Minister attacks 'excess' profits from pensions

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Minister attacks ‘excess’ profits from pensions

Minister attacks ‘excess’ profits from pensions
Steve Webb, the pensions minister, has accused insurance companies of making “excess” profits from people about to retire. The Association of British Insurers yesterday “strongly” rejected the claims.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Capping pension fees will raise pension costs
Rupert Pennant-Rea, chairman of Royal London, comments on how capping pension fees will raise pension costs. He writes that as NEST was set up only last year, it is too early to say whether it will deliver value for money.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 13

Say goodbye to ‘golden hellos’, pension funds urge companies
The National Association of Pension Funds has said that companies should not pay executives a signing-on bonus. Mentions Trevor Matthews of Aviva.
The Guardian, p. 31
Also appeared in : The Independent, p.65, The Times, p.42

Property bubble ‘poses threat to financial stability’
A crash in house prices is one of the fastest-growing risks for Britain’s lenders, according to a survey by the central bank. Banks, hedge funds and insurers warned, in the Bank of England’s half-yearly Systemic Risk Survey of finance professionals, that a “snapback” in interest rates from the historic low of 0.5pc to more normal levels would hit borrowers and send shares, property and debt markets reeling.
The Times, p. 43
Also appeared in : The Times, p.42, The Guardian, p.30

The number of mortgage […]
The number of mortgage products available in Britain went up at the fastest pace in 2½ years last month as the second phase of the Help to Buy scheme was ushered in three months early.
The Times, p. 15

Surge in house sales finally moves north
Demand for property in the North is increasing fast and houses are finally starting to sell again after the crash of 2008.
The Times, p. 15

Retail Banking
After Co-op, the building society bosses with no bank experience
The Co-operative began a root and branch review of its “democratic structure” last night in the wake of the mounting scandal over the drug-taking of the former Co-op Bank chairman Paul Flowers. The society also said it had begun a “fact finding” exercise to look at potential “inappropriate” behaviour at the Co-op and its bank after film emerged of Mr Flowers purchasing drugs over the weekend.
The Independent, p. 63
Also appeared in : Financial Times, p.3, Financial Times, p.3, The Daily Telegraph Business, p.1, The Guardian, p.27, The Independent, p.29, Independent i, p.48

RBS and BNP Paribas in portfolio talks
Royal Bank of Scotland is in exclusive talks with BNP Paribas over the potential sale of its structured retail investor products and equity derivatives business.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22
Also appeared in : Independent i, p.50, International New York Times, p.17, The Daily Telegraph Business, p.5, The Independent, p.66

Aberdeen jumps after £650m Lloyds deal
Aberdeen Asset Management has signed a deal with Lloyds Banking Group to take direct control over nearly £140bn of the bank’s customer assets.
The Daily Telegraph Business, p. 3
Also appeared in : Financial Times, p.1, The Guardian, p.30, The Times, p.42, International New York Times, p.17, Independent i, p.49

Europe’s banks pushed for more details on bad loans
The European Securities and Markets Authority reports that a review of thirty-nine financial institutions had thrown up big divergences in the way numbers were drawn up, and called for an improvement in disclosures on troubled loans and liquidity in their 2013 accounts.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Traders in sights of forex trade investigation
The Financial Conduct Authority has extended the scope of its probe into the foreign exchange market to cover claims that traders may have used private accounts to trade their own money ahead of executing orders on behalf of clients.
The Times, p. 46
Also appeared in : Financial Times Companies and Markets, p.17

Travelling light
Thomas Cook will sell its UK corporate foreign exchange business to RBS’s Moneycorp for £4.5m as the tour operator continues to offload non-core businesses.
The Times, p. 44
Also appeared in : The Times, p.42

JPMorgan strikes $4bn mortgage settlement
JPMorgan Chase will pay around $4bn as part of a compensation agreement that could hit $13bn as talks to finalise the deal took place between the United States Government and the investment bank.
The Times, p. 42
Also appeared in : The Times, p.41, Financial Times Companies and Markets, p.17

London banks quit carbon trading
At least 10 London banks have scaled back or closed their carbon trading desks amid turmoil in the European emissions trading scheme, according to Anthony Hobley, president of the Climate Markets & Investors Association.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Indian central bank chief pledges to introduce era of competition
India’s central bank governor has reportedly promised to carry out a “dramatic remaking” of the country’s banking sector as he seeks to introduce a new era of competition in Asia’s third-largest economy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Citi shuts more branches in S Korea
Citigroup is facing the prospect of a labour strike in South Korea as it joins other foreign lenders in closing branches in the country that have become a drag on revenues.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

The above articles appeared on 19/11/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.