Workers under 40 lose out in pension reforms

Charterbridge

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Workers under 40 lose out in pension reforms

Workers under 40 lose out in pension reforms
The Institute of Fiscal Studies warns that most workers in their 20s and 30s are set to lose out under the Coalition’s reform of the state pension and will receive hundreds of pounds a year less than if they were of retirement age now.
The Daily Telegraph, p. 2
Also appeared in : Daily Express, p.2, Daily Mail, p.2

Housing values surge as more forced to rent
The value of residential properties in the UK has shot up in recent months according to a survey released yesterday, climbing in every region of the country.
City AM London, p. 12
Also appeared in : Daily Express, p.1-2

Leeds Building Society has […]
Leeds Building Society has launched mortgages that are interest-free for the first three to six months.
The Times, p. 2
Also appeared in : The Sun, p.6

Households facing debt timebomb if rates rise
More than 800,000 households will spend over half of their income on debt repayments if interest rates rise as expected, research shows.
Daily Mail, p. 12

BUT A MORTGAGE IS CHEAPER THAN RENT
It may be difficult to get on the housing ladder, but taking the first steps towards owning a property is cheaper than renting, according to the survey.
Daily Mail, p. 17

MORE parents will rely on […]
Barclays has already seen a trend in mortgage lending for children to help their parents with payments.
Daily Mirror, p. 58

Eurozone finance chief intervenes over struggle to rule on region’s failing banks
The president of the eurogroup, Jeroen Dijsselbloem, yesterday intervened to challenge proposals drafted by the European Commission that would give the executive the last resort power to order a troubled eurozone bank to close. During an interview with the Guardian and four other European papers, Dijsselbloem said that the holder of this power was yet to be determined, although he ruled out the ECB as a candidate. The Guardian predicts that the final decision on whether to close down a bank will be hotly contested in Berlin and Frankfurt.
The Guardian, p. 25
Also appeared in : The Times, p.37, Financial Times, p.1, International Herald Tribune, p.1, City AM London, p.4

Outgoing chiefs of City watchdog get £803,000 for handover
The Financial Services Authority (FSA) paid three top directors £803,000 to leave the organisation, according to its final annual report published yesterday.
The Independent, p. 52
Also appeared in : Daily Mail, p.2, The Sun, p.40, The Daily Telegraph Business, p.5

Moody’s raises UK banks rating
Moody’s has upgraded the outlook for the British banking sector, moving it from negative to a stable outlook.
The Guardian, p. 25
Also appeared in : Evening Standard London, p.39, Daily Express, p.51, City AM London, p.3

Three’s company but more’s a crowd in stock market flotations, says ABI
A cap on the number of banks in syndicates for large flotations would force them to take responsibility to ensure that deals are a success, the Association of British Insurers claims.
The Times, p. 37
Also appeared in : The Times, p.36

Icap in a tumble despite big leap in bond trading on Fed’s move
A huge surge in bond trading after the United States Federal Reserve shook markets with proposals to slow its money-printing programme failed to save broking giant Icap from a City sell-off.
The Independent, p. 52

Investors demand shake-up of City rules
The Association of British Insurers has demanded the creation of new laws aimed at protecting minority shareholders and stop the high-profile problems following the listing of Bumi and ENRC from happening again.
The Daily Telegraph Business, p. 1

European Commission insists Spain does not need more aid
Spain’s rescue programme remains on track and there is currently no need to inject extra cash into the banking sector despite the country’s challenging economic and fiscal situation, the European Commission has said.
City AM London, p. 14

Banks to earn millions in Royal Mail privatisation
Seven City investment banks led by Goldman Sachs are set to share fees of up to £30m from the privatisation of Royal Mail.
The Independent, p. 51

Former bosses at the FSA get pay-offs totalling £800,000
Payoffs given to senior staff at the Financial Services Authority (FSA) have been revealed in the former regulator’s final report yesterday. Chairman Lord Turner and former head also received £250,000 on leaving the defunct regulatory body, which was replaced by the new Prudential Regulation Authority and the Financial Conduct Authority.
City AM London, p. 4

HSBC report highlights France’s legal flaws
A French Parliamentary report has said that Paris needs to strengthen its methods for dealing with tax evasion.
The Guardian, p. 27

135 graduates compete for every investment bank job
More than 135 graduates competed for every entry-level job at an investment bank or fund manager in the UK last year, with the number of roles in the sector set to fall even further for the next set of students.
City AM London, p. 1

Business banking arms race hots up as Barclays plans pre-approved loans
Barclays is set to offer hundreds of thousands of small business customers preapproved loans, in a new drive to show it is doing its part to increase credit to SMEs, City A.M. can reveal. The scheme has the benefit of reducing the bank’s capital needs. Pre-approved loans act in a similar way to overdraft facilities, allowing customers credit as and when they need it.
City AM London, p. 3

UBS overtakes Bank of America
Wealth management is undergoing a recovery, according to Scorpio Partnership, as Swiss company UBS outstrips Bank of America to become the world’s biggest market player. UBS was last in pole position in 2008, but slipped behind Bank of America during the financial crisis. Between their 2007 and 2009 reports, Scorpio estimates that UBS lost over $200bn (£134bn) in assets under management. However, UBS has roared back, now holding $1.7 trillion, almost $100bn more in assets than at their 2007 peak.
City AM London, p. 6

Libor now has a new administrator – but our reforms have gone much further
When the Libor scandal broke just before I became chief executive of the British Bankers’ Association (BBA), the banking industry was condemned by politicians, the media, and in pubs and homes across the country.
City AM London, p. 20

Deutsche sours relationship with Terra Firma after acting on rival financing
Guy Hands’ private equity group, Terra Firma, was last night said to be unimpressed by a decision by Deutsche Bank, one of a group of banks involved in its flotation of Deutsche Annington, to get involved in a €400m (£345.2m) sale of shares in another German property group, Gagfah.
City AM London, p. 5

Bankers face curbs
Stephen Hester’s £1.2 million salary as chief executive of Royal Bank of Scotland would have been capped at £471,000 under new European rules on state aid on lenders.
The Independent, p. 52

The above articles appeared on 11/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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