YOU'VE BEEN ROBBED, IT'LL HURT FOR YEARS

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YOU’VE BEEN ROBBED, IT’LL HURT FOR YEARS

YOU’VE BEEN ROBBED, IT’LL HURT FOR YEARS
Too many pensioners are being deprived of tens of thousands of pounds by insurance firms making huge profits and offering dreadful deals on annuities. Dan Hyde explains the tricks of their trade.
The Daily Telegraph, p. 25

Savings
Netting your share: How to get the most out of buying stocks
Feature on investing. More than one in four Londoners say they are planning to start investing for the first time or to increase their investments in order to boost returns on their savings. Research by Chelsea Building Society found that 27% of savers and investors were willing to take increased risks with their cash to chase higher returns, with 10% investing for the first time. Lucy Tobin looks at some steps to boosting your return.
Evening Standard London, p. 49

Pensions & Life Assurance
Consumers losing out on pensions, experts warn
Experts say that the current pensions system is failing the consumer, after a report suggested millions of older people are losing out because of the poor value and sharp practices of life insurers which sell annuities. The report from the Financial Services Consumer Panel warned firms are confusing customers while charging high commissions.
Evening Standard London, p. 44

Equitable Life payout
More than 9,000 Equitable Life pensioners who were shut out of the £1.5 billion compensation scheme because they bought annuities before 1992 will receive £5,000 each next week in compensation.
The Times, p. 43

Mortgages & Residential Property
Return of boom-¬era debt deals raises alarm
Ralph Atkins comments on how the global turmoil that erupted in 2007 was triggered by a blow-up in securitised US subprime mortgages.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 36

Mortgage lenders relax rules despite bubble fear
Banks and building societies have begun to relax their mortgage lending standards in an early sign that a bubble may be building in the housing market.
The Times, p. 43

Retail Banking
Swiss banks sign up to tax deal with US
A number of Swiss banks have announced that they will cooperate with the United States in a crackdown on tax evasion.
City AM London, p. 9

Draghi attacks Bank of England style plans for narrow policies
Mario Draghi revealed he disagrees with Mark Carney’s plan to tackle bubbles yesterday, laying out an alternative set of guidelines for central banking.
City AM London, p. 5

HSBC insists China focus remains after €470m sale to Santander
Spain’s largest bank, Santander, is to buy HSBC’s eight per cent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.
City AM London, p. 15

UK banks get break from Volcker’s toughest plans
British banks with US arms will be allowed to trade in UK government bonds on their own books, US authorities revealed yesterday, diluting earlier plans to ban the transactions.
City AM London, p. 2

Bank goes on hire spree
Tesco Bank yesterday revealed it is hiring 300 staff in preparation for the launch of its current account next year.
City AM London, p. 10

RBS finance chief Bostock resigns after just 10 weeks on bank board
Nathan Bostock, the finance director of the Royal Bank of Scotland (RBS), is on his way out of the bank, barely two months after starting in the job.
City AM London, p. 3

This HSBC float idea looks to be full of holes
Nick Goodway comments on rumours that HSBC might spin off its UK High Street banking business, and how they lack credibility. The bank’s executives and top shareholders probably discussed a spin-off about a year ago, but these were probably “what if?” conversations rather than “we have a cunning plan” revelations since nothing much has come of it.
Evening Standard London, p. 47

Lending at six-year high to first-timers
Banks and building societies lent £9.9 billion to first-time buyers between July and September, according to Bank of England figures. This was the highest amount since the end of 2007 and 37% above a year earlier.
Evening Standard London, p. 43

St James’s Place stake sale by Lloyds
Lloyds Banking Group has completed its exit from wealth manager St James’s Place, selling its final 21% stake for £680 million. Lloyds said it made a profit of £105 million on the deal.
Evening Standard London, p. 43

Economic levers Stop-¬go measures to manage the recovery
Governor Mark Carney said the Bank of England’s Funding for Lending Scheme had been “refocused from household to small business lending, for financial stability purposes”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Strategic change How scope for action has widened
Chris Giles looks at how the remit of the Bank of England has changed since new governor Mark Carney took the reigns in July.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Bubbles are for popping, not mopping
Interview with Andy Haldane, head of financial stability at the Bank of England.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Finance reform on brink of MPs’ approval
The banking reform bill, legislation to make banks safer and improve corporate governance is expected to be signed off finally by MPs today, after George Osborne agreed a series of lastminute concessions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

BoE champions bundled debt
Andy Haldane, head of financial stability at the Bank of England, has called for a revival in the market for bundled-up debt in the UK, saying it need not be the “bogeyman” it was during the financial crash.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Bostock quits RBS
Nathan Bostock, group finance director of Royal Bank of Scotland, has resigned to join Santander UK, dealing a blow to the British bank’s efforts to clean itself up after the financial crisis.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Too leisurely a stroll towards any banking union
Letter warning that Europe’s move towards a weak banking confederation, rather than towards a true banking union, heightens the risk that deflation will take hold in Europe.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 14

Tesco to launch current accounts
Tesco Bank is looking to break into the current account market within months in a move that will create 600 jobs but will restrain its profit growth for the next few years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

