Pensions worries for three women in four.

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Pensions worries for three women in four.

Pensions & Life Assurance

Pensions worries for three women in four
Three quarters of women fear they will struggle to get by when they reach retirement age because their income is too low for a decent pension, a study by the Pensions Advisory Service found.
The Daily Telegraph, p. 14

Cap on pension scheme charges for 10m workers
Steve Webb, the pensions minister, has announced a cap on pension scheme charges for employees of 0.75 per cent, which will take effect next year.
The Guardian, p. 9

Government delays restrictions on pension charges
Steve Webb, the Pensions Minister, has confirmed to the Commons that plans to cap charges on employees being automatically enrolled in workplace pension schemes would not be introduced before April 2015. Mr Webb suggested in October that he was launching “a full frontal assault” on pension charges, implying this April as the start date.
The Times, p. 40

The cap now fits
Discretion has proved the better part of valour at the Department of Work and Pensions, which yesterday, as expected, confirmed a cap on auto-enrolment pension scheme charges for a year.
The Times, p. 43

Ministers delay pension rate cap change to 2015
Steve Webb has announced that a cap on pension charges for workplace pensions will not be announced until at least April 2015, a year later than planned.
City AM London, p. 6

Britain’s pensions crisis is worse than you think: We must save even more
The government plans to prevent a pensions crisis with two main policies: first, a state pension payable from the age of 67 or 68 of about £7,000 a year; secondly, it is requiring employers to put employees into a pension scheme and pay in a minimum level of savings. This is automatic enrolment.
City AM London, p. 17

A dead duck on the dust heap of pensions disasters
Polly Toynbee criticises the government for doing too little on pension mis-selling and says the ABI was wrong to claim ed MIliband was “scaremongering” when he named pension funds in his attack on “predatory capitalism”, warning charges were the next big scandal.
The Guardian, p. 31

Mortgages & Residential Property

Long-view mortgages emerge
Twenty-four hours after a surge in speculation that interest rates could rise sooner rather than later, Leeds Building Society has launched a new mortgage product offering a fixed rate lasting ten years. Strong employment numbers on Wednesday triggered the prospect that the base rate could increase from its 300-year low of 0.5 per cent as early as next year.
The Times, p. 40

First-time buyers flood on to property market
The number of first-time buyers starting out on Britain’s property market has surged to its highest level since 2007, but their mortgages are getting bigger, reports The Times.
The Times, p. 44

Retail Banking

Bankers in drive to boost SME loan applications
The British Bankers Association launched a new campaign to encourage small businesses to apply for bank finance.
The Daily Telegraph Business, p. 8

Hands off RBS bonuses, Johnson tells Government
Boris Johnson said the Government should not block any future plans by RBS to pay bonuses up to two-times salaries.
The Daily Telegraph Business, p. 5

GOLDMAN Sachs was announced as Bank of the year
Goldman Sachs became Bank of the Year at the IFR investment banking awards on Wednesday night.
The Daily Telegraph Business, p. 4

Co-op deputies who opposed Verde bid to speak at hearing
Rodney Baker-Bates and David Davies, the former deputy chairmen of the Co-op Bank, will next week give evidence to the Treasury Select Committee on its aborted bid for 631 Lloyds Banking Group branches.
The Daily Telegraph Business, p. 4

EU bonus cap ‘will have no effect on bankers’ pay’
According to Fitch, banking industry pay will not fall as a result of the incoming European Union cap on bonuses.
The Daily Telegraph Business, p. 4

‘Immediate’ rate rise ruled out by Carney
Mark Carney said that there will be no “immediate” increase in interest rates as unemployment nudges closer to the 7pc threshold in an apparent softening of his “forward guidance” policy.
The Daily Telegraph Business, p. 1

Lawyers get nervous as big banking beast bites back
The head of JP Morgan was accused of making legally “dangerous” comments after he criticised $13 billion of recent settlements with the US Government as “unfair”.
The Times, p. 39

Boss states case for new lenders as Metro takes off
Metro Bank increased lending and narrowed its losses last year, prompting the head of the bank to say that Labour’s policy to break up big lenders was unnecessary.
The Times, p. 41

