Helen Nugent

Pensions, RBS, current accounts and bonds

Thousands of small companies have been fined for failing to enrol staff in a workplace pension as firms struggle to deal with the most significant overhaul to retirement savings in generations. According to The Times, an increase in enforcement action by the pensions regulator resulted in more than 3,700 businesses being issued with penalties between July and September, compared with 861 in the previous three months. RBS Unlike other major banks which this week announced extra provisions for the mis-selling of payment protection insurance, RBS said today it has not set aside any extra cash. It did, however, report an attributable loss of £469 million for the third quarter. That loss reflects charges related to reorganising the business, and litigation and conduct costs. Current accounts

A third of banking customers are throwing away the incentives handed out for switching accounts on expensive overdraft fees, according to research by Co-operative Bank.

Thisismoney reports that while banks are offering cash incentives currently worth up to £220 in the first year, account holders who stray into the red fork out an average £6.93 each month in authorised overdraft fees, which quickly eats into profits.

Bonds The Times reports that government borrowing costs jumped on the back of strong growth figures yesterday as investors ruled out a rate cut by the Bank of England next week. Yields on ten-year bonds rose 0.1 percentage points to 1.254 per cent, one of the biggest daily rises of the past 18 months. The Office for National Statistics said that the economy had grown 0.5 per cent in the three months to September, well above predicted forecasts of 0.3 per cent. Co-operative Energy

Co-operative Energy has agreed to pay £1.8 million to its customers because it let them down in resolving complaints, call handling and billing processes.

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