Savers hit by state lending scheme


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Savers hit by state lending scheme

BOE rules out rate-slashing move after high-level talks

The Bank of England weighed up slashing interest rates below their current record low of 0.5 per cent, the minutes of its November policy meeting revealed yesterday.

Independent i,  p. 47


Bank considered cutting interest rates even further

The Bank of England weighed the case for slashing interest rates even more than their current record low of 0.5 per cent, the minutes of its November Monetary Policy Committee (MPC) meeting revealed yesterday. The Bank, headed by Governor Sir Mervyn King, has not budged on borrowing costs since March 2009, but its staff consulted with the Financial Services Authority and the Building Societies Association about the possible consequences of cutting interest rates even further.

The Independent,  p. 57


Savers hit by state lending scheme

The best rates for savers are “collapsing” following the launch of a government scheme to encourage banks to lend to households and businesses, consumer help website warned yesterday.

The Daily Telegraph,  p. 18


Regulator warns insurers against move into banking

Gabriel Bernardino, who chairs the European Insurance and Occupational Pensions Authority, has warned insurers that they face a clampdown if they stray excessively into banking to try to increase returns.

This abstract from the Financial Times was produced by Kantar Media

Financial Times Companies and Markets,  p. 20


Pensions to come with a safety net… but at a cost

The government has unveiled proposals in a report called Reinvigorating Workplace Pensions that could see prudent savers asked to make higher pension contributions in return for a guaranteed income on retirement.

The Daily Telegraph,  p. 18


Troops may use pensions to buy homes

Armed Forces personnel could be allowed to use money from their pension funds to buy their own homes, Philip Hammond has said.

The Daily Telegraph,  p. 5


Swaps victims ‘pushed into administration ‘

The taxman has been accused by MPs of pushing into administration businesses that were mis-sold interest rate swaps, despite knowing the financial problems they faced. The Financial Services Authority estimates that more than 40,000 swaps were sold to smaller businesses by their banks. Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland are currently reviewing their sale of the products and are expected to compensate some customers.

The Daily Telegraph Business,  p. 1


UBS faces record fine following Adoboli conviction

UBS is braced for a record multi-million pound fine for failures in its systems and controls that allowed former employee Kweku Adoboli to conduct Britain’s biggest bank fraud. The FSA and the Swiss regulator, Finma, started investigating UBS in February. In the UK, a report conducted by KMPG on behalf of the FSA has formed the basis of the regulator’s investigation. As a result, the bulk of the enforcement is already complete. There are a few more details to add which could not be conducted while the criminal case was ongoing.

The Daily Telegraph Business,  p. 7


Big banks a force for good, says Osborne

Big banks are good for Britain and must not be broken up, said George Osborne, as he argued that having more large lenders would be beneficial to society. His comments came as he gave evidence to the Parliamentary Commission on Banking Standards, where he was accused of attempting to pressure members into supporting his ring-fencing reforms.

The Daily Telegraph Business,  p. 1

The above articles appeared on 22\11\12 reproduced with the kind permission of Kantar Media UK . All rights reserved.

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