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A group of industry bodies has claimed that the EU”S financial transaction tax (FTT) would tear a €4.4bn (£3.6bn) hole in UK savings even though the Treasury would gain no revenue from it. The huge sum would be wiped off the value of equities and bonds in the UK if European countries pursue the levy, despite Britain being outside of the reaches of the tax. In countries where the tax would be in place, the effect would be even more crippling. Italy could lose as much as €204bn in holdings, equivalent to 12.9 per cent of GDP.
City AM London, p. 1

EU levy may wipe £3.6bn off British pensions
The City of London Corporation has calculated that the European Commission plans to introduce a Financial Transactions Tax could knock €4.4bn off the value of British pension savings.
The Daily Telegraph Business, p. 5

Where to find the best cash Isas
Advice on finding the best cash Isa savings deal.
The Daily Telegraph ISA Season 2014, p. 2

Could this be the time to bag a bargain in emerging markets?
Isa investment strategy advice looking into the potential of emerging markets.
The Daily Telegraph ISA Season 2014, p. 4-5

Britons face £3.6bn cut to savings from Robin Hood tax, report claims
A consultancy called London Economics has argued that savers in the UK could experience a 3.6bn cut in the value of their savings following the introduction of a financial transaction tax.
The Guardian, p. 28

Financial transactions tax would hit savings
A financial transactions tax would cut the value of British household savings by €4.4 billion, according to research commissioned by the City of London Corporation.
The Times, p. 35

Mortgages & Residential Property

Yorkshire refund for mortgage fees
Yorkshire Building Society will refund £8.4 million to customers who were charged administration fees when they fell behind on mortgage payments after an intervention by the Financial Conduct Authority.
Evening Standard London, p. 47

Yorkshire Building Society set to spend millions refunding fees
ADMINISTRATION fees for mortgage arrears paid by Yorkshire Building Society (YBS) customers in the past four years are set to be refunded.
City AM London, p. 15

Yorkshire must pay back £8.4m
Yorkshire Building Society will pay £8.4million to its mortgage customers for overcharging on late fees.
Daily Express, p. 50

Retail Banking

Day release bank robber facing a second life term
Sean Bradish, one of Britain”s most notorious armed robbers, is back behind bars after carrying out a series of raids while on day release from a life sentence. He was jailed in 2002 for raiding at least 100 banks and building societies. He took the opportunity to raid four banks across London between April and September 2012, while released on licence .
Evening Standard London, p. 8

UK banks brace for tough new US capital rules
British banks will be forced to move capital from their UK headquarters over to their US arms, under plans to be voted on today by the Federal Reserve.
City AM online casino London, p. 3

Goldman names new Russian investment banking co-heads
US investment bank Goldman Sachs has appointed two heads of investment banking in Russia, according to an internal memo.
City AM London, p. 15

Santander to appeal €17m mis-selling fine
Santander, the Eurozone”s largest bank by market value, was fined €16.9m (£13.9m) by Spain”s market regulator yesterday for mis-selling convertible bonds to customers.
City AM London, p. 13

Treasury to fight Iran bank $4bn lawsuit
The Treasury is preparing to contest a $3.98bn lawsuit brought against it by Bank Mellat, an Iranian bank, that in 2013 won a legal battle to quash the UK government”s decision to put it on a sanctions list.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Banks warned EU exit will block trade
The City would become little more than an “offshore financial centre” if Britain left the EU, Viviane Reding, vice-president of the European Commission, said yesterday.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

US to apply regulation to foreign lenders
News analysis on how the biggest foreign banks in the US are braced for new regulations that will govern their structure and demand tougher capital requirements.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Banks review rules on private trade in forex
Banks are reviewing rules on currencies traders making bets with their own money, in another sign of how a series of investigations into the forex market is prompting a crackdown on trading floors.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Banks find it hard to cut back on bonuses
Bonus flexibility helps control costs and makes investment banks safer.
International New York Times, p. 19

Ex-employees of Barclays charged in Libor inquiry
Regulators in Britain said on Monday that they had begun criminal proceedings against three former Barclays employees suspected in the manipulation of a global benchmark interest rate.
International New York Times, p. 15

A test Europe”s banks mustn”t fail
Europe is lurching toward an overhaul of its banking system. Later this year, the European Central Bank is set to assume the authority to supervise the 130 largest banks in the euro zone — a momentous process of centralizing financial regulation in Frankfurt aimed at preventing another round of the bank failures that contributed to the 2007-8 global financial crisis.
International New York Times, p. 8

Interest rate rises a last resort” policy
David Miles, an external member of the Monetary Policy Committee, says the Bank of England will only use interest rate rises to control the housing market as a last resort.
The Daily Telegraph Business, p. 1

Ex-Barclays trio charged over Libor allegations
Three men who used to work at Barclays have been charged in connection with an allegation of conspiracy to defraud by mainpulating interest rates between 1 June 2005 and 31 August 2007.
The Guardian, p. 28

Mark Carney the Governor of the Bank of England has admitted that raising interest rates will not halt London”s property “bubble”. Mr Carney said rising prices are being fuelled by cash buyers from abroad who snap up prime addresses without needing a mortgage. He said: “The top end of London is driven by cash buyers, in many cases foreign buyers. We can”t influence that. But we watch and we watch the knock-on effect.”
The Sun, p. 42

The above articles appeared on 18.02.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Lifestyle Financial Planning, Thornbury, Bristol BS35 2FN.

Committed to improving financial awareness.