Osborne fast-tracks pension and care cost reforms in 'huge boost for savers'

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Osborne fast-tracks pension and care cost reforms in ‘huge boost for savers’

Osborne fast-tracks pension and care cost reforms in ‘huge boost for savers’
George Osborne has announced that the Government would fast-track the introduction of new flatrate state pension and a cap on social care costs. Yet, Joanne Segars, the chief executive of the National Association of Pension Funds warns that if the Government gets it wrong it will run the risk of sparking a fresh round of final salary pension closures in the private sector.
The Daily Telegraph, p. 1-2
Also appeared in : The Independent, p.2

Fund houses to lose out in London pension plan
A proposed shake-up of local authority pension schemes in London would see more than 30 retirement schemes merge to form a single pan-London fund.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 2

Pension age should be raised faster
The Institute of Directors, a leading business group claims that ministers should speed up planned increases to the state pension age and force Britons to accept that working into your seventies is the “new norm”.
The Daily Telegraph Business, p. 4

Property asking prices reach record for March
Property sellers are increasing asking prices to the highest level yet seen in March, according to Rightmove, one of the largest property search websites.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4
Also appeared in : The Independent, p.49

Osborne aims to spur housebuilding
The chancellor will declare plans to extend a government support programme for mortgages in Wednesday’s Budget as part of measures to increase housebuilding and help people get a foot on the property ladder.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

‘Blind panic’ made ministers take over Bradford & Bingley, investors claim
Next month investors hit by the nationalisation of one of Britain’s biggest mortgage lenders are set to step up their fight for compensation. The Bradford & Bingley Shareholder Action Group (BBAG) will appeal against a ruling made by the Information Commissioner’s Office preventing it from accessing official documents linked to the company’s collapse at the height of the credit crunch in 2008.
The Independent, p. 47
Also appeared in : Independent i, p.43

HSBC eyes further job cuts
HSBC is set to outline the next stage in its strategic overhaul at an investor day in May, where Europe’s biggest bank is gearing up for thousands more job cuts.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19
Also appeared in : The Daily Telegraph Business, p.4

Consortium in pole to buy 315 RBS branches
A group of more than 20 fund managers are preparing to table an offer for 315 Royal Bank of Scotland branches as suitors line up ahead of this week’s bid deadline.
The Daily Telegraph Business, p. 4

Alarm over savings tax spreads fear across EU
The eurozone is threatened by a new round of chaos today after plans for an unprecedented raid on bank accounts in Cyprus triggered panic and undermined confidence in the European banking system. Up to 60,000 British residents will be among the victims of a tax of up to 10 per cent to be levied on every Cypriot bank account this week.
The Times, p. 1-7
Also appeared in : International Herald Tribune, p.1, The Independent, p.8-9, Financial Times, p.6, Financial Times, p.6, Independent i, p.7, Independent i, p.7, The Daily Telegraph, p.1-2, The Guardian, p.13, The Independent, p.9, The Independent, p.1, The Independent, p.8-9

Bank safety rules are restricting lending and growth, say critics
A leading thinktank warned yesterday that attempts to overhaul Britain’s banking system are “backfiring” and holding back job creation and growth. Tough capital rules are preventing banks from pumping money into the economy, Policy Exchange claimed today. It said lending to companies had fallen by more than £10bn every year since 2009 – a total decline of £57bn since 2008. Policy Exchange said lending to small and medium-sized businesses had suffered in particular because banks needed five times as much capital to cover these loans compared to mortgage lending.
The Independent, p. 48
Also appeared in : The Times, p.31, Independent i, p.43, The Daily Telegraph Business, p.4

Banks must deleverage to the tune of €3.4tn
European banks will need to shed a further €3.4tn from their balance sheets over the coming years by reducing lending and selling assets, according to new data to be released today, from PwC, the consultancy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Insurers dodge surcharge threat
The International Association of Insurance Supervisors will on Wednesday announce that the world’s biggest insurers will not pay bank-style capital surcharges based on their entire balance sheets.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23

Asset managers set to go for growth
The UK’s biggest money managers Schroders and Jupiter Fund Management are starting to focus on growth and dividends in a sign of rising confidence about the markets and the world economy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 25

Europe widens pay clampdown in plan to cap fund manager bonuses
In a political development that shows how the bankers’ bonus cap could snowball through the world of finance, Europe’s fund managers are facing a ban on bonuses by the European parliament.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Spreadsheet control gaps revealed in finance survey
Over half of financial services groups in the UK have poorly applied controls for managing business-critical spreadsheets, a report by Vision Critical, a market research group, claims.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

MUFG goes on recruitment spree
Mitsubishi UFG (MUFG), Japan’s largest bank, is embarking on a hiring spree in its international investment banking business, a rare expansion drive in a sector that has been hit by cutbacks.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23

‘Box profits’ under scrutiny
BlackRock, Legal & General Investment Management and Jupiter Asset Management are benefiting from a regulatory loophole that enables them to pocket investors’ capital, as a focus on industry fees intensifies.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 2

The above articles appeared on 18/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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