'Double ISA allowance to boost investment'


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‘Double ISA allowance to boost investment’

‘Double ISA allowance to boost investment’
The chief executives of Prudential and Alliance Trust have called on the Chancellor to almost double the annual Isa allowance in order to help boost business investment and rebalance the nascent economic recovery.
The Daily Telegraph Business, p. 1

Londoners save less of their monthly income than people in any other part of England and Wales, leaving the capital’s population facing a savings timebomb.
City AM London, p. 1

L&G claims pension cap isn’t low enough to work
Legal & General has warned that plans to clamp down on the charges pension providers heap on to their customers do not go far enough. John Pollock, the head of Legal & General Assurance, said: “A Pension Charge Cap at 0.75 per cent is a poor idea by the Government.” He added: “Legal & General is in favour of having a meaningful cap at 0.5 per cent, not only for new auto-enrolment schemes, but for legacy pension schemes as well.”
The Independent, p. 62

Telford sidesteps Help to Buy trend
Britain’s larger listed builders have each been reporting healthy rises in private reservations, with government-backed schemes such as Help to Buy and Funding for Lending boosting the level of mortgage approvals.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Monte dei Paschi tries to win over opposition to rights issue
Monte dei Paschi di Siena the Italian bank would be nationalised without a capital injection and disappear from its base in Siena, bank executives said in an attempt to overcome local opposition to its planned rights issue.
City AM London, p. 12

S&P says mortgage-related cases may cost US banks up to $105bn
The largest US banks may need to pay out up to an additional $105bn (£64.5bn) to settle legacy mortgage-related issues, but have a capital cushion that would help them absorb these losses, according to a report by ratings agency Standard & Poor’s.
City AM London, p. 12

UBS says French investigators have visited Paris headquarters
French judicial authorities investigatin Swiss bank UBS over allegations it illegally sold products designed to avoid French taxes visited the bank’s headquarters in Paris, a UBS spokesman said.
City AM London, p. 12

Nationwide succeeds in raising £500m with new equity security
The Nationwide Building Society yesterday announced it has more than covered its books in a £500m capital-raising exercise with a new equity instrument. It had aimed to raise between £300m and £500m. The lender wanted to improve its capital position, and tested the waters with the innovative security, called core capital deferred shares (CCDS).
City AM London, p. 5

RBS boss says bank did not profit from troubled firms
The chief executive of RBS jumped to his bank’s defence yesterday, saying he did not believe that it had made a “systematic” effort to profit from its troubled business customers.
City AM London, p. 2

The bank leverage ratio is sensible – but we should be wary of Balkanisation
Mark Carney and George Osborne swapped letters on Tuesday about the tools they needed to create a stable banking sector. They agreed that the Bank of England’s Financial Policy Committee will consider whether the Bank should be able to set the amount of money UK banks must hold against their total assets ahead of the international timeline. Anthony Browne, chief executive of the British Bankers’ Association, says this bank leverage ratio is sensible – but we should be wary of the regulatory divergence known as “Balkanisation”.
City AM London, p. 22

SFO probes claims that RBS ‘defrauded firms going bust’
The Serious Fraud Office has confirmed it is investigating allegations that Royal Bank of Scotland defrauded companies which were its clients, forcing them to go bust.
Evening Standard London, p. 43

StanChart is first bank into Iraq
Standard Chartered is the first British bank to open a branch in Iraq. The emerging-markets lender is set to open the outlet in Baghdad, with branches also planned for Erbil and Basra.
Evening Standard London, p. 41

Bank on Blackfriars to become one of the bright lights of the future
The opening of a new train station heralded the rebirth of Blackfriars. Now come 30,000 jobs and new designer homes to add a fresh sheen to SE1, says David Spittles. Blackfriars South is the first new train station on the south bank of the Thames for 120 years, and the location is a 20-minute stroll from Covent Garden and the Bank of England. Leading property consultants Knight Frank and CBRE consider Blackfriars as part of “prime” central London – the first time an area south of the Thames has been covered.
Evening Standard London Homes and Property, p. 4-5

Carney sets out stance on Help to Buy
The BoE governor Mark Carney has made clear that the Bank of England could act at any time if it believes that the new Help to Buy scheme is creating a housing bubble. Mr Carney contradicted ministers’ suggestions that the regulator could only do so once a year.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

