Don't trip up when your bonus drops


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Don’t trip up when your bonus drops

Don’t trip up when your bonus drops
New figures show that banks are keeping savers on their toes by tinkering with savings rates 32 times a week. No fewer than 223 changes have been made to savings accounts since the turn of the year, according to data firm Moneyfacts. These include chopping or boosting rates, launching or taking an account off sale and altering terms and conditions, such as penalties for withdrawals. Charlotte Nelson, savings analyst for Moneyfacts, says: ‘Savers can easily end up sitting on a low interest rate without realising.
Daily Mail, p. 48

10p savings tax — we force HMRC to help you
Yesterday HM Revenue & Customs vowed to buck up its efforts in helping 2.7 million people reclaim overpaid tax on their savings. This week, Money Mail found evidence of out-of-date information on HMRC’s website and heard from readers who wanted to claim the 10p savings tax rate but had suffered unhelpful service at its call centres. Over the past three weeks, we have battled to help those on low incomes claim up to £1,247 each this year from the 10p rate ? and save this vital concession.
Daily Mail, p. 42

Our pensions timebomb is the worst in the world
A report by HSBC has found that UK workers are worryingly underprepared for retirement, with many predicted to run out of savings just seven years after leaving work.
City AM London, p. 2
Also appeared in : Daily Express, p.15, The Sun, p.2, The Times, p.34-35, The Daily Telegraph Business, p.1, Evening Standard London, p.38, Daily Mirror, p.15, The Guardian, p.21, Daily Mail, p.51, Daily Mail, p.21

Ireland sells insurer
The Irish Government has sold the country’s largest life and pensions company for €1.3 billion to a Canadian life insurer.
The Times, p. 40

Orix buys asset manager Robeco
Yesterday Japanese financial services firm Orix Corp said it has agreed to buy Dutch asset manager Robeco from its owner, Rabobank, for €1.935bn (£1.68bn) in a cash-and-stock deal. The acquisition is the biggest ever by Orix, a diversified financial services company with businesses ranging from leasing, life insurance, real estate and corporate lending to a professional baseball team.
City AM London, p. 16

The Leeds Building Society is toasting a record year after a 35% surge in its mortgage lending business. Boss Peter Hill said the company had benefited from new customers who were shunning big banks.
Daily Mirror, p. 40
Also appeared in : The Sun, p.38-39

Best to home in on a buy
The cost of owning a home in the London is 15% lower than renting, making it £193 a month cheaper. Research from Halifax shows that over the past year, cheap mortgage deals mean that average buying costs have risen by 1%, while the cost of renting has increased by 4%.
Evening Standard London, p. 45

? BAFFLED by mortgage deals? […]
A new app can help those baffled by mortgages, acting like a personal financial adviser by searching the market. Housebuyers input their details and the free UKMortgages app finds a selection of the most suitable mortgages, lets them compare products, work out costs, then find a broker to help them apply.
The Sun, p. 38-39

A cheap loan but you can’t move it
It has emerged that families are being trapped in their homes by strict new bank rules that mean they can’t move their mortgage to a new property as promised. Many banks and building societies give borrowers the option of transporting their mortgage if they move house, often as a perk of a particular deal.
Daily Mail, p. 50

At last! Deals for new buyers fall below 4 pc
It was announced yesterday that banks are giving first-home buyers a helping hand with new top rates. Marsden BS has launched a competitive 3.99pc two-year fixed deal for borrowers with a 10 pc deposit. On a typical £150,000 loan over 25 years, monthly repayments will be £791. The deal has a £1,098 fee.
Daily Mail, p. 50

Mortgage loans up sharply at Leeds mutual
Leeds Building Society hiked mortgage lending on the back of rising savings deposits and support from the Bank of England’s Funding for Lending Scheme (FLS), the mutual announced yesterday.
City AM London, p. 16

Lloyds fined £4.3m for slow PPI payments
Antonio Horta-Osorio has come under more pressure as Lloyds Banking Group was hit with a £4.3m fine for failing to pay compensation quickly enough to tens of thousands customers. The fine is a major blow to Mr Horta-Osorio, who grabbed the headlines when he joined Lloyds as chief executive from Santander in January 2011 by immediately ordering the bank to start paying out to customers who were mis-sold payment protection insurance (PPI).
The Independent, p. 51
Also appeared in : The Times, p.33, The Times, p.36, The Sun, p.38-39, City AM London, p.21, The Guardian, p.21, The Daily Telegraph Business, p.5, Metro London, p.44, City AM London, p.4, Independent i, p.41, Financial Times Companies and Markets, p.22, Daily Mirror, p.9, Evening Standard London, p.37, Evening Standard London, p.2, Daily Mail, p.17, Daily Express, p.50, Daily Mail, p.69, The Independent, p.20, The Guardian, p.21, Daily Express, p.31, Daily Express, p.50

Talks on bankers’ bonus cap stall
MEPs are to break from negotiations on a cap on bankers’ bonuses in the hope of resolving a dispute about how far to go in setting pay limits next week. Othmar Karas, the Austrian member of parliament negotiating the final shape of the law, said the parliament was sticking to demands for a maximum limit on bankers’ bonuses of two times salary if given shareholder approval, whilst an unnamed official claimed that there had been no agreement on bonuses, with several parties unhappy with a proposal to allow for a cap of three times salary.
The Guardian, p. 21
Also appeared in : Independent i, p.40, City AM London, p.1, Financial Times, p.6, The Daily Telegraph Business, p.3, Evening Standard London, p.14, Evening Standard London, p.12

Political row over BOJ job
The appointment of a new Bank of Japan governor has been delayed after a disagreement between the Prime Minister Shinzo Abe and his finance minister, Taro Aso.
The Independent, p. 54
Also appeared in : Independent i, p.42, Financial Times Companies and Markets, p.34, Evening Standard London, p.41

Bancolombia snaps up HSBC Panama assets
Bancolombia, Colombia’s largest lender by assets, has agreed to purchase HSBC Bank SA Panama for $2.1bn (£1.36bn), the most ever paid by a local bank and the latest in an expansion wave by financial entities into Latin America.
City AM London, p. 13
Also appeared in : Financial Times Companies and Markets, p.18

UK’s Big Four banks face ‘£9bn legal losses’
Analysts at Credit Suisse have estimated that Britain’s four largest banks face more than £9bn of losses as a result of pending legal actions. Mis-selling provisions have now become one of the largest costs to the industry.
The Daily Telegraph Business, p. 5

RBS considers hybrid selloff
RBS is considering selling off a stake in the 316 branches it is being forced to offload, ahead of a larger share listing or sale, it emerged yesterday.
City AM London, p. 4

RBS business model ‘has issues that need work’
Royal Bank of Scotland continues to have “issues” with its business model that the bank needs to address, the newly appointed regulator has warned, in the latest blow for the state-owned lender.
The Times, p. 33

Bank asset warning
Banks continue to hold wrongly valued assets, the new financial regulator has said, in a warning that the problems responsible for the 2008 financial crisis have not been resolved.
The Times, p. 1

Isle of Man strikes deal with the taxman
Tax havens came under growing pressure yesterday to reveal the names behind secret offshore bank accounts after the Isle of Man became the first Crown dependency to strike an information-sharing deal with Britain, the Treasury has revealed.
The Times, p. 38

Banks face EU call to reveal tax breakdown
The European Parliament is pressing for banks to reveal their taxes.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Call for money market reforms
The European Systemic Risk Board has unveiled recommendations designed to reform the money markets.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 33

The above articles appeared on 20/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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