Financial Conduct Authority launches review into competitiveness of London’s £68bn insurance broker market November 8, 2017 Financial regulators are to probe whether the City’s prized insurance broker network is delivering value for money amid concerns it is skewed towards larger players, allowing them to squirrel away bigger profits. The Financial Conduct Authority (FCA) wants to know whether London’s £68bn insurance market is fostering sufficient innovation and competition and today launched a [...]
Priti Patel summoned back to London by Theresa May after more undisclosed Israeli meetings come to light November 8, 2017 The international secretary Priti Patel has cut short her trip to Africa after she was summoned back to London by the Prime Minister, 10 Downing Street has confirmed. Patel was called back to the UK from her “pre-arranged” trip to Kenya and Uganda after it emerged last night she had attended yet more undisclosed meetings [...]
Esure share price rises after posting “record quarter” and netting Sir Peter Wood a multi-million pound paper profit November 8, 2017 Esure today posted “record quarter” results driving shares up and netting the firm’s founder a multi-million pound payday. The insurer also upped its full-year guidance as analysts pointed to the success of key strategic changes. Shares in the FTSE 250 firm rose almost four per cent in trading, meaning insurance tycoon Sir Peter Wood – [...]
Digital challenger bank Revolut’s applying for a European banking licence November 8, 2017 Digital challenger Revolut is seeking to become an official bank, applying for a licence from the European regulator. The fintech startup which started out focusing on money transfers with a pre-paid card for spending abroad, but has since expanded into more services, will now go all-in and become a bank in its own right. Read [...]
Marks and Spencer (LON:MKS) share price: Steve Rowe promises to “make M&S special again” as sales and profits slide while CFO Helen Weir steps down November 8, 2017 Marks and Spencer Group’s profits fell in the first half, as the retailer faced additional headwinds in its food business and continued the struggle to boost clothing sales. The group also confirmed reports that its chief financial officer, Helen Weir, will leave the company in due course. Shares in the company rose 3.5 per cent [...]
DEBATE: Is Boris Johnson’s gaffe about Nazanin Zaghari-Ratcliffe’s Iran trip grounds for his removal? November 8, 2017 Is Boris Johnson’s gaffe about Nazanin Zaghari-Ratcliffe’s Iran trip grounds for his removal? Tulip Siddiq, Labour MP for Hampstead and Kilburn, says YES. By repeating the lie being used to detain my constituent, the foreign secretary abrogated his responsibility to a British citizen facing a life or death situation. As our country’s most senior diplomat, [...]
Labour’s robot tax would hamper Britain’s growth: We need more robots, not fewer, claims new Centre for Policy Studies report November 8, 2017 Labour’s plans to impose a “robot tax” would impede productivity growth, depress wage growth and cause a brain drain from the country, a new report claims. Think tank the Centre for Policy Studies argues that a tax as mooted by Jeremy Corbyn at last month’s Labour conference would dissuade businesses from developing new technologies, but [...]
Millions of gig economy workers miss out on auto-enrolment and a workplace pension November 8, 2017 Millions of British gig economy workers are missing out on a workplace pension as auto-enrolment bypasses the sector, according to a study released today. Gig economy workers could boost the size of their pension pot by up to £75,000 if a form of auto-enrolment were extended to cover all workers, according to research by the [...]
Insurance premium tax: Insurers fire shot across Treasury’s bows, urging chancellor Philip Hammond against a further hike November 8, 2017 The UK’s biggest insurance body has called on chancellor Philip Hammond not to “punish” the British public by hiking insurance premium tax (IPT) for the fourth time in two years. The government has doubled IPT to a rate of 12 per cent in less than 18 months, with the most recent two percentage point rise [...]
Xavier Rolet under “confidentiality agreement” ahead of departure from London Stock Exchange claims activist investor November 7, 2017 Outgoing London Stock Exchange (LSE) boss Xavier Rolet is subject to a “confidentiality agreement” stopping him from discussing his departure, according to an activist investor. Sir Christopher Hohn, the lead manager of The Children’s Investment (TCI) fund, sent a letter today to LSE chairman Donald Brydon calling for the company to lift the non-disclosure deal, [...]