Rule to curb risky trades by banks is finally passed
Nearly four years after President Obama first proposed curbs to rein in the risky bets on Wall Street, US regulators yesterday finally ratified a strict new regime aimed at stopping banks from making speculative trades that could cause another meltdown.
Independent i, p. 41

Lending soars to first-time buyers
Banks and building societies lent £9. 9bn to first-time buyers between July and September – the highest amount since the end of 2007 and 37% above a year earlier, according to the Bank of England.
Independent i, p. 42

Santander invests in Chinese bank
Santander, Spain’s largest bank, is to buy HSBC’s 8 per cent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.
Independent i, p. 42

Lloyds’ £105m from St James’s
Lloyds Banking Group has completed its exit from wealth manager St James’s Place selling its final 21% stake for £680m.
Independent i, p. 42

‘Shadow banking’ curbs ruled out
The European Commission has ruled out bringing in hasty curbs on so-called “shadow banking” off balance-sheet investing, in case it crimps finance for the economy.
Independent i, p. 42

Lloyds sheds a big asset, reviving dividend hopes
Lloyds Bank has increased its capital by 685 million pounds with the sale of its remaining stake in the wealth manager St.
International New York Times, p. 19

Chinese bank makes 3rd effort at an I.P.O.
China Everbright Bank is hoping the third time will be the charm. On Tuesday, the state-owned Chinese lender began marketing a Hong Kong share sale, seeking to raise as much as $2.
International New York Times, p. 19

Swiss bank is first to join in U.S. tax deal
Valiant Bank has become the first Swiss bank to say that it will sign a deal with the United States aimed at ending a three-year tax evasion dispute with Switzerland.
International New York Times, p. 17

Bostock to resign from RBS after just 10 weeks
Nathan Bostock is to resign as finance director of the Royal Bank of Scotland after just 10 weeks in the job. Mr Bostock, who assumed the role on October 1, is set to leave to join Santander, the Spanish bank which has major operations in the UK.
The Daily Telegraph Business, p. 1

US approves Volcker Rule as it moves to reform banks
Five years after the start of the financial crisis, US regulators yesterday approved a final version of the long-awaited Volcker Rule, which they hope will prevent America’s biggest banks repeating the same mistakes that led to the global downturn.
The Daily Telegraph Business, p. 1

Bostock set to leave RBS
Royal Bank of Scotland’s finance director is in talks to join Santander, just 10 weeks after taking up his current position. Nathan Bostock is being lined up to join the Spanish bank as its chief risk officer, according to Sky News.
The Daily Telegraph Business, p. 8

Lloyds sells St James’s stake
Lloyds Banking Group has boosted its capital by £685m via the sale of its remaining stake in wealth manager St James’s Place, raising hopes it can soon pay dividends again for the first time since its 2008 bail-out.
The Daily Telegraph Business, p. 8

Tesco Bank begins recruiting as it prepares for launch of current accounts
Tesco Bank has started a recruiting drive ahead of the launch next year of its first range of current accounts that will see Britain’s biggest retailer go head to head with high street banks.
The Daily Telegraph Business, p. 5

Home loans soar to first-time buyers
Banks and building societies lent £9.9bn to first-time buyers between July and September, which is a 37 per cent rise on the same quarter last year.
The Independent, p. 62

RBS NO2 BAILING OUT
Less than three months after getting the job, Royal Bank of Scotland’s number two executive is quitting. Finance director Nathan Bostock is reported to be leaving the state-owned bailed-out bank for rival Santander. It is another blow for new boss Ross McEwan. RBS has been hit by allegations it forced firms to go bust on purpose to seize their assets on the cheap.
The Sun, p. 12

BANKS ARE STILL RANK
This year just three financial brands made it into the top 30 annual best customer service list, proving that Brits are still irate with their banks. The Customer Experience Excellence Survey from Nunwood ranked highly-rated online and phone bank First Direct third overall in the poll. M&S Bank was a new entry at No23, while Nationwide was the only High Street finance firm to feature, coming in at No26 – but it is a building society, not a bank.
The Sun, p. 43

Tesco throws down gauntlet to big banks
Tesco will launch a current account next year, posing what may be the biggest challenge yet to traditional banks.
The Times, p. 46

Economics
Figures from the Bank of England yesterday painted a brighter picture for homeowners, with the number of households in mortgage arrears and potentially at risk of repossession falling by nearly 14,000 to 278,355 in the three months to September, compared with the previous quarter.
The Times, p. 44

RBS finance chief ‘poised for quick exit
Sky News is reporting that the Royal Bank of Scotland may lose its finance director, Nathan Bostock, after only two months in the role.
The Times, p. 45

Tesco bank challenge
Tesco will pose a big threat to traditional banks by launching its own current account next year.
The Times, p. 43

RBS turmoil as finance chief heads for the door
Already reeling amid furious public criticism over its business lending practices and creaking computer systems, Royal Bank of Scotland suffered another blow last night when it emerged that its finance director, Nathan Bostock, is departing after only two months in the job.
The Times, p. 43
The above articles appeared on 11/12/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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