Financial Conduct Authority issues warning to high cost lending firms March 6, 2019 The City watchdog has warned that high-cost lending firms must take action to protect customers from risk. The Financial Conduct Authority (FCA) said companies that offer credit to consumers that may be rejected by mainstream banks must be aware of customers that display patterns of relending, which could be a symptom of unsustainable borrowing patterns. [...]
How savers can use an Innovative Finance Isa to reap the rewards from the property market March 6, 2019 "If things go wrong (and they can), then a property-backed Isa at least means that there is a tangible asset that can be sold to recover your money,” says Frazer Fearnhead, chief executive and founder of property peer-to-peer lending platform, The House Crowd. “While it’s not a guarantee, it does mean that the secured property [...]
‘Revolution’: Energy regulator Ofgem plans to rip up its own rulebook March 6, 2019 Ofgem plans to undertake a “complete rethink” of Britain’s energy systems as the country seeks to support clean energy and “serious innovation”. The regulator’s head of consumer and markets, Mary Starks, said markets should be shaped by innovators, not regulators. Read more: SSE pays out £705,000 after misreporting renewable energy payments She said Ofgem would try [...]
How to use an Isa to invest in peer-to-peer loans March 6, 2019 Since peer-to-peer (P2P) lending platforms began to enter the market in 2005, savers have used the services to hand out more than £10bn to borrowers. Aside from providing a significant boost to the UK economy, P2P offers attractive interest rates to lenders by cutting the banking sector from the borrowing process. The Innovative Finance Isa [...]
Packaging firm DS Smith sells plastics division to US private equity firm Olympus Partners in $585m deal March 6, 2019 Packaging company DS Smith has sold its plastics division to US private equity firm Olympus Partners for $585m (£445m). The sale is part of the London-headquartered firm’s strategy to shift towards sustainable packaging, the company announced in a trading update today. Read more: Rupert Soames joins board at DS Smith The move will address investor concerns [...]
Mars, Mondelez and Kellogg’s hit with advert bans over inappropriate targeting March 6, 2019 Food brands Mars, Mondelez and Kellogg’s have all been handed down advert bans after the watchdog ruled they had inappropriately targeted children and exaggerated health claims. Mars was censured over an advert for its Wrigley’s Extra chewing gum, which featured on Channel 4’s on-demand service. Read more: Sky Incredibles advert banned over superfast Wi-Fi claims [...]
Passengers quarantined after falling ill on Virgin Atlantic flight to Gatwick March 6, 2019 Passengers on board a Virgin Atlantic flight from Barbados to London Gatwick were quarantined following an outbreak of illness on the plane this morning. Emergency services met the plane, which was travelling from Bridgetown, when it landed in London at around 5.25am today after passengers suffered from a "chesty cough", the BBC reported. Passenger Trevor Wilson [...]
From funding pub refurbs to legal costs, here are some unusual Isa investments on offer March 6, 2019 Nobody wants to put their hard-earned savings into rubbish assets. Unless, that is, you want to use your annual Isa allowance to invest in an eco-friendly waste processing facility. This is just one of the esoteric investments available to subscribers of the Innovative Finance Isa (IFISA), which lets investors lend to businesses in search of returns. [...]
Theresa May makes employee rights pledge to charm Labour MPs into backing Brexit deal March 6, 2019 Theresa May has pledged that the standards of workers’ rights from EU laws retained in UK law will not be reduced after Brexit. As part of the EU withdrawal agreement, parliament will be given the right to consider any future changes in EU law that strengthen workers’ rights or workplace health and safety standards. It [...]
OECD slashes global growth forecasts and warns of no-deal Brexit recession March 6, 2019 Global growth predictions were slashed today as a major economic body warned that a no-deal Brexit would see Britain return to recession. The Organisation for Economic Cooperation and Development (OECD) cut predictions for the UK’s growth to 0.8 per cent in 2019 and 0.9 per cent in 2020. Read more: EU faces the biggest risks [...]