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Millions of Britons have never switched their savings account, meaning they are almost certainly getting a dismal return on their cash, according to research carried out exclusively for The Times.
The Times Money Matters, p. 2

Mazars faces accounting tribunal over First Quench pension advice
The Financial Reporting Council is investigating Mazars and the managing partner of its London office over pension advice given to the now-defunct drinks firm First Quench Retailing.
City AM London, p. 11

Watchdog orders probe over reforms to company pensions
Probes into almost 90 pension schemes have been ordered by the Pensions Regulator in the search for breaches of new rules or failure to conform.
The Daily Telegraph Business, p. 8

How the crisis made ethics a big issue
The world is still trying to make sense of what went wrong during the financial crisis – and the soulsearching has led to a surge of interest in socially responsible investment that offers the promise of profit with a clear conscience.
Daily Mail, p. 61

Millions caught in stamp duty trap as house prices soar
Millions of buyers are falling into a tax trap and being forced to pay thousands of pounds on top of the cost of a new home, it has emerged.
Daily Express, p. 2

Sub-prime loans reappear in buoyant housing market
Magellan Homeloans is to begin offering mortgages on a sub-prime basis, in what The Guardian describes as the start of a trend caused by the rising housing market.
The Guardian, p. 6

Barclays hires 13 banks to sell £5.8bn of shares
Barclays hired another nine investment banks yesterday to sell its shares, adding to the four already announced last week to bring a total of 13 on board for its multi-billion pound rights issue.
City AM London, p. 5

BANK of Scotland, part of Lloyds Banking Group, was yesterday fined £75,000 by the Information Commissioner for repeatedly faxing bank details and payslips to the wrong people.
City AM London, p. 3

Slowing China hits HSBC profit growth hopes
Profits leapt 10 per cent at HSBC after a campaign to cut costs and close inefficient business units, the bank announced yesterday.
City AM London, p. 3

Lloyds shares could climb to £1 each from dividend boost
LLOYDS shares could hit 100p, UBS analysts predicted yesterday, up from 75.
City AM London, p. 3

Bank takes Flinty stance on bonuses
FOR HSBC, a bank that makes 80 per cent of its profits outside of Europe yet is domiciled within it, the EU’s planned bonus cap would be a huge disadvantage when trying to attract talent.
City AM London, p. 3

EU looks to adopt Britain’s tough bank capital rules
Europe’s banks could soon face the same tough conditions as their British peers as the continent’s regulators yesterday said they would look at imposing a leverage ratio cap similar to that taking hold in the UK.
City AM London, p. 2

Bonus cap may force HSBC to lift salaries
HSBC may raise the salaries of its bankers around the world to head off a potential exodus of talent from European plans for a cap on bankers’ bonuses.
Daily Express, p. 66

Lloyds in credit on divi hopes
Lloyds Banking Group was in favour after it emerged that it expects to pay out up to 70pc of its earnings in dividends by 2015.
Daily Express, p. 67

HSBC could dodge EU cap on bonuses
Hundreds of the highest earners at HSBC could get a bumper pay rise as the lender tries to avoid a new bonus cap from Brussels. Chairman Douglas Flint yesterday admitted that it was considering increasing salaries to ensure employees do not leave for better paid jobs with US or Asian rivals.
Daily Mail, p. 2

Carney deluged with pleas to keep interest rates down
Mark Carney will tomorrow outline his plans for the British economy at the Bank’s quarterly inflation report, which will include a guide to his intentions for interest rate decisions.
Daily Mail, p. 58

China growth fears knock HSBC shares
Shareholders in HSBC have been spooked by concerns about a slowdown in China, sending shares down sharply. It came as Europe’s biggest bank posted a 10pc increase in profits to £9.2bn yesterday.
Daily Mail, p. 58

30 second guide to banker pay curbs. The European Commission wants to curb the reckless bonus culture which preceded the financial crisis by set a limit on the amount banks can pay as bonuses. However, the move has been opposed by the British government and regulators who argue it will cause banks to increase their fixed salaries.
Daily Mail, p. 59

Brussels botches bonus cap
Comment on he admission by HSBC chairman Douglas Flint that he is considering raising top bankers’ basic salaries in order to lessen the impact of an EU cap on bonuses due next year.
Daily Mail, p. 59

Last night Union chiefs called for a “new dawn” in the way ordinary bank workers are treated – after HSBC raked in more than £9billion in profits. The eye-popping figure – equivalent to £583 a second – follows huge profits announced by Barclays, Lloyds and Royal Bank of Scotland last week. Together, the Big Four banks made more than £16billion in the first half of the year.
Daily Mirror, p. 41

HSBC examines salary boost to get round EU bonus cap
HSBC has said it will get round new rules capping bankers’ bonuses which it claimed would have a “highly damaging” impact on many of its global operations. EU rules within the Capital Requirements Directive (CRD) IV will limit bonuses paid to all bankers employed by EU-based institutions to 100% of their base salary, or 200% if shareholders approve.
Evening Standard London, p. 37

Splitting Royal Bank of Scotland will waste time and money
Report looking at how the chancellor George Osborne has asked Treasury officials to review the case for splitting the Royal Bank of Scotland into a good bank and a bad bank.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 9