Metro Bank cuts losses as it plots stock flotation
Metro Bank reported growing loans and falling losses in the final quarter of 2013, as the new lender begins looking to float on the stock market.
City AM London, p. 5

Standard Bank fined £7.6m for anti-money laundering failures
Standard Bank failed to properly and consistently apply anti-money laundering procedures to corporate customers related to politically exposed persons, the Financial Conduct Authority (FCA) said yesterday.
City AM London, p. 6

Santander floats US car finance arm as private investors sell up
SANTANDER Consumer USA successfully floated yesterday as the parent banking group and a range of private equity firms sold stakes in the unit.
City AM London, p. 6

Bank salaries jump to cancel out bonus cap
Europe’s bank bonus cap will not bring dowpayment to staff, as lenders will simply increase fixed salaries to compensate, ratings agency Fitch said yesterday.
City AM London, p. 3

The real way to shake up British banking: Embrace the third party future
THE LACK of competition among Britain’s retail banks is under the microscope.
City AM London, p. 16

Mark Carney has been the luckiest of unlucky Bank governors
The Bank of England’s base rates will remain on hold; Mark Carney doesn’t “see an immediate need to change monetary policy.”
City AM London, p. 2

Retiring Lloyds chairman to join the Financial Reporting Council
The outgoing chairman of Lloyds Banking Group has been picked to chair the Financial Reporting Council (FRC), the accounting regulator said yesterday.
City AM London, p. 4

CARNEY: WE WON’T HIKE RATES (YET)
Mark Carney fought off suggestions that the Bank of England should hike interest rates yesterday, as his flagship scheme for monetary policy came under threat after only six months.
City AM London, p. 1

Swiss redouble efforts to cool property market
Focus on Switzerland which has doubled the amount of capital banks must hold against risks in their mortgage books, in a renewed effort to calm a property market boom.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 10

Standard Bank fine for lax money laundering controls
The Financial Conduct Authority has fined Standard Bank £7. 6m for lax money laundering controls, in the first such case against a commercial bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Bischoff to lead accounting watchdog after Lloyds role
Sir Win Bischoff has been appointed head of the accounting watchdog, the Financial Reporting Council. In December, the FRC stated that it was still concerned over the quality of auditing at banks and building societies.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

President of Mizuho quits key role after loans scandal
Yasuhiro Sato, the president of the bank Mizuho, has stepped down from his job running the group’s main banking unit following a yakuza loan scandal.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Money markets are sounding alarm for the ECB
A report on the shift in borrowing in the Chinese banking landscape, and its effect for the European Central Bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Posen: Osborne must act to calm property market
Adam Posen, a former member of the Bank of England’s Monetary Policy Committee, has urged the Bank to “dampen” George Osborne’s Help to Buy scheme, saying it is in danger of creating a new property bubble.
Independent i, p. 48

Former rate-setter warns of danger of Help to Buy property bubble
A former member of the Bank of England’s Monetary Policy Committee, Adam Posen, has urged the Bank to “dampen” George Osborne’s Help to Buy scheme, saying it is in danger of creating a new property bubble.
The Independent, p. 55

Appointments

Sir Win appointed as head of FRC
Sir Win Bischoff has been appointed chairman of the Financial Reporting Council (FRC) in a bid by the Government to bolster confidence in the corporate governance and accounting watchdog.
The Daily Telegraph Business, p. 1

Round Up

Carney: no early interest rate rise
The governor of the Bank of England, Mark Carney, yesterday pledged to keep interest rates at their current levels, which The Guardian claims was effectively him “burying” his “forward guidance” policy of linking an interest rate rise to a fall in the rate of unemployment to 7%.
The Guardian, p. 1-6

Carney refuses to pull trigger on rate rise
The Governor of the Bank of England has taken the prospect of an early interest rate rise off the table, reports The Times.
The Times, p. 45

Rates to stay low
The Bank of England Governor ruled out an early interest rate rise and refused to say if his “forward guidance” policy will be scrapped if the jobless total falls under 7%.
The Times, p. 1

Carney set to ditch flagship policy linking rates to jobs
At the World Economic Forum in Davos, the Bank of England governor has signalled that his flagship policy of linking interest rates to the rate of unemployment will be buried, saying the British economy is “in a different place” from last summer.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

The above articles appeared on 24.01.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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