After much confusion, legal action and general lack of co-ordination between the many parties involved, it looks as though the much heralded introduction of Home Information Packs (HIPs) is set to go ahead on 1 August, in England and Wales, unless we get another legal battle today!

Its seems that the government have come too far down the line to scrap the idea, even though the industry has always been, and continues to be, dead set against the introduction.  Indeed, many parties in the industry have openly stated that they will not accept all of the information in the pack, as much of it could be out of date by the time a prospective buyer appears.  Costing in the region of £400 - £700 per pack, they have added yet another layer of expense to what is a very complicated and expensive industry.

There is no doubt that the authorities have acted with the best intentions, looking at ways to reduce the transaction time, reduce cost and improve the information which prospective buyers receive.  Unfortunately the housing industry have not been allowed to have any major input along the way, a situation which is causing the confusion of today - as well as the fact there are insufficient inspectors to carry out all of the tests needed.

While the original guidelines have been watered down, with only homes with four or more bedrooms having to produce a HIP, there are plans to cover the whole housing spectrum in due course.  While it seems that the government have finally won the day, always expected the unexpected in this industry!

While we have all seen the news about the an going situation regarding bank charges, behind the scenes the Office of Fair Trading (OFT) have been heavily involved in trying to regulate the credit card industry.  A recent survey has shown that more than one in four of the UK population have been hit by credit card penalty charges over the last twelve months, with charges totalling some £230 million last year!

While the OFT have stepped in to try and avert a similar situation to the bank charges debacle, this income stream is still proving to be a useful revenue generator for the finance companies.  While the OFT have introduced a maximum penalty charge of £12 , many of the card providers have just re-arranged their fee structures with many increasing their standard interest rates, and others looking to introduce monthly fees where their earnings potential is lower.

While the bank charges investigation and the introducing of a price cap to the credit card industry were done with the best of intentions, it is looking as though the situation will back fire on the consumer.  Many financial institutions are already indicating that the days of “free” banking are already numbered - even though it is arguable that banking has never been “free” - with rumours of monthly fees and reduced services for those in various categories.

The landscape of the financial industry has changed somewhat over the last 12 months and it looks set to change a whole lot more over the next couple of years.  There is a definite sea change in the attitude of the financial companies, an attitude which seems set to target the customer for more and more charges!

As we see the fallout from problems in the US sub-prime credit industry continue, it is now starting to have a major impact upon other stock market around the world.  All of the major markets such as the UK and Japan are moving in tandem with the current volatile attitude of US investors.  So where next for world wide markets?

Over the last couple of years we have seen worldwide stock markets buoyed by takeovers, mergers and a high level of corporate activity.  This search for the next “takeover” has pushed many sectors and individual share prices to unsustainable levels, levels which do not represent the true value of a company.

The recent bout of investor profit taking, and general lack of confidence in the market has seen the so called “takeover” premium evaporate form many share prices, with many observers believing that fair value for many sectors is still some way off.  On top of this we have an ongoing crisis in the US sub-prime lending market, a market which has historically “called” the turning point of many economic cycles.

In the words of the old stock market saying, “the US sneezes and the UK catches a cold”, a phrase which now has great relevance to the rest of the world.  The US is such a power house in world trade that any fall out in their own economy is sure to effect worldwide markets.  Investors should expect a continuation in the current down trend, as well as much volatility along the way.  While there appears little chance of a crash, it is well worth keeping a close eye on the markets!

Over the last few years we have seen a major increase in the amount of junk mail which drops through our letterboxes, not too mention the regular “cold calls” offering the “best service” on the market.  The majority of these marketing strategies are employed by the finance industry, which has always been very aggressive in the marketing stakes.  Is it now too easy to get a loan?

Many will agree that the simple answer to this is yes, with seemingly the whole spectrum of the UK population under siege, no matter if you are a millionaire or a bankrupt.  It is the emphasis on those who may have seen recent financial woes, such as those currently in Individual Voluntary Arrangements (IVA) or those in bankruptcy, which is most surprising.

