Doubt raised on enthusiasm for pension reform

Charterbridge

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Doubt raised on enthusiasm for pension reform

Doubt raised on enthusiasm for pension reform
The Government launched proposals for workplace pensions reform yesterday, in an attempt to reduce the burden created for employers in the wake of new automatic enrolment laws.
City AM London, p. 2

Pensions face new blow from ministers
Private sector workers could see their final salary pensions “eaten away” by the rising of cost of living after ministers proposed removing legal protections against inflation from “gold-plated” retirement funds.
The Daily Telegraph, p. 1-2

Business founders refused mortgages
Focus on how entrepreneurs who own less than 20% of a company are being turned down for UK mortgages. Most lenders still refuse to accept business founders’ paper wealth as grounds for a loan application.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22

Barclays to open branches in Asda stores
From next year Barclays is top open a string of branches in Asda stores, offering seven-days-a-week banking. Eight branches will open by early 2014 under a pilot scheme in locations including Cheshire, West Yorkshire, Hertfordshire and Kent.
The Independent, p. 25
Also appeared in : The Guardian, p.28, Metro London, p.61, The Times, p.54, The Times, p.61

Big Four banks told to speed up swaps payouts
The Financial Conduct Authority has written to the chief executives of Britain’s four largest banks to order them to speed up the payment of compensation to victims of interest-rate swap mis-selling amid concerns the £3bn scheme is running behind schedule. The latest figures from the regulator show that, while Barclays and HSBC have completed the basic checks on all their claims, RBS still has nearly 1,700 customers waiting to be assessed to see if they are eligible to join the process.
The Daily Telegraph Business, p. 5
Also appeared in : Independent i, p.50, City AM London, p.11, The Independent, p.65

ECB slashes interest rates to record low as inflation drops
The European Central Bank (ECB) made the decision to cut its benchmark interest rate to 0.25 per cent yesterday, the lowest level in the currency union’s history.
City AM London, p. 1
Also appeared in : Financial Times, p.1

RBS in $150m settlement over flawed bond sales
Royal Bank of Scotland has agreed a $150m (£93m) settlement with the Securities and Exchange Commission over allegations that it “cut corners” in a sale of $2.2bn of mortgage-backed bonds.
The Daily Telegraph Business, p. 1
Also appeared in : Financial Times Companies and Markets, p.21, Independent i, p.51, The Independent, p.66, The Times, p.61, The Guardian, p.26

Bank may raise rates ‘as soon as next year’
Dame DeAnne Julius, a founding member of the Monetary Policy Committee, said yesterday that the Bank of England could raise interest rates as soon as next year. Speaking at Fathom Consulting’s Monetary Policy Forum, she urged the Bank to be bold and to raise raise rates soon after unemployment falls below 7%. Two more former MPC members agreed that the central bank should move quickly once the jobless rate falls below 7%.
The Daily Telegraph Business, p. 1

Barclays extends Agius role to 20 months after his Libor resignation
Marcus Agius is to remain on the Barclays payroll until March next year – 20 months after resigning as chairman of the troubled bank. He quit his £750,000 role on 2 July 2012, just days after the bank was thrown into turmoil in the aftermath of its £290m fine for attempting to rig Libor. But he was forced into a U-turn the next day after regulators forced out Bob Diamond, the chief executive, instead.
The Guardian, p. 26
Also appeared in : The Times, p.53

The above articles appeared on 08/11/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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