary Policy Committee (MPS) at the Bank of England show that two members of the committee wanted the 2nd round of Quantitative Easing to be £75 billion rather than £50 billion.

Source: Citywire

10% year-on-year increase in mortgage lending

According to the council of mortgage lenders, there has been a 10% year-on-year increase in mortgage lending, even though the same figures showed that mortgage lending in January fell by 14.4%.

Source: Guardian

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