Former No 10 adviser questions pensions charge limit

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Former No 10 adviser questions pensions charge limit

Former No 10 adviser questions pensions charge limit
Ros Altmann, a former pension fund manager, has warned that the Government should stop obsessing about cutting pension charges too far and too fast. Legal & General also came under scrutiny from Altmann over its call to cut the limit farther, to 0.5 per cent.
The Times, p. 64

Pension fees cap too high, says company
Leading pensions provider Legal & General has said that a proposed cap on management fees is “too high”. Steve Webb, the pensions minister, told Radio Four’s Today programme the aim was to get rid of extremely high charges.
The Daily Telegraph, p. 20
Also appeared in : The Daily Telegraph Business, p.5

Carney ditches cheap home loans
The Bank of England has announced the withdrawal of a key stimulus to mortgage lending and personal loans as Mark Carney, BoE governor, has decided to concentrate bank funding subsidies entirely on lending to companies from 2014.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : Financial Times, p.3, The Daily Telegraph, p.6, The Guardian, p.1-2, The Independent, p.9, The Times, p.2, The Times, p.1, The Daily Telegraph Business, p.1

House prices down by 0.2% in October
House prices declined by 0.2 per cent in October, according to the Land Registry’s index.
The Guardian, p. 47

Trader in line for $2.2m payout over Libor firing
The Financial Industry Regulatory Authority in the US has ordered Barclays to pay a former trader $2.2m in compensation after he was fired last year in connection with the Libor rate manipulation scandal.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18
Also appeared in : The Times, p.66, The Daily Telegraph Business, p.5

Hedge fund exits Co-op Bank, selling stake to rival
Aurelius Capital has sold down almost its entire stake in the Co-operative Bank to rival Perry Capital. Meanwhile, Andrew Bailey, head of the Prudential Regulation Authority, yesterday defended the Financial Services Authority’s role in the downfall of the Co-op.
The Daily Telegraph Business, p. 1
Also appeared in : Financial Times, p.1, The Guardian, p.43, The Independent, p.65, The Times, p.63

Business leaders welcome ‘double dose of steroids’
Business leaders have said that the government’s move to focus bank subsidies on credit to companies would help spur lending. John Longworth, director general of the BCC, praised the move.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Fears for eurozone deflation as business lending plummets
The European Central Bank said that Eurozone money supply growth plummeted in October and loans to firms contracted at a record rate.
The Daily Telegraph Business, p. 5

Call for scheme to aid staff-owned companies
The Government should set up a bank to provide finance to businesses that are owned by their employees, a report from the Social Market Foundation indicates.
The Times, p. 63

Sigma in joint venture
Gatehouse Bank, a London-based Shariah-compliant financial group, has signed a property joint venture with Sigma.
The Times, p. 66
Also appeared in : The Independent, p.66-67

Former UBS banker Weil agrees to US extradition
Raoul Weil, a Swiss asset manager, has agreed to be extradited to the US to face charges that he helped American clients with $20bn of assets to evade US taxes during his previous job at UBS.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18
Also appeared in : The Guardian, p.47

RBS accuser hits out at law firm appointed to probe bank’s actions
Lawrence Tomlinson, the author of the report which unearthed RBS’s appalling treatment of small businesses, was highly critical yesterday of the bank’s decision to appoint a top law firm to examine his allegations. RBS said that Clifford Chance’s review will be conducted on an independent basis, with a team from the law firm that has had no previous dealings with its turnaround division, the Global Restructuring Group.
The Independent, p. 63-64

Big investors keen to boost emerging markets exposure
Institutional investors and asset managers remain keen to allocate more money to the developing world, according to a survey by Morgan Stanley.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

RSA’s Ireland chief quits and claims he was made “fall guy
Philip Smith, teh chief executive of RSA Insurance’s Irish operations, has quit, claiming he has been blamed for the accounting irregularities that forced the group into its second profits warning in a week. The Central Bank of Ireland has started its own examination into the irregularities.
The Daily Telegraph Business, p. 5

The above articles appeared on 29/11/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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