Banking

Almost 600,000 Lloyds, Halifax and Bank of Scotland customers who fell behind on their mortgage payments are in line for a payout totalling £283 million.

More than 900,000 current accounts have been switched in the last 12 months – a drop of 14% compared with the previous year.

Consumers will soon be given a clear idea of how the services offered by banks and building societies differ, if new plans from the Financial Conduct Authority to make it easier to compare current accounts are given the go-ahead.

An unprecedented legal bid to bring a class action lawsuit against Mastercard – which could have seen  46 million consumers each receive £100s in compensation – has been turned down by a tribunal.

TSB is introducing iris recognition to its mobile banking app – meaning some customers will be able to log in to their account simply by looking at their phone.

Almost 90,000 customers with Tesco Clubcard Plus savings accounts will have their accounts shut in October.

Santander 123 Lite customers can now earn 5% cashback when using their mobiles to make payments using the Apple, Android or Samsung Pay apps – but only till the end of September.

Millions of Lloyds, Halifax and Bank of Scotland customers could benefit from a bank charge overhaul, meaning they won't pay if they go over their overdraft limit and there'll be no fees for missed payments – but two million could be worse off.

Almost 40% of UK adults now use banking apps, with about 30 transactions taking place every second.