Final salary pension regulatory obligations are 'overblown'


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Final salary pension regulatory obligations are ‘overblown’

Final salary pension regulatory obligations are ‘overblown’
A survey of 700 companies carried out by the Bank of England found that the need to make good on pension deficits was having very little effect on employment.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Home rates hit low
Figures from Moneyfacts show that mortgage rates have fallen by nearly 50 per cent since the height of the banking crisis to the lowest on record. The average interest on five-year fixed deals has reached 3.86 per cent – compared with 6.36 per cent in 2007.
The Daily Telegraph Business, p. 5
Also appeared in : The Times, p.42

Banks near to closing £25bn capital hole
Britain’s biggest lenders have slashed the size of their capital hole in the last six months, the Bank of England’s prudential regulatory authority (PRA) is expected to announce today.
City AM London, p. 3

Co-op Bank cuts costs in drive to become more competitive
THE Co-Operative Bank aims to cut its costs in a new drive to make the business more sustainable in the long term, City A.M understands.
City AM London, p. 3

The Confederation of British Industry last night criticised chancellor George Osborne’s plans to explore a break-up of RBS into a good and a bad bank as he tries to prepare it for a return to the private sector.
City AM London, p. 1

Chancellor prepares the ground for RBS break-up
George Osborne delivered the annual Mansion House speech last night and said that plans were being prepared to break up Royal Bank of Scotland in a policy reversal towards the bank. The Chancellor said that the Government would urgently investigate the case for splitting up RBS and creating a so-called “bad bank” of risky assets.
The Daily Telegraph Business, p. 1-5
Also appeared in : Financial Times, p.1, Financial Times, p.2, The Times, p.41

Iranian bank to be taken off Treasury sanctions list
Bank Mellat, the Iranian bank, will be removed from the Treasury’s sanctions list following a ruling from the UK’s highest court.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Cameron backs jailing of bankers
David Cameron has backed proposals to threaten bankers with prison, as the government promised a speedy implementation of the parliamentary commission report on the failings of the UK banking industry.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Sweden sells Nordea shares to pay down national debt
Sweden has sold shares in Nordea, the Nordic region’s biggest bank in the biggest privatisation in western Europe since 2009.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Swiss MPs vote to kill banking secrecy bill
The Swiss lower house of parliament has dealt a final death blow to a draft law aimed at relaxing Swiss banking secrecy laws and protecting banks from criminal charges in the United States for helping wealthy Americans to evade tax.
Independent i, p. 44

Commerzbank plans to shed 5,200 jobs by 2016
Commerzbank is to reduce its jobs count by 5,200 by 2016 in an attempt to improve its competitiveness
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Fed optimistic, but still no timetable on QE reduction
The US Federal Reserve signalled greater optimism about the world’s largest economy yesterday, but remained silent on when it might begin rolling back its stimulus measures, as policymakers in the UK remained deadlocked over whether or not to extend the Bank of England’s own quantitative easing programme.
Independent i, p. 47

Commerzbank to cut 5,200 jobs
Germany’s second-largest lender Commerzbank is to cut 5,200 jobs, about 12 per cent of its 45,000 full-time staff.
Independent i, p. 46

Britain plans to scale back holdings in Lloyds Bank
Britain is preparing to sell part of its holding in Lloyds Banking Group to institutional investors, the chancellor of the Exchequer, George Osborne, said Wednesday, but he declined to set out a timetable for the sale.
International Herald Tribune, p. 17

Swiss scuttle deal with U.S.
The Swiss Parliament rejected an information-sharing agreement with the United States that was meant to help Swiss banks head off the possibility of criminal prosecution for assisting American citizens in illegally avoiding paying taxes to the Internal Revenue Service.
International Herald Tribune, p. 1

PRA to tell banks: you need another £25bn
The Prudential Regulation Authority will today reveal its breakdown of the individual capital requirements of British banks today, with the Royal Bank of Scotland expected to account for at least 40 per cent of the £25bn shortfall across the sector.
The Daily Telegraph Business, p. 1

Warning signal for Chinese lenders from central bank
The People’s Bank of China yesterday sent a “warning signal” to the country’s overextended lenders, as it rejected a plea to increase money supply, pushing short term borrowing costs to a six-year high. Overnight borrowing costs in China jumped more than two percentage points to 7.69 per cent, while the seven-day repo rate climbed 1.4 percentage points to 8.24 per cent, the highest level since October 2007. Authorities were forced to extend trading by 30 minutes yesterday as lenders scrambled for funding amid the liquidity squeeze.
The Daily Telegraph Business, p. 3

US Fed Reserve to wind down stimulus plan
The US Federal Reserve has signalled that it will end its massive stimulus programme next year amid further signs of a split in the central bank’s committee.
The Guardian, p. 27

Women can succeed on trading floors – but toxic culture has to change, too
A comment on the suggestion by the Parliamentary Commission on Banking Standards that an infusion of women on to trading floors be the catalyst to reform the toxic culture that led to the Libor interest rate scandal.
The Independent, p. 55

New bonus boom in banking sector
Bankers’ bonuses soared to record levels in April as the Government’s cut in the top rate of income tax came into effect, new figures revealed yesterday. According to the Office for National Statistics, the average weekly bonus in the financial sector was £143 in April – a rise of 64.4 per cent compared with April 2012.
The Independent, p. 1-16

Bank dividends ‘illegal’
More than £50bn of dividends paid by British banks may have been paid illegally, according to one interpretation of an opinion in the Banking Commission report.
The Times, p. 41

Three barriers to the bank
Lord Green is a serious candidate to succeed Sir Win Bischoff as the chairman of Lloyds Banking Group, it was suggested yesterday.
The Times, p. 43

Osborne ready to begin sell-off of Lloyds as economy recovers
Voters are likely to be offered the chance to buy shares in Lloyds Bank before the next general election, as Chancellor Osborne signalled he wants to start returning the bank back to the private sector. The optimistic assessment was echoed by Sir Mervyn King, who steps down as Governor of the Bank of England at the end of next week. Sir Mervyn said there were “clear signs” that Britain was enjoying a modest recovery.
The Times, p. 2

The above articles appeared on 20/06/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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