Research has shown that some of these companies specialising in credit for those with a chequered credit history will regularly trawl the financial press releases detailing those in bankruptcy, and the subject of IVAs.  As you can imagine, these people who are being targeted have had many of their traditional credit routes taken away, leaving them at the whim of those who charge extortionate interest rates, on long term arrangements.  While the financial companies are taking a risk on this type of client, the client is the one who is put under more and more financial pressure.

The authorities have tried to stop this type of activity in the past, but the information is often in the public domain and there is very little which they can do about it.  The competition in the financial sector is as tough as ever, with companies constantly trying new marketing ploys and new areas of the market on a regular basis.

Many are now calling for the financial industry to put its house in order, before much more financial pressure is put to bear on those already in financial trouble.

After months of speculation within professional circles, the US stock market has finally woken up to the crippling mortgage situation in the sub-prime sector.  Despite very down beat comments from a host of market professionals and the chairman of the Federal Bank, the stock market had (until this week) been enjoying a very lucrative run.  So what happened?

The catalyst for the recent sharp pull back in stock prices seems to have been prompted by more high profile mortgage default numbers, the withdrawal of some major players from the sub-prime mortgage sector and the news that some 1 million US home owners are struggling to cover their mortgage payments.  The US housing market (and the economy, after the knock on effect) is under serious pressure, and while the authorities will act to soften the blow, the situation will not be resolved over night.

As many investors and market observers fear that the economy may stall, we have seen the evaporation of takeover speculation in the market, with money expected to get tighter and a reduction in estimated investment returns.  These are markets which are not favourable to some of the high debt takeovers which have been mentioned of late.

It will be interesting to see how the markets react this week, and whether investors will be able to convince themselves that this is not a major issue.  However, it is an issue which will not go away, now that it has begun there will be serious consequences at some point.

In a move which should finally clarify the situation regarding bank charges, HSBC, Lloyds TSB, Royal Bank of Scotland and Nationwide have agreed to a test case to obtain a ruling as to whether current overdraft charges are illegal.  With the full backing of the above banks, the Financial Services Authority (FSA) have filed an action arguing that overdraft charges are unfair.

This situation with regards to the thousands of compensation claims which have been received by the banks has reached something of a stale mate.  Customers keep sending in their compensation claims, although the majority of the UK banks have now resorted to stalling tactics with many now unwilling to payout compensation - despite the industry as a whole paying out millions of pounds over the last few months.

While the banks continue to argue that their charges are not unlawful, they have recently been criticised by the Office of Fair Trading and a number of court judges, for their tactics used to pressure customers into dropping cases.  It appears that a stalemate has now been reached, something which the banks have been trying to avoid for months.  Their strong arm tactics of late have given the FSA the perfect excuse to try and resolve the issues once and for all - but who will win remains to be seen!

There may also be a number of internal working issues which the banks are unwilling to let the public see, something which may well hinder the defence of the banks when the issue finally goes to court.  It certainly promises to be a very exciting court case, with millions of pounds riding on the outcome.

We have all seen the major crumbling of the already fragile UK / Russia relationship, with tit for tat diplomatic expulsions carried out over the last couple of weeks.  While the main issues revolve around accusations that Russian spies have been operating in the UK, the situation may well go a lot deeper for UK business and future co-operation between the two countries.

The UK business sector is very heavily represented in Russia, with oil giants such as BP and Shell holding major asserts in the country.  Prior to the fall out with the UK government there had been signs of a potential return to old governing styles, with some hand picked assets returned to state control - including an area of the country which involved a BP joint venture.

There have also been a number of laws voted through of late, which limit the control and profits which foreign investors can make in the country.  Initially the Russia government had suggested joint ventures and a more softly softly approach, although this changed when resistance was met.  We have also seen the flexing of the Russian muscles with the closure of one of the main gas lines to Europe - although this was later re-opened.

