Best ISA rate drops below 3% for first time

Charterbridge

googleplus linkedin

Best ISA rate drops below 3% for first time

Best ISA rate drops below 3% for first time
The interest rate on a best-buy ISA has dropped to less than 3% for the first time since the tax-free savings accounts were introduced in 1999.
The Guardian, p. 30

Pensions target
Workers would need to save £270,000 to get an income of £16,400 a year in retirement even if they qualify for the new state pension of £144 a week, according to personal pensions company AJ Bell.
The Daily Telegraph, p. 9

Mortgages/ Loans boost for first-time buyers
Lenders are finally opening their doors to first-time buyers after the biggest jump in loans for nearly three years in November, the Council of Mortgage Lenders (CML) said yesterday.
The Independent, p. 54
Also appeared in : Independent i, p.42, The Times, p.39, The Times, p.38

Bank rules hit regional property developers
UK commercial property developers face higher costs and may scrap many projects outside London following tough new capital rules on British banks from the Financial Services Authority.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Banks/Vickers supports move on ring-fencing
Sir John Vickers, who headed last year’s Independent Commission on Banking, told the Parliamentary Commission on Banking Standards yesterday that he believed electrification would make it more likely ring-fencing the retail parts of banks from their investment business would work.
The Independent, p. 54
Also appeared in : Independent i, p.42, The Times, p.39

International rules ‘hide risk’ in British lenders
Britain should “override” the authority of the International Accounting Standards Board (IASB) to set the rules of bank reporting, warned a Parliamentary committee.
The Daily Telegraph Business, p. 4

Bonuses are back (but whale trade costs bank boss half his payout)
The big bonus culture has returned to Wall Street with a vengeance after two of the world’s biggest investment banks announced a jump in profits yesterday and promised bigger rewards for staff. Goldman Sachs, the fifth-biggest bank in the United States, reported a 68 per cent rise in full-year profits to $7.48 billion (£4.7 billion) on revenue up 19 per cent to $34.2 billion.
The Times, p. 39
Also appeared in : Financial Times Companies and Markets, p.15, The Guardian, p.27, Financial Times, p.1, The Independent, p.50, The Daily Telegraph Business, p.1, The Independent, p.50, International Herald Tribune, p.13, Independent i, p.40, Financial Times Companies and Markets, p.18, The Independent, p.53, Independent i, p.41, The Times, p.37, Financial Times, p.3

Two found guilty of fraud in lavish scam
Two businessmen are due to be sentenced today after being convicted of defrauding banks of millions of pounds in what prosecutors described as a sophisticated five-year property scam. Achilleas Kallakis and Alexander Williams, both 44 and from London, were found guilty yesterday of deceiving Allied Irish Banks and Bank of Scotland into loaning them more than £760 million to build a commercial property empire.
The Times, p. 38
Also appeared in : Financial Times Companies and Markets, p.20, Financial Times Companies and Markets, p.16, The Times, p.35, The Times, p.41

Banks urged to drop pay schemes that could lead to mis-selling
Financial service providers have been told by the FSA that they should consider ending incentive schemes that could encourage staff to sell customers inappropriate products.
The Daily Telegraph Business, p. 3

Economy/UK growth prospects appear sombre, says World Bank
The World Bank raised the alarm over the UK’s “sombre” prospects yesterday as it took an axe to growth forecasts. The organisation’s latest global outlook report pencils in 1.1 per cent growth for the UK this year, well below its 1.6 per cent forecast in June last year and also below the Office for Budget Responsibility’s own 1.2 per cent prediction.
The Independent, p. 54
Also appeared in : Independent i, p.43

Norway launches interbank rate-fixing probe
In the latest in a series of worldwide probes into whether banks manipulated money market rates, the Norwegian financial regulator is investigating volatile trading in Nibor, the Norwegian interbank offered rate.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Rise in fee income helps BNY Mellon boost profits
Bank of New York Mellon reported a 23 per cent jump in fourth-quarter profits, bolstered by gains from investment management fees that helped offset pressure from low interest rates in the US and Europe.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Shale gas wealth fund could protect cash from drilling boom for taxpayers
Britain could create its own sovereign wealth fund like oil-rich Gulf states to protect future windfalls from shale gas for the taxpayer, energy minister John Hayes has suggested.
The Daily Telegraph, p. 6

Euro move could plunge world into currency war
European politicians have joined a chorus of policymakers across the globe pushing for devaluations to fight for market share, bringing closer the chances of an all-out currency conflict.
The Daily Telegraph Business, p. 4
Also appeared in : The Independent, p.55

Hunt for banking’s hidden dangers
Sven Giegold, a German member of the European Parliament, is to launch a competition to find the next big thing in the field of subprime mortgages, underperforming pensions and collateralised debt obligations.
The Daily Telegraph Business, p. 1

The above articles appeared on 17/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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