New joiners want to save less in schemes


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New joiners want to save less in schemes

New joiners want to save less in schemes
Scottish Widows has produced data that shows the amount the average worker waiting to be put into a workplace pension scheme is prepared to save for their retirement has fallen by a quarter over the last year. This information coincided with a call by the Association of British Insurers to make the system of pension tax relief fairer and easier for people to understand.
The Guardian, p. 35
Also appeared in : The Daily Telegraph Business, p.4, City AM London, p.15, Financial Times, p.4

Housing ‘bubble’ denied
Paul Fisher, the Bank of England’s executive director for markets, has denied that the Government’s Help to Buy scheme is in danger of creating a new housing price bubble and guessing that price rises will lead to increased supply.
The Daily Telegraph Business, p. 4

Small print looms large
Two in three Britons have signed a legal or official document such as a mortgage agreement without bothering to read it fully, according to research by
The Times, p. 11

Banks face up to £10bn hidden bill for swaps
Using data from Collyer Bristow and derivatives experts Vedanta Hedging, property consultant DTZ has estimated that banks face mis-selling claims of up to £10bn in relation to interest swap arrangements linked to commercial real estate projects. With regard to the redress scheme for the small business victims of swap mis-selling, the FCA has released figures showing that Barclays has made a provision of £1.5bn.
The Daily Telegraph Business, p. 1

Almost half small firms’ loans rejected
A survey by the Federation of Small Businesses found that almost half of recent small business loan applications have been refused by their bank, despite the Bank of England providing £17.6bn of cheap funds to banks specifically targeted at encouraging new loans to smaller businesses through the Funding for Lending Scheme.
The Daily Telegraph Business, p. 3

Shawbrook loans top £lbn
The RBS private equity small lender Shawbrook Bank reports that its lending since 2011 has exceeded £1bn to more than 28,000 loan customers.
The Daily Telegraph Business, p. 4
Also appeared in : Daily Express, p.44, The Independent, p.57

TSB back on high street 20 years after vanishing in merger
TSB will today return to the high street as an independent entity, with 1,300 other LloydsTSB branches being rebranded as Lloyds Bank.
The Guardian, p. 15
Also appeared in : City AM London, p.2, The Independent, p.54, The Times, p.37

Lloyds seeks more time to sell TSB
Brussels will be asked by the UK Treasury for leniency over Lloyds Banking Group, with a request to extend the lender’s November 2013 deadline to sell a package of retail branches by up to two years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 24

Metro Bank pins hopes on seven day switching
The number of bank customers switching supplier each year could double under the new seven-day switching service, raising Metro Bank’s hopes that it can become an established player in the market.
City AM London, p. 12

Bank capital levels ‘too low’
Sir John Vickers has said that core tier one capital ratios should ideally be 20% and not the 10% he recommended as chairman of the Independent Commission on Banking.
The Daily Telegraph Business, p. 4

Cultural clash reflects why banks must split up, says former Citi chief
Interview with John Reed, ex-chair and chief executive of Citicorp and Citigroup.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

Europe sees surge in corporate bond issues
The European corporate bond market raised a total of nearly $29bn over the past two weeks, in a dramatic surge which followed one of the quietest summer lulls on record.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

New European law to clamp down on market price-rigging
The Guardian reports on European parliamentary attempts to enact new legislation that would permit European governments to take tougher action against rogue traders and market riggers. Arlene McCarthy, vice-chair of the committee on economic and monetary affairs inside the European parliament, tells the paper’s reporter that she is confident that the vote will pass to avoid the current scenario of having to extradite people to the US to face justice.
The Guardian, p. 32

Tax avoidance ‘not a legal duty’
Farrer and Co has produced a legal assessment for business leaders in which it tells them it is wrong to claim a fiduciary duty to shareholders to avoid tax. David Quentin, a tax barrister who was involved in drafting the legal opinion, said: “Corporate tax avoidance is presented as a matter of high-minded ‘fiduciary’ duty, but it is probably better understood as being about personal reward”.
The Guardian, p. 32

Pay of PWC partners is back at pre-crisis levels
PwC is paying its partners a salary similar to that they received prior to the banking crisis, following a 4 per cent rise in their remuneration.
The Guardian, p. 35

Wonga poised to take payday loans to India
Wonga is considering offering payday loans to people in India after having paid £3.2 million for a 75 per cent stake in Nahar Credits.
The Times, p. 42

The above articles appeared on 09/09/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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