OFT worried about workers' pension deals

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OFT worried about workers’ pension deals

OFT worried about workers’ pension deals
The OFT is to say in a new report on defined contribution schemes and is considering ordering a Competition Commission investigation or force structural remedies on the industry.
The Times, p. 39

Rip-off fees ‘wiping out pension savings’
Millions of savers are being ripped off by complex pension charges which could wipe out the value of their nest-eggs, the Office of Fair Trading warned yesterday.
Daily Mail, p. 19

House prices hit new high as mortgage freeze eases
Houses prices reached another record high, rising by £5,664 on average during the past 12 months as the greater availability of higher value mortgages spurred demand, according to the latest LSL Property Services and Acadametrics house price index.
The Times, p. 38
Also appeared in : Daily Mail, p.20, The Sun, p.42

Mortgage scheme ‘backed by Sir Mervyn’
The Chancellor George Osborne has defended his controversial Help to Buy mortgage scheme by claiming Sir Mervyn King endorsed it before stepping down as Bank of England Governor.
The Daily Telegraph Business, p. 1
Also appeared in : Financial Times, p.2

First-time buyer mortgages at a high
The number of mortgages taken out by first-time buyers has hit its highest level since September 2008, the UK’s largest chartered surveyor, e.surve said. In June a total of 7,046 loans were approved to borrowers with deposits of 15pc or less, e.surv said. This was up from 4,790 loans at this level in June 2012 – a rise of more than 47pc. Richard Sexton, director of e.surv, said: “Last year the lending market was thorny for first-time buyers. But over the last year, lenders have softened the process for them to get a housepurchase loan. Buoyed by Funding for Lending [the Government scheme], and having had enough time to adjust to regulatory requirements and balance sheet restructurings, banks are more prepared to lend at these levels.”
The Daily Telegraph Business, p. 3

Barker warns mortgage rates set to surge
The increased cost of banking regulation is set to push up mortgage costs for years to come, former Bank of England policymaker Kate Barker warned yesterday.
City AM London, p. 14

The ultimate city rental properties
Despite new government schemes aimed at making it easier for first time buyers to get on the property ladder, the number of people renting in London is on the rise, it has emerged.
City AM London, p. 24

Indian lender opens in City
India’s third-largest lender Axis Bank has unveiled its first British branch on King Street in the City.
City AM London, p. 2

Switching bank will be easier but the industry has a long way to travel
This week saw the biggest step forward yet in the campaign to allow bank customers to move current accounts as easily as they switch mobile phone providers, writes Andrea Leadsom.
City AM London, p. 19

Fed rate pledge sends Dow to new highs
The US Federal Reserve has promised to keep interest rates low, prompting a rise in the US stock market.
The Guardian, p. 24
Also appeared in : The Times, p.41

Shares soar as investors feed on the Fed’s mixed messages
A report on the reaction of US Wall Street shares after the US Federal Reserve chairman, Ben Bernanke, gave mixed messages on the future outlook for US monetary policy.
The Times, p. 37

HR chief is Bank’s first departure
The first high-profile departure from the Bank of England since the arrival of its new governor was announced yesterday; Catherine Brown said she was leaving to take a new role in the City later this summer.
The Times, p. 38

City scrutiny of the Royal Mail flotation would be good
The government and its advisers have made clear the importance they place on retail investors being part of the Royal Mail privatisation process.
City AM London, p. 6

SMEs have other options
The Times reports on “the ongoing row over how much commercial banks are prepared to lend to small and medium-sized businesses”.
The Times, p. 41

Bankers’ pay cap
Bosses at banks which are bailed out by taxpayers in the future will have their massive salaries capped under new EU rules.
The Sun, p. 2

Top euro banker calls for small firm securitisations to up lending
Creating a new market in securitised small- and medium-sized enterprise (SME) loans will boost the supply of credit to the sector and improve the economy, European Central Bank (ECB) official Benoit Coeure said yesterday.
City AM London, p. 14

Lloyds is named Britain’s top bank
Lloyds Banking Group chief executive Antonio Horta-Osorio was last night named Banker of the Year and the company named Best Bank (UK) at an international awards event.
Daily Express, p. 2

Pay cap for top bankers at bailed out lenders
Pay packets and bonuses for executives at bailed-out banks are to be capped.
Daily Mail, p. 30

Sale of half of Lloyds stake poised to start as early as September
Up to half of the government’s £18bn stake in Lloyds Banking Group could be sold to retail investors.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

First non-Asian central bank sets up in Singapore
Swiss National Bank has opened a branch in Singapore.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Co-op Bank drops service pledge
The Co-operative Bank is set to remove the customer service guarantees it used to differentiate it from most other banks. The bank, which is being forced to fill a £1.5bn hole in its balance sheet through a scheme that penalises investors, has written to customers to tell them that it is removing its “service level guarantees” as part of a package of changes taking effect on September 16.
The Daily Telegraph Business, p. 3

Lloyds chief honoured
António Horta-Osório, the chief executive of Lloyds Banking Group, has been named Banker of the Year in the Euromoney Awards for Excellence. A Euromoney spokesman said: “Tough decisions taken at critical times have helped revive the fortunes of Lloyds Banking Group. Now António Horta-Osório can concentrate on making the most of the UK’s biggest bank.”
The Daily Telegraph Business, p. 4

transatlantic deal over policing derivatives
Regulators have reached a transatlantic deal on policing the £415trillion derivatives market ending a year of complex negotiations. The agreement will place US and EU banks on a level footing when trading swaps, preventing risky trades. The Commodity Futures Trading Commission – which regulates Wall Street’s derivatives trading – and the European Commission are to vote on a new set of rules today
The Daily Telegraph Business, p. 4

Woodford eyes stake in Lloyds
Neil Woodford, regarded as one of Britain’s top investors, is looking to buy a stake in Lloyds Banking Group.
The Daily Telegraph Business, p. 3

Bank chiefs theft
An RBS bank manager confessed to stealing £18,000 over three years after he was caught with £640 stuffed in his shoe.
The Daily Telegraph, p. 13

BoJ optimistic on easing effect
The Bank of Japan reportedly issued a slightly more upbeat assessment of the Japanese economy yesterday.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

The above articles appeared on 12/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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