Savers cheated of best pensions

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Savers cheated of best pensions

Pensions & Life Assurance

Savers cheated of best pensions
A report by the Financial Conduct Authority has found that eight out of 10 people who reach retirement without changing their pension plan are missing out on a higher income because they do not receive the best annuity. The FCA will open a major competition inquiry into the industry afterfinding that savers are unnecessarily losing 7p in every £1 because they are being pushed into buying annuities by pension firms. Otto Thoresen, chief executive of the Association of British Insurers, the trade body, admitted that “too little action” had been taken to ensure that customers got a fair deal and promised improvements.
The Daily Telegraph, p. 1
Also appeared in : Financial Times, p.4, Financial Times, p.4, Independent i, p.49, The Guardian, p.35, The Independent, p.65, The Times, p.1, The Times, p.4

Mortgages & Residential Property

Home repossessions fall to six-year low
The number of homeowners failing to make mortgage repayments and having their properties repossessed has fallen to the lowest level in six years, accompanying a decline in unemployment and continued low borrowing rates.
The Guardian, p. 36
Also appeared in : Independent i, p.50

To buy or not to buy: that is the question – and the answer, in some cases, is you’d be better off renting
According to new figures property sales between April and September 2013 rose to their highest level since 2007. The Lloyds Bank report for England and Wales shows that sales in this period were 21 per cent higher than over the same months in 2012, and marks the highest year-on-year increase in a decade. However, property sales were still 41 per cent below the peak of 673,699 in the comparable period in 2006
The Independent, p. 48-49
Also appeared in : Independent i, p.46-47

House price record
House prices hit a record last month and repossessions fell to their lowest level since 2007, according to the Council of Mortgage Lenders.
The Times, p. 45

Winter floods will hinder recovery, says rate-setter
Ian McCafferty, a member of the Bank of England’s rate-setting Monetary Policy Committee warned yesterday that activity in Britain’s construction sector is likely to have been affected as the worst flooding in 60 years wreaks havoc on builders’ operations.
The Times, p. 46

Retail Banking

Lloyds ready to be privatised, declares chief
Lloyds Banking Group is ready to be fully privatised, according to its chief executive, António Horta-Osório, after he announced the bank’s first pre-tax profit since 2010.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22
Also appeared in : Independent i, p.48, International New York Times, p.21, The Guardian, p.35, The Independent, p.63, The Times, p.1, The Times, p.46

Lloyds fights HMRC over £1bn bill for Irish losses
Lloyds Banking Group is fighting a £1bn tax demand related to billions of pounds of loss taken in Ireland by the lender as it wound down its defunct Irish subsidiary.
The Daily Telegraph Business, p. 1

Ex-boss of Lloyds faces losing bonus over insurance scandal
Eric Daniels, the former chief executive of Lloyds Banking Group, is facing the confiscation of a past bonus over the escalating insurance mis-selling bill, which sent the bank to an after-tax loss of £802 million last year.
The Times, p. 45

Round Up

BNP Paribas sets aside $1.1bn to cover US sanctions probes
The Paris-based bank BNP Paribas has set aside $1.1bn in provisions to cover the cost of probable breaches of US economic sanctions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17
Also appeared in : International New York Times, p.22, The Guardian, p.35

Commerzbank to speed up sale of ‘bad bank’ assets
Commerzbank returned into the black last year and said it planned to get rid of assets in its so-called “bad bank” at a faster rate as the German lender said the fourth quarter had been stronger than expected.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

‘Protect City FROMEU’
The Government must play a part in European plans for a banking union to protect the City of London, a House of Lords committee has warned.
The Times, p. 45

Havens back tax standard to defeat evasion
Jersey, the Cayman Islands and Luxembourg are among 42 countries that have agreed to pioneer a tax transparency regime, another milestone in the global crackdown on evasion.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

The above articles appeared on 14.02.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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