Minister proposes cap on pension charges


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Minister proposes cap on pension charges

Minister proposes cap on pension charges
Steve Webb, the pensions minister, and Sajid Javid, the Treasury minister, yesterday announced that they intend to introduce a cap on pension scheme charges in an attempt to increase retirement funds. They have set the figure at 0.75 per cent, below the 1 per cent figure recommended by Labour.
The Guardian, p. 4
Also appeared in : The Daily Telegraph, p.1, The Times, p.1, The Times, p.2, City AM London, p.3, Daily Express, p.1-4, Daily Mail, p.17, Daily Mail, p.9, Financial Times, p.2, The Sun, p.2

FCA eyes fairer fund managers
The Financial Conduct Authority is to shake up asset management in a bid to make the sector fairer for customers, according to reports. Martin Wheatley, the chief executive of the FCA, is today expected to announce a crackdown on “inherent flaws” in the £5.4trillion sector that see fund managers pass costs on to their clients.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times, p.1

How thousands who applied for Royal Mail shares have had their Isa allowance ‘stolen’
It has been reported that angry investors who applied for shares in Royal Mail have had their annual tax-free Isa allowances stolen. Vast numbers of the 700,000 who hoped to snap up shares in Royal Mail are thought to have had thousands of pounds stranded in Isa accounts. Government rules mean it is impossible to move this money into an ordinary cash Isa account.
Daily Mail, p. 51

Returns from European ‘junk’ debt exceed US
Global investors have been rewarded for backing European corporate issuers of “junk” bonds with returns that now surpass those of most other fixed-income asset classes.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 34

Mortgage approvals jump to five-year high
Bank of England figures show that mortgage approvals in Britain rose to a five-year high in September.
The Guardian, p. 28
Also appeared in : The Times, p.46, City AM London, p.8, Daily Mail, p.71, Evening Standard London, p.40, The Daily Telegraph, p.16, The Daily Telegraph Business, p.3, The Independent, p.55

Lloyds profits as bad debts fall but mis-selling bill hits £8bn
Lloyds Banking Group almost doubled its profit in the last quarter but the taxpayer-backed group was stung with another £750m charge for mis-selling payment protection insurance, taking its total PPI bill to more than £8bn.
The Independent, p. 56
Also appeared in : The Guardian, p.23, City AM London, p.5, Daily Mail, p.71, Daily Express, p.50, Financial Times Companies and Markets, p.18

Lloyds seeks clearance to restart dividend payments
Lloyds Banking Group has revealed that it has begun talks with the authorities about resuming dividend payments to shareholders. Antonio Horta-Osorio, chief executive of Lloyds, said the bank would give an update on the dividend at its full-year results next year.
The Daily Telegraph Business, p. 5

Banking on your loyalty
More than half of consumers still have a current account with the first bank they joined, research suggests. has also found that 45pc per cent had never thought of changing accounts despite recently introduced rules which make the process quicker and less likely to go wrong.
Daily Express, p. 31

Current accounts now paying more than cash Isas
It has been announced that savers looking to put money aside each month over the short-term should avoid cash Isas. Rates on easy-access, tax-free accounts have plummeted over the past 12 months. So sharp are the falls you can now earn more in taxable accounts even after tax has been deducted.
Daily Mail, p. 50

Barclays faces new $700m bill
Barclays could have to pay $700m to Black Diamond, a hedge fund that has accused the bank of a breach of contract that has led to a five-year legal contest.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

UBS and Deutsche blows
Regulation, litigation and demands for stronger capital bases took their toll on banks UBS and Deutsche Bank. UBS said it would now not hit its target of a 15% return on capital by 2015. Deutsche Bank saw its thirdquarter profit almost completely wiped out by a €1.2 billion ( £1.01 billion) provision against potential fines and legal action.
Evening Standard London, p. 38
Also appeared in : City AM London, p.4, City AM London, p.4, The Daily Telegraph Business, p.5, The Daily Telegraph Business, p.5, The Times, p.44

Rabobank agrees to pay $1bn Libor fine
Last night Rabobank agreed to pay $1bn to US, UK and Dutch authorities and admitted that dozens of employees manipulated Libor and other key benchmark interest rates over six years in a significant settlement that claimed the Dutch lender’s chief executive.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19
Also appeared in : Evening Standard London, p.38, Daily Mail, p.71, The Daily Telegraph Business, p.5, The Guardian, p.23, The Independent, p.53, The Times, p.42, The Times, p.42, Daily Express, p.50

Going gets tough at Standard Chartered
Standard Chartered said its revenues have grown more slowly in the last three months after a tough summer. Chief executive Peter Sands said: “In the third quarter, we delivered a resilient performance despite an uncertain macro environment, with continued strong levels of client activity and good volumes across many of our markets.”
Evening Standard London, p. 41
Also appeared in : Daily Express, p.50, Financial Times Companies and Markets, p.23

Ex-Co-op Bank boss accused over capital buffer
Barry Tootell, the former boss of the Co-operative Bank, appeared before the House of Commons’ Treasury Select Committee yesterday, where its chair, Andrew Tyrie MP, accused him of running the business with such a tight capital position that a “puff of wind” could have blown it over.
The Guardian, p. 23
Also appeared in : City AM London, p.6, Financial Times Companies and Markets, p.23, City AM London, p.5, The Times, p.44, The Daily Telegraph Business, p.1-5, The Independent, p.56

Ecobank chairman forced to step down
Kolapo Lawson, the embattled Nigerian chairman of Ecobank Transnational, has been forced to stand down after another heated board meeting at the pan-African lender, this time in Accra, Ghana.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Credit-friendly Britain loses out with delays for start-ups
Britain is the best country in world for obtaining credit, according to the World Bank’s Ease of Doing Business Survey, but it is easier to start a company in Afghanistan, Mongolia and Burundi.
The Daily Telegraph Business, p. 4

Britons are thriving where the cost of living’s low and the living’s easy
Nearly three-quarters of British expats feel they have a better overall quality of life in their new country than in the UK, thanks to better wages and a lower cost of living. The Lloyds Bank British Wealth research also found that they were generally happier raising their children in their new home than they felt they would be in the UK. The Office for National Statistics found that the average regular weekly wage in the UK was £447 in August, which adjusting for inflation, means that it is now the lowest in real terms since records began back in 2001, according to the Resolution Foundation, which undertook the calculations.
The Daily Telegraph Globe Trotter, p. 2

Families inherit £75bn
Britons inherited more than £75bn in a 2-year period as the older generation ensured their wealth stayed in the family. The average bequest, comprising money, jewellery or property, was of less than £10,000 and 1 in ten received £125,000, according to the Office for National Statistics, which also revealed the typical recipient is a self-employed woman aged under 65.
Daily Express, p. 21
Also appeared in : The Times, p.4

SAC ‘to plead guilty’
SAC Capital is to plead guilty to securities fraud following a settlement arrangement.
The Guardian, p. 23

Bank fines to fund help for war veterans
Army veterans with mental health problems are among those to benefit from more than £9 million of grants announced by the Prime Minister yesterday from bank fines earmarked to help military charities.
The Times, p. 9

Islamic finance will help students, says Cameron
The Prime Minister has vowed to tackle the financial exclusion of Muslims in Britain by encouraging the growth of Islamic finance.
The Times, p. 44

The above articles appeared on 30/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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