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By Justin Schamotta
Staff Writer
30 October 2009
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Money News Roundup
If you only do one thing with your money this week...
Get in before Virgin becomes a bank with the Virgin Credit Card.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (23rd Oct 09)
A glance back at this week's personal finance news bailed out banks offering the worst deals, number of houses without current accounts halved, banks required to prove guilt in card fraud cases and Barclays wins PPI appeal.
Money News Roundup (16th Oct 09)
A glance back at this week's personal finance news Natwest and HSBC restrict credit card applications, freshers hit by late arrival of loans, credit card fraud falls by 23% and Barclaycard's website goes offline again.
Money News Roundup (9th Oct 09)
A glance back at this week's personal finance news households hoard their savings, the black market in credit card details, an extra £3000 for over 50s' Isas and card holders closer to compensation for PPI mis-selling.
Money News Roundup (2nd Oct 09)
A glance back at this week's personal finance news prime Minister loses patience with banks, secret power price hikes exposed, freshers face up to decades of debt and credit card companies invert order of payments.
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Halloween is pricey, say Egg, don't demonise banks says RBS chief, an investigation uncovers mistakes in credit records and a Virgin bank is in the works in this week's money news roundup.
Halloween is Pricey, say Egg
THE scariest thing this Halloween will be the amount parents are willing to spend on it with each UK family now estimated fork out a total of £15.12 on Halloween sweets, outfits and other associated horrors.
According to Egg, Mums and Dads will spend a collective £200 million this year as the holiday continues to escalate in popularity.
Insurance company Axa - possibly fearing increased attacks from otherworldly interlopers - suggests homeowners take particular care to lock garden gates, windows and doors in the week between Halloween and Bonfire Night.
Don't Demonise Banks, says RBS chief
IN other Halloween news, the Royal Bank of Scotland chief executive Stephen Hester has said that while reform is needed over bank pay, the sector should not be "demonised".
Speaking in the Daily Telegraph, Hester said: "The priority must be to reform the sector, not demonise it. To be successful, we need to be able to pay competitively within whatever regime that politicians and regulators ultimately design."
His comments follow the increasing international fury over the scale of bonuses at banks that received government support. Investment bank Goldman Sachs recently set aside $16.8 billion (10.2 billion pounds) to pay staff.
Investigation Uncovers Mistakes in Credit Records
HUMAN error may be behind some people's credit card applications being turned down, an investigation has revealed.
The Sunday Times discovered that mistakes on an applicant's credit file, such as the listing of outstanding debts that had in reality been paid off, were negatively affecting the decisions of credit card providers.
Customers wishing to check their own files with the credit reference agencies can do so, but should be wary. According to the investigation, customers have found it problematic extricating themselves once signed up for such services.
Virgin Bank in the Works
THE ubiquitous Virgin brand continues unabashed as Sir Richard applies for a banking licence.
The move is viewed as preparation for a takeover bid for Northern Rock. Virgin Money applied two weeks ago for the licence which will allow it to sell current accounts and mortgages and gain a high-street presence.
Amid claims that the financial crisis has consolidated the power of the major banks and reduced competition, the government is expected to consider selling Northern Rock to a fresh banking face.
One analyst said Virgin was a likely contender despite its diminutive stature. "If it can raise the funds to buy Northern Rock, it will become a player, but without it Virgin will be little more than a small private bank," he said.
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