There is speculation that the authorities are just showing the West how much power the country has, and the fact they are not afraid to show it.  We have seen some gas price rises due to this issue, as nobody is quite sure if it will occur again, and how much control the Russian authorities really have.

While the writing of a Will is a subject which many of us tend to shy away from, it is becoming more and more essential to ensure that your finances are in place should you pass away unexpectedly. 

Wills are not just for the elderly, they should be used as tools to protect your family, friends and partners and ensure that your wishes are carried out.  You would be surprised how many estates end up in court, with friends and family at each others throats!

There is a myth that Wills are complicated affairs and can only be completed by solicitors or lawyers, when in reality they are as complicated or as simple as the writer so wishes.  There are many websites on the internet which will advise you about writing your own Will, what to do, when to do it and how to complete the wording.

There are a number of standard instructions which need to be included in any valid Will, many of which can assist in reducing the high level of inheritance tax levied on estates of today.  It is vital that your tax planning is up to date in order to ensure that those who you wish to benefit will do so, in the most efficient manner.  Discretionary Trustees and gift allowances are some of the more common and simpler ways to ensure that you estate is left in good shape for those left behind.

It seems that the authorities continue to see estates as a great source of extra taxation, and it is highly likely that we will see further relative increases in the tax return from this area of finance.  Ensure that you protect all which you have worked for, even in death, and make your Will as efficient as possible.

The Office for National Statistics have today released their annual balance sheet for UK Plc, which gives a snap shot of the value of all UK assets as at the end of 2006.  The report takes into account all aspects, including property, shares, loans and any other assets.  How much do you think UK Plc is worth?

You may be surprised to find that the country is actually “worth” £6.5 trillion, which equates to an average of £108,000 for every man, woman and child in the UK.  When you consider how many of the UK population are living on the breadline, it perhaps gives an indication of just how many people / companies in the UK have been ultra successful when it comes to improving their wealth.

It will come as no surprise to see that the majority of the value of UK Plc is held within the property market, which was valued at some £3.9 trillion.  This is an area which has grown further since the start of 2007, although how it will perform overall in 2007 remains to be seen. 

These figures further consolidate the UK as one of the leading lights of the developed world, a country which for many years has “punched above its weight”, further strengthening the reputation of the UK on the world stage.  However, it will be interesting to see how the situation develops over the next few years with many expecting the UK property market to slow down.  Will another sector appear to lead UK Plc forward?

It can be difficult to get to the bank before it closes during the week. If you are anything like me, up and out by 8am and not back until gone 6pm, then you will find that your working hours mean that you are never free when the bank is open (typically 9am until 5pm weekdays but do check with your local branch). So, what do you do if you need to check your latest statement, transfer money between accounts or need to deposit some money into someone else’s account? This article addresses precisely that question.

It has been possible to do your banking over the phone for a fairly long time. However, it only ever managed to gain limited popularity, as it is of only very limited use. Account holders cannot see their latest statement right in front of them, they cannot see the standing balance of each one of their accounts and in order to do anything with their money they have to go through a telephone operator, who expects the account holder to give out all of their personal details without a moment’s hesitation. This is quite unacceptable for a lot of people, and understandably so.

There is now an alternative. It has probably been around for a little longer than you would imagine but the time since its launch has given banks the opportunity to iron out any creases. Online banking is now secure, fast, efficient, easy to use and environmentally friendly. You simply log on (which in the case of HSBC requires an IB number, your date of birth and 4 randomly selected digits from your 6 digit personal number - helping to protect against phishing) and away you go. You can view statements, transfer money between accounts send money to others and even set up entirely new bank accounts, including high interest online savers.

There are still some security concerns that you should be aware of. Look out for the padlock in the status bar of your screen to show that you are on a secure ite and always go to your bank’s site directly through your browser, never click on links in emails.