Men to lose £10,000 in pension rule change

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Men to lose £10,000 in pension rule change

Men to lose £10,000 in pension rule change
Male pensioners will lose up to £10,000 in retirement income due to the introduction this week of European Court rules banning sex discrimination by financial firms, a report warns. From tomorrow, gender is no longer allowed to be a factor when insurance premiums are calculated by companies.
The Daily Telegraph, p. 1-2

Big US mortgage lenders could have lost $3bn in Libor scandal
Ameica’s two largest mortgage lenders could have lost more than $3bn (£1.85bn) as a result of banks’ alleged manipulation of Libor.
The Daily Telegraph Business, p. 1

Lloyds TSB halts sales of packaged accounts
Lloyds TSB and Bank of Scotland are to halt the sale of controversial “packaged accounts” where customers are charged as much as £300 a year for benefits such as travel insurance and breakdown cover.
The Guardian, p. 32
Also appeared in : Financial Times Companies and Markets, p.18

UBS fined $1.5bn over Libor fix as the watchdogs clamp down
Regulators and prosecutors in the UK, the United States and Switzerland have hit UBS with $1.5bn (£925m) in fines as they adopt an increasingly aggressive approach in cracking down on banks that manipulated the Libor interest rate. The US Justice Department also charged two former UBS traders in connection with conspiring to manipulate the key rate.
The Independent, p. 51
Also appeared in : City AM London, p.1, International Herald Tribune, p.14-17, Metro London, p.59, The Daily Telegraph Business, p.1, The Guardian, p.30, The Times, p.10

Italian court fines banks for mis-sold swap
An Italian court yesterday found Deutsche Bank, Depfa Bank, JP Morgan and UBS guilty of fraud for mis-selling derivatives to Milan in a case that could set a precedent for hundreds of local governments.
City AM London, p. 4
Also appeared in : International Herald Tribune, p.17

Fitch warns UK and US could lose triple-A rating next year
Britain, the US and France are all at risk of losing their coveted triple-A credit ratings, leading agency Fitch warned yesterday, as all three governments struggle to control their runaway borrowing.
City AM London, p. 4

Weak markets hit investment bank revenues
Revenues at global investment banks tumbled through 2012 on the weak equity markets, low merger and acquisition activity and falling syndicated loan incomes, according Dealogic’s annual review, published yesterday.
City AM London, p. 4

Cameron resists pressure to break up UK lenders
David Cameron has rejected political pressure to break up Britain’s big universal banks insisting that he wants to go no further than the ringfencing model proposed by the Vickers commission.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 14

French banking reform does not go far enough, critics allege
France yesterday unveiled a long-awaited bank reform, hailing it as a model for the rest of Europe even as critics said it fell short of President François Hollande’s campaign pledge to get tough with the financial sector.
The Guardian, p. 31

British economy facing the threat of ‘stagflation’
The British economy is at risk of “stagflation” in the new year unless bank lending picks up, a former Liberal Democrat Treasury spokesman Lord Oakeshott has warned. Oakeshott said that the latest report by the Bank of England’s agents, released yesterday, pointed to an economy “still bumping along the bottom with growth invisible to the naked eye outside London”.
The Independent, p. 53

No one-way street with US regulator
Securities regulators in Massachusetts have fined and censured Morgan Stanley for conspiring to conceal some rather important facts about Facebook’s finances ahead of the year’s biggest and most hyped flotation from retail investors.
The Independent, p. 53

The above articles appeared on 20/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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