$1.6 trillion: The shocking amount governments have gained from quantitative easing November 13, 2013 HALF a decade of rock-bottom interest rates and loose monetary policy have delivered an astonishing windfall to governments around the world, dramatic new research released today reveals. By contrast, older savers with significant assets have been hammered, losing out on huge amounts of interest. Younger households, which are net borrowers have benefitted. While contrary to [...]
UK life insurance market falls August 19, 2013 Britons shunned life insurance following the credit crunch, according to a report out today. Gross written premiums in the UK’s life insurance category fell by 57 per cent between 2007 and 2012, according to a new report by data provider Timetric. Despite regaining momentum in 2012, the report finds that the sector will grow by [...]
Autumn Statement 2013: What it means for UK entrepreneurs December 8, 2013 ENTREPRENEURS are rarely political animals and don’t often get involved in the dirty business of politics. However, there are few people who are more impacted – for better or worse – by public policy. As such, every time the chancellor stands up to speak, entrepreneurs and small business owners should take note. The news from [...]
Banks hit with further £1.5bn mis-selling fine August 21, 2013 BRITAIN’S biggest banks are braced for another compensation bill with regulators today expected to tell them to pay up to £1.5bn for consumers wrongly sold credit card protection from insurer CPP. The settlement will repay customers who bought insurance through the group from 2005 onwards, and includes those who wrongly thought they were buying identity [...]
Banks’ PPI crisis eases at last as complaints fall October 16, 2013 THE WORST of the payments protection insurance (PPI) crisis appears to be over for Britain’s banks as the City watchdog yesterday published numbers showing a fall in complaints. A total of 2.9m complaints were made in the first six months of 2013, according to the Financial Conduct Authority (FCA), down 500,000 on the previous six-month [...]
Bottom Line: Don’t get overexcited at the first signs of life September 8, 2013 THERE’S two ways to look at London’s initial public offering (IPO) market in light of the torrent of floats (about 15 at the last count) coming to market. One, that this is the natural release of pent up demand as market sentiment improves. Or two, that slightly frothy markets have got everyone a bit too [...]
What the other papers say this morning – 12 November 2013 November 12, 2013 FINANCIAL TIMES Shadow banks reap Fed rate reward Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve’s ultra-low interest rates with three specialist categories increasing their assets by almost 60 per cent since the height of the financial crisis. Such lenders, widely considered part of the “shadow banking” system, [...]
Reactions to the chancellor’s statement December 5, 2013 THE BUSINESS GROUPDirector general of the CBIJohn Cridland The CBI had lobbied the government to cap business rates at two per cent and support business finance. “We have always advocated the dual approach of tackling the deficit and driving growth – the OBR forecasts confirm it is working. Let’s stick with what works. “The pressure [...]
CPP secures £36m lifeline deal July 31, 2013 York-based credit card insurer CPP, which sells card protection on behalf of major lenders such as HSBC, yesterday agreed a new refinancing package which will secure its future. CPP, which was fined £10.5m by the Financial Services Authority last year for “widespread” mis-selling, has secured a £13m credit facility from its lenders, expiring in July [...]
We need more competition – not a full frontal assault on the pensions industry October 30, 2013 BARELY a day goes by without a government attack on the private sector. Yesterday saw the publication of a report proposing charge capping for pension funds. Management fees levied by pension providers could be capped at between 0.75 per cent and 1 per cent. This was not delivered with measured language, but as part of [...]