Exclusive: Pensions minister demands simpler workplace pension statements November 1, 2019 Long, confusing workplace pension statements could be a thing of the past if a government initiative, set to be unveiled today, comes to fruition. Pensions minister Guy Opperman wants pension providers to be clearer and more concise about savers’ pension prospects, and will today warn that he will legislate if he does not see change [...]
City startup Freetrade raises $15m from Revolut backer Draper Esprit October 31, 2019 Zero-commission stock trading startup Freetrade has today revealed the close of its $15m series A funding round, bringing on board its first venture capital investor. London-listed fund Draper Esprit led the round, injecting $7.5m into the company. It has previously backed the likes of fellow British fintech starlets Transferwise and Revolut, as well as Graze, [...]
HSBC-backed fintech Bud to re-focus product stream after restructuring October 31, 2019 A fintech startup backed by HSBC is to open up its software to businesses outside of banking, as part of a restructuring of the business that included a swathe of lay-offs. Bud, which passes financial data made available through Open Banking legislation to banks in order to help them innovate, will now make its platform [...]
Technical issue with Revolut app leaves customers unable to sign in October 30, 2019 Some Revolut customers have been left unable to sign in to the banking app due to a technical issue. Customers of the fintech giant took to Twitter to report seeing an error message when they tried to log in to its app, with some complaining of long waits to speak to customer service agents. Read [...]
Wework could be worth ‘zero’, says Bill Ackman October 30, 2019 Influential investor Bill Ackman said he thinks there is a risk of Softbank having to write off the entirety of its multi-billion-dollar investment in Wework. “I think WeWork has a pretty high probability of being a zero for the equity, as well as for the debt,” Ackman told the Robin Hood investor conference in New [...]
Suspended Woodford fund outperforms FTSE benchmark October 30, 2019 Former star fund manager Neil Woodford’s suspended Income Focus Fund has outperformed the FTSE all-share benchmark in the two weeks since it was frozen. In a letter to investors this morning, Link Fund Solutions – which is managing the suspension – revealed that the fund’s returns had grown 1.39 per cent, while its benchmark return [...]
Standard Life Aberdeen to offer nine months’ fully paid parental leave October 30, 2019 Investment company Standard Life Aberdeen (SLA) is to offer all its employees nine months of fully-paid leave when they become parents, and one year’s total leave. SLA said the leave would be available to all new parents, irrespective of gender, family situation, or how long they have worked for the company. Read more: Martin Gilbert [...]
The death of yields in six charts October 30, 2019 | City Talk There has been a relentless downward move in global bond yields since the 2008 Global Financial Crisis. This trend – underpinned by highly supportive central bank policies and stubbornly low inflation – has been a defining characteristic of the post-crisis world. Another defining trait of this period, and a landmark for financial markets, has been [...]
What problems do savers face when transferring their pensions? October 30, 2019 If you want to transfer your pension to another company, you could find it quicker to fly to Mars. That’s not an exaggeration – in some instances, it can take six months for your provider to process your request, so it’s hardly surprising that some people simply don’t bother trying to move their money at [...]
Starling Bank launches euro debit card in challenge to Revolut October 30, 2019 Digital challenger Starling Bank has today launched a business euro account and a dual-currency debit card as it steps up preparations to expand into Ireland, in a challenge to fintech giant Revolut. Customers with Starling Bank debit cards will now have the option to spend directly in pounds or euros using a single card. Its [...]
