Trade credit claims are falling September 17, 2009 Insurance claims by suppliers over non-payment for their goods and services have fallen for the first time in a year, according to key data. The Association of British Insurers (ABI) said the number of trade credit insurance claims in the second quarter of 2009 was 5,661, a fall of one per cent from the 5,702 [...]
POLL: UK FACING INSURER EXODUS September 15, 2009 OVER 60 per cent of top executives at Britain’s insurance firms are feeling tempted to leave the UK because of high taxes, a poll reveals today. The survey of 75 chief executives and finance directors also showed growing pessimism about the competitiveness of the City, with 80 per cent predicting the number of insurers based [...]
Insurers facing huge fundraising September 1, 2009 INSURERS are worried that they will be forced to raise more than £50bn in fresh equity should new European rules on capital and reserve requirements come into force in 2012 as planned. The Association of British Insurers (ABI) wrote to chancellor Alistair Darling last month urging him to intervene over the proposals laid out in [...]
FSA to banks: boost capital October 22, 2009 BANKS considered “too big to fail” should be forced to hold additional capital and possibly more low risk assets, under new rules proposed by Britain’s financial watchdog. In a discussion paper, the FSA also outlined plans to make banks write living wills to plan an orderly wind-down in case of trouble. The British Bankers’ Association [...]
Financial firms hit by 9m complaints in just three years September 3, 2009 MORE than 9m complaints were made against financial services firms between 2006 and 2008, according to data released by the City regulator for the first time yesterday. The Financial Services Authority (FSA) said complaint levels rose by 5.7 per cent over the period, with dissatisfaction with banking and loan products accounting for half. This was [...]
Financial firms hit by 9m complaints in just three years September 3, 2009 MORE than 9m complaints were made against financial services firms between 2006 and 2008, according to data released by the City regulator for the first time yesterday. The Financial Services Authority (FSA) said complaint levels rose by 5.7 per cent over the period, with dissatisfaction with banking and loan products accounting for half. This was [...]
PAY CUT FOR BOSSES OF JUST 1 PER CENT October 25, 2009 CHIEF executives of FTSE 100 companies saw their total pay cut by just 1.5 per cent over the past year to an average £3.3m despite cash bonuses falling by nearly a third, research released today shows. Income Data Services (IDS) found average bonuses for blue chip bosses remained above £500,000 even as corporate profits plunged [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 27, 2009 THE SUNDAYSThe Sunday TelegraphFSA TOLD TO CLEAN UP OIL MARKETSThe Financial Services Authority has been told to examine its statutes to ensure it can prosecute oil speculators practising market abuse. The financial watchdog must also consider bringing in stronger measures to detect speculators using techniques such as phone-tapping, as well as ensuring they have enough [...]
King calls for strict stance on regulation August 2, 2009 BANK of England governor Mervyn King said yesterday that tougher measures on banking regulation were still needed, and added that some bonuses being paid to executives were “absolutely astronomic” and could not be justified. “Executives at the top are earning vast sums, beyond the dreams of ordinary people, for doing a job which it’s very [...]
CITY MOVES WHO’S SWITCHING JOBS October 4, 2009 ForestersThe friendly society has hired industry heavyweight Graham Berville to the board as a non-executive director. Berville was formerly director of the Association of Friendly Societies and chairman of the Association of Mutual Insurers, as well as a member and chairman of various Association of British Insurers (ABI) committees. Prior to joining Foresters, he spent [...]