Regulator agrees redress of up to £1.3bn for mis-sold insurance products August 22, 2013 Regulator the Financial Conduct Authority (FCA) has reached an agreement with several firms to provide redress to consumers mis-sold Card Protection Plan's (CPP) Card Protection and Identity Protection policies. This follows the mis-selling of 23 million policies to seven million customers. Those customers will now receive a letter from CPP explaining the process with a [...]
Card firms on hook for £1.3bn mis-selling bill August 22, 2013 THIRTEEN of Britain’s biggest lenders yesterday unveiled plans to repay consumers £1.3bn for mis-selling credit card protection products. Seven million customers bought the products which came from CCP and were sold through high street lenders and retailers. They either provided loss protection already covered by the bank, or were misleadingly advertised. If customers bought card [...]
UK banks face another mis-selling scandal August 21, 2013 The Financial Conduct Authority is preparing to set out a compensation scheme for consumers who bought identity theft and credit card protection from York-based life assistance company CPP, Sky News was first to report. British banks will again be hit by a mis-selling scandal, which could see them lose up to £1.5bn. Around a dozen [...]
City Moves for 05 September 2013 | Who’s switching jobs September 4, 2013 PwC The professional services firm has announced the appointment of Lindsay J’afari-Pak as a partner to lead its tax services to the life insurance industry. J’afari-Pak was most recently at Friends Life Group, where she was group tax director. UBS Global Asset Management Nick Rider has joined the asset management business as institutional sales director. Rider [...]
Lloyd’s insurers face investment woes as Lancashire profits drop July 25, 2013 LLOYD’S of London members seem to be set for substantial drops in their investment income this year, after two insurers said they have been hit by losses in the bond market. Lancashire Holdings, a member of the FTSE 250, yesterday confirmed that its net investment income fell 22.6 per cent for the second quarter of 2013. “Treasury [...]
Dealmaker of the year September 15, 2013 There’s been a lack of mergers and acquisitions so far this year but that doesn’t mean there haven’t been some exciting deals for bankers to get a buzz from. From innovative rights issues to a resurgence of flotations, with a few traditional acquisitions and sales thrown in, the year has been a lively one for [...]
Insolvency hits 12-month low as firms thrive September 29, 2013 BUSINESS insolvencies fell in August compared with the same month in 2012, marking 12 months of falling insolvency rates, according to data out today from credit information firm Experian. A total of 1,632 firms failed in the month, down on the 1,723 that failed in August 2012, and the 12th month in a row that [...]
City Moves for 06 September 2013 | Who’s switching jobs September 5, 2013 Dentons The law firm has recruited Babette Marzheuser-Wood as a partner in its technology, media and telecommunications division. She joins from Field Fisher Waterhouse. Colliers International The commercial real estate services firm has appointed Simon Ford as a director in its corporate solutions team for Europe, the Middle East and Africa (EMEA). He joins from [...]
CVC carries on spending with €600m buy August 19, 2013 CVC CAPITAL Partners, one of the world’s biggest private equity firms, yesterday said it had snapped up a controlling stake in online payment system Skrill for €600m (£511m), its second buy of the week. It will buy the stake from Bahrain-based alternative investor Investcorp, which originally backed Skrill in March 2007 with €25m. The deal [...]
Artificially limiting rises in house prices will do more harm than good September 15, 2013 ECONOMISTS should be humbled by Friedrich Hayek’s famous plea: “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” If only government and central banks – and those who lobby them – realised how little good came from their proposed interventions, and how [...]