Call to harmonise bank risk models
In a study released Monday, the London-based European Banking Authority examined the treatment of low-risk debt held by 35 big banks, and called for further moves towards harmonised rules for risk models.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 14

HSBC cost cuts fail to offset effects of slowing markets
HSBC has reported underlying profits in Hong Kong rose 13 per cent, while the UK business swung back to a $2.2bn pre-tax profit, after a $1.6bn loss in the same period last year.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 13

Contradictory rules are pushing banks to be riskier
Daniel Schäfer analysis looking at how regulation is making banks less safe by forcing them to take on riskier assets.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

HSBC faces $1.6bn bill as banks’ US mortgage toll rises
The largest global banks are facing a bigger payout to the US government over bad mortgages than originally estimated, with HSBC yesterday acknowledging it might have to pay $1.6bn in damages.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 13

HSBC prompts outcry over bankers’ pay with proposal for big salary hikes
HSBC set the controversy over bankers pay alight again yesterday, warning that it could sharply increase bankers’ basic pay in response to the EU’s controversial plans to put a cap on bonuses.
Independent i, p. 40

HSBC (surprise!) sticks with the story on pay
It’s the age-old response of the parent to the miscreant child who has done something bad “because Johnny did it”: “So, would you jump off a cliff if Johnny did it?” You wonder if Douglas Flint’s parents ever said that to him.
Independent i, p. 41

Slimmer HSBC reports 10% rise in first-half profit
HSBC, the largest bank in Britain, said Monday that earnings rose 10 percent in the first half of the year, thanks in part to lower charges for bad loans, especially in the United States.
International Herald Tribune, p. 16

RBS manager ‘posed as bond salesman’ at lender after being laid off
A Royal Bank of Scotland manager who was made redundant secretly remained at the bank by posing as a bond salesman, it has emerged. KK Ho had been employed in RBS’s property services division in London, but was laid off and given a temporary desk at the office so he could find a new job, Bloomberg reported. However, he was not supervised nor placed in a team, and took the opportunity to reinvent himself.
The Daily Telegraph Business, p. 3

Bank fined for faxing data to wrong numbers
Bank of Scotland has been fined £75,000 by privacy watchdogs for repeatedly faxing sensitive customer documents to wrong numbers.
The Daily Telegraph Business, p. 4

Barclays boosts bank numbers ‘ rights issue
Barclays has added nine additional banks to the syndicate running its £5.8bn rights issue as it attempts to raise the largest amount of money by a UK bank in four years.
The Daily Telegraph Business, p. 4

Share sell-off fever mounts
Shares in Lloyds Banking Group hit their highest level in almost three years yesterday following rumours that the government is considering disposing of its stake.
The Guardian, p. 19

HSBC chairman says bankers’ pay may rise to beat bonus cap
HSBC’s chairman, Douglas Flint, is considering raising the level of its bankers’ salaries, after announcing a lower-than-expected rise in profits to $14.1bn (£9.2bn) in the first half of 2013, a ten per cent rise on the same period during 2012.
The Guardian, p. 19

Bank of Scotland fined for misdirecting data
Bank of Scotland has been fined £75,000 for repeatedly faxing customers’ account details and personal information to inappropriate recipients. A minimum of 21 documents were sent to a third-party organisation with a fax number differing by one digit from that of the intended recipient.
The Guardian, p. 24

All eyes on Carney’s first big move as Bank chief
The Bank of England governor, Mark Carney, intends to produce new guidance for setting interest rates tomorrow in an attempt to convince consumers, small businesses and international money markets that only when the upturn is established will borrowing costs rise.
The Guardian, p. 18

It was revealed last night that HSBC is considering hiking bankers’ salaries to sidestep new rules capping their bonuses. EU regulations to be introduced next year will limit bank employees’ bonuses to a maximum of double their salary. But approximately 80 per cent of HSBC’s profits come in markets outside Europe, where rivals do not face such capping rules.
The Sun, p. 38

Worker who posed as City high-flyer duped RBS bosses
It has emerged that taxpayer owned bank, Royal Bank of Scotland, were duped by a former employee pretending to be a senior bond salesman.
The Times, p. 5

HSBC takes aim at Brussels but rules out shift to the East
Douglas Flint, the chairman of HSBC, lambasted a Europe-wide clampdown on bankers’ bonuses as it reported first-half profits that were hit by the slowdown in emerging markets.
The Times, p. 37

Bank faxed personal details to wrong numbers for years
The Information Commissioner’s has revealed that private details of dozens of Bank of Scotland customers, including bank statements and passport copies, were repeatedly faxed to wrong numbers for four years.
The Times, p. 34

As UK composite PMI hits a record high, is the economy on the road to sustainable recovery?
Chief UK economist at Berenberg Bank Robert Wood and UK economist at Capital Economics Samuel Tombs give their opinions on whether or not the British economy is progressing towards a sustainable recovery.
City AM London, p. 15

The subtleties of forward guidance
There was little of significance from the Bank of England’s meeting last week, except for a small statement guiding us towards this week’s inflation report, notes City AM.
City AM London, p. 16

The above articles appeared on 06/08/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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