Workers saving for pensions hit a record low


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Workers saving for pensions hit a record low

Workers saving for pensions hit a record low
The Office for National Statistics has found that fewer workers are saving for retirement than since records began in the 1950s. Last year, only 46% of employees had a pension scheme. Its figures follow a recent report by the Association of British Insurers which warned that one in five employees now thinks they will never have enough money to retire.
The Guardian, p. 23
Also appeared in : The Times, p.33

UK house prices rise further, fuelling hopes of economic recovery
The Office for National Statistics published figures yesterday showing that overall house prices are now at similar levels to mid-2008 but remain below their peak of January 2008. Nonetheless, the headline 2.9% rise in UK house prices means that they are only keeping pace with inflation in the wider economy – signalling they are flat in “real” terms. When London and the South East were stripped out, UK house prices were up just 1.9% in the 12 months to May, pointing to a “real” fall.
The Daily Telegraph Business, p. 3

UK mortgage securities set to default as interest rates rise
According to projections by Moody’s, financial instruments blamed for sparking the global economic crisis are set to default in far greater numbers as hard-up UK homeowners fail to meet their mortgage repayments.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 26

Barclays’ $470m trading fine
The Federal Energy Regulatory Commission has fined Barclays a record $470m penalty over alleged manipulation of power prices, the day the bank appointed a finance director from JPMorgan Chase to strengthen the investment banking expertise of its senior management team.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 13
Also appeared in : The Times, p.33, The Guardian, p.21

Bank chiefs order probe into QE ‘profiteering’
Paul Fisher, Executive Director for Markets at the Bank of England, yesterday told the Treasury Select Committee that the Bank’s quantitative easing programme may have been “manipulated” by giltedged market makers (GEMMs) in October 2011. He passed the information on to the financial regulator, which is still investigating the case. The latest allegations relate to a “reverse auction” of gilts by the Bank on October 10 2011 shortly after the second round of QE started. On that day, a lender tried to sell gilts to the Bank at an inflated price. Officials spotted the sudden spike and pulled out of the deal.
The Daily Telegraph Business, p. 1
Also appeared in : The Guardian, p.20, The Times, p.33, Financial Times, p.2, The Times, p.35

Brussels eyes assault on card fees
The European Commission wants to draw a line under a long battle with payment groups such as Visa Europe and MasterCard with a cap on fees to process card transactions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

CBI boss calls on Carney to fix ‘botched’ regulator
The Bank of England Governor Mark Carney is being urged to overhaul the Bank of England’s Financial Policy Committee, which is stated to have “botched” the way it imposes new rules. John Cridland, the Director-General of the CBI, has issued a scathing assessment of the Bank of England committee that is designed to prevent another financial collapse. Senior bankers have blamed Sir Mervyn King, Mr Carney’s predecessor, for using the FPC to campaign against the banking sector.
The Times, p. 38

Goldman’s profit doubles as it defies QE uncertainty
Goldman Sachs more than doubled its profits in the second quarter, exceeding analysts’ expectations after a jump in fixed-income trading. Profits climbed to $1.93bn (£1.28bn), from $962m in the same period last year, while revenues rose from $6.6bn to $8.6bn. Revenues at its investment banking division climbed 29 per cent to $1.55bn, after a surge in the amount of leveraged deals across the industry fuelled a jump in debt underwriting. The company worked on some major deals during the period, including Siemens’ controversial £1.7bn takeover of Invensys Rail, and News Corporation’s split into two separate companies.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.13, The Times, p.34, The Independent, p.51, International Herald Tribune, p.16, Independent i, p.41

PPI complaints continue to soar, reports Ombudsman
The Financial Ombudsman Service received more than 132,000 new complaints about mis-sold payment protection insurance in the past three months, it said yesterday, warning it was being hampered by an “atmosphere of universal suspicion and distrust” over banks’ response to compensation claims Complaints about the banks’ handling of mis-sold PPI claims accounted for 83% of cases sent to the ombudsman in the first three months of the financial year, up from 56% in the same period of 2012.
The Guardian, p. 22
Also appeared in : Independent i, p.40, The Independent, p.51, The Times, p.35

Insurance broking giant fined £7m for mis-selling ‘extras’
The Financial Conduct Authority has fined Swinton £7.38m after it was caught mis-selling “add-on” insurance to more than 650,000 people.
The Independent, p. 53

Profit falls at Swedbank
Swedbank reported Tuesday a decline in second-quarter profit and warned of tougher times in Sweden’s mortgage market because of increased competition, Reuters reported from Stockholm.
International Herald Tribune, p. 16

The above articles appeared on 17/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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