UK data watchdog fines Arron Banks’ insurance firm and Leave.EU campaign £135,000 November 6, 2018 An insurance firm owned by Arron Banks, as well as the Leave.EU campaign he founded, face fines totalling £135,000 from the UK's data watchdog. Banks's Leave.EU Brexit campaign and his company Eldon Insurance (trading as Go Skippy) were each given notice of fines of £60,000 by the Information Commissioner's Office (ICO) for serious breaches of the Privacy [...]
Gross written premiums fall at Direct Line but the insurer says it is on track to hit targets November 6, 2018 The UK’s largest motor insurer Direct Line said today its gross written premiums fell 5.8 per cent in the last quarter, as weather related claims and intense competition took their toll. In the three months to 30 September the insurer recorded £854.5m in gross written premiums, compared to £907.2m in the same period last year. [...]
Insurance turnaround helps double profit at Berkshire Hathaway November 3, 2018 Warren Buffet’s conglomerate Berkshire Hathaway reported a sharp rise in profit this afternoon, as tax cuts and stronger insurance results boosted earnings. Operating profit in the third quarter of the year climbed to $6.88bn (£5.3bn), marking a steep rise from $3.44bn in the previous year and higher than the Wall Street estimates of $6.11bn. The [...]
FTSE 100 roundup: Today’s winners and losers November 2, 2018 The FTSE 100 lost ground today, with the index down 8.05 points at 7,106.61 shortly before the market close. Markets globally reacted positively to suggestions that the US and China may be coming towards a deal to end their recent trade war. However, looking at the week just gone, it appears that the FTSE 100 [...]
Chancellor Philip Hammond’s Autumn Budget contained tricks and treats for your personal finances October 31, 2018 The move of this year’s Autumn Budget to Monday this week rather than its traditional Wednesday slot was ostensibly to give MPs more time to debate the chancellor’s proposals before the House of Commons rises for recess on 6 November. But presumably Philip Hammond also hoped to avoid some Halloween-themed headlines, which he himself alluded to [...]
Financial Conduct Authority probes home and motor insurance prices October 31, 2018 The Financial Conduct Authority (FCA) today launched a probe into pricing practices in the insurance market. The regulator is concerned about potential consumer harm, particularly the impact of industry pricing practices on vulnerable people, where some groups of people face far higher prices than other groups. It will also examine the fairness of pricing and [...]
Stablecoins – the cryptocurrency pegged to reality – could save the market October 30, 2018 The last few years have seen the crypto market experience exponential growth, and at the time of writing, it was worth £152bn globally. However, predictions that cryptocurrencies will supplant conventional forms of money have so far proved to be unfounded, as their wild volatility makes them unsuitable for day-to-day use by consumers. But it isn’t [...]
Insurer Hastings share price plunges after it warns