ECB sounds tapering alarm
Yesterday the European Central Bank issued a stark warning about the threat posed by scaling back US monetary stimulus, calling on eurozone policy makers to do more to prepare for market shocks from Federal Reserve “tapering”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

UBS joins crackdown on use of chat rooms by staff
Last night UBS became the latest lender to crack down on the use of chat rooms by its staff, as probes into alleged benchmark manipulation force banks to rethink how they police employees’ communications.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Deutsche Bank eyes UK wealth unit sale
It emerged last night that Deutsche Bank is in exclusive talks with private equity group Permira to sell the lossmaking part of its UK wealth management business as part of a strategy to concentrate on ultrarich clients.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

US probes banks’ China hiring
Yesterday regulators in the US questioned large US banks, including Morgan Stanley and Citigroup, about their international hiring practices as they press ahead with their investigation into foreign banks in China.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Banks risk getting stuck in ‘Q.E. trap’
INSIDE THE MARKETS LONDON The message is sinking in — economies of the rich world face supereasy money far into the future and central banks are now convinced that it is the least of all policy evils.
International New York Times, p. 17

Fragile calm for euro zone’s banks
Stress in the euro zone’s financial sector has fallen to levels not seen since before the global financial crisis began in 2007 but remains fragile, the European Central Bank said on Wednesday.
International New York Times, p. 16

China’s ‘bad bank’ finds profit in others’ debt
China Cinda has spotted a clever arbitrage. The Chinese ”bad bank,” which is revving up for an initial public offering in Hong Kong, has recently been doing brisk business by borrowing cheaply from other banks and using those funds to buy up companies’ shortterm loans to each other.
International New York Times, p. 19

Scottish ‘Yes’ vote will hit pensions
Hargreaves Lansdown, one of Scotland’s most respected fund management firms has warned that millions of savers, pensioners and bank account customers across the UK will be worse off if Scotland becomes independent.
The Daily Telegraph, p. 20

Oldest bank wins funding
Bank Monte dei Paschi di Siena, sponsor of the Italian city’s famous horse race the Palio, has won EU approval for a €3bn (£1.8bn) fundraising to save it from being nationalised.
The Daily Telegraph Business, p. 5

Bank has ‘no power’ to stop Help to Buy scheme
The Bank of England has insisted it has “no power” to either curb or stop the Help to Buy scheme, scotching claims by ministers including Nick Clegg that the central bank will intervene if it fears the policy to boost home buying is creating another housing bubble.
The Daily Telegraph Business, p. 5

No evidence of profiteering, says RBS chief
Allegations that Royal Bank of Scotland’s turnaround unit actively profited from systematically putting the lender’s customers out of business have not been backed up by any “evidence”, according to its chief executive, Ross McEwan.
The Daily Telegraph Business, p. 5

Top banks pay high price for years of scandals
A new league table of ten leading banks reveals the high price that they are paying for their past misconduct – £148 billion in fines, money set aside for products mis-sold to consumers and costs associated with other banking scandals from 2008 to 2012.
The Times, p. 72

We did not put customers out of business, says RBS
Ross McEwan, the new chief executive of Royal Bank of Scotland has hit back at allegations that the state-backed bank defrauded small business customers and forced them to close down.
The Times, p. 57

Governor in conflict with Osborne over Help to Buy
George Osborne’s claim to have handed the Bank of England new powers to police his Help to Buy scheme has been exposed as a charade.
The Times, p. 57

Top woman banker REJECTS European gender quotas
Daniele Nouy, the woman who will soon become Europe’s most powerful banking regulator has said that she does not believe in gender targets, months before she takes over a senior job at the European Central Bank, which just introduced quotas for women.
The Times, p. 61

Building societies continue to be kicked in the teeth
Anthony Hilton’s City Comment. He discusses how Bradford & Bingley Bank’s retail deposit accounts were transferred to Santander after the bank collapsed and how it came at a little understood cost. The building society movement to which Bradford & Bingley no longer belonged is nevertheless having to contribute to the massive interest bill which is the legacy of its rescue.
Evening Standard London, p. 45

The above articles appeared on 28/11/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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