Watchdog uncovers widespread ignorance about commission fees

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Watchdog uncovers widespread ignorance about commission fees

We’ll have to work longer and live on less in old age, warns top civil servant
Sir Bob Kerslake said the Government had failed to hold an “honest debate” about future pensions funding and that it was “absolutely clear” the pension age would have to rise. Sir Bob, who is also Permanent Secretary at the Department for Communities and Local Government, was made head of the Civil Service last year when Sir Gus O’Donnell retired.
The Independent, p. 28

Tide starts to turn for mortgage securities
News analysis looks at how the tide has started to turn for mortgage securities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 28

Sants can collect up to £3m a year at Barclays
It is reported that Hector Sants will receive a total pay package worth as much as £3m a year as part of his move to Barclays next month, according to people familiar with the deal.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15
Also appeared in : The Daily Telegraph Business, p.4

Surprise bank deal in Spain cheers Aviva shareholders
Aviva has settled a legal dispute with one of its joint venture partners in Spain over claims that a shareholder agreement was breached in a bank merger. It will exit its 50 per cent holding in Aseval in exchange for a payment of €608 million.
The Times, p. 42
Also appeared in : Financial Times Companies and Markets, p.18, The Daily Telegraph Business, p.5, Independent i, p.42, The Independent, p.54

Barclays gives support to Madrid’s financial clean up
Barclays, Deutsche Bank and AXA were among 14 banks that became stakeholders in Spain’s “bad bank” yesterday, letting its Government keep the debts off its books.
The Times, p. 39

Financial services industry pays less corporation tax
According to an annual study by the City of London Corporation, corporate tax payments from the financial services sector fell a quarter in 2011-12, to £5.4bn.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Geithner was told of Libor fears in 2008
The FT reports that The Federal Reserve Bank of New York was warned as early as mid-2008 that banks may have been misreporting their Libor borrowing rate.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Banks face stricter capital rules for securitisations
Banks that use their own models to value complex securitisations could be facing sharply higher capital requirements under proposals put forward by global banking regulators yesterday to address a cause of the 2008 financial crisis.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

Watchdog uncovers widespread ignorance about commission fees
Nearly half of people who have consulted a financial adviser were unaware they were paying for the service, according to a survey for the Financial Services Authority. The survey was carried out a matter of days before the practice of charging customers through commission is due to be outlawed under the regulator’s Retail Distribution Review.
The Independent, p. 51
Also appeared in : Independent i, p.43

Banks ‘need to up their game’ on loans
Ministers expressed disappointment at the failure of Lloyds, Barclays and Royal Bank of Scotland to use the loan guarantee scheme to help small and medium-sized businesses.
The Times, p. 39

French banks wary of radical reform plans
France’s President François Hollande will today reveal details of a bank reform law aimed at fulfilling a manifesto promise to separate “speculative” activities from those “useful” to the economy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

StanLife wins court ruling over $100m Lehman claim
It is reported that Standard Life has won a court victory against a group of 11 insurers that had refused to pay a £100m claim relating to the collapse of Lehman Brothers in 2008.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Three Lloyd’s insurers face $380m losses over Sandy
Three listed Lloyd’s of London insurers have estimated that they are facing combined losses of about $380m from the superstorm Sandy but warned that the final hit they would take remained uncertain.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Banks urged to halt payment demands for swaps-hit businesses
Banks must be forced to offer a moratorium on payments that thousands of small businesses are still being forced to make on interest rate swaps, according to a group of MPs investigating the scandal.
The Daily Telegraph Business, p. 3

MPs to seek Carney’s view on whether to end money printing
Mark Carney, the next Governor of the Bank of England, will face questions about how to unwind quantitative easing and whether to abandon it as a policy tool when he appears before the Treasury Select Committee in February.
The Daily Telegraph Business, p. 8
Also appeared in : The Independent, p.51, Independent i, p.41

Sub-prime credit card group gets a licence to lend
SAV Credit, which specialises in credit cards for sub-prime borrowers, is aiming to branch into deposit-taking for the first time after clinching a deal that hands it a banking licence.
The Times, p. 39

The above articles appeared on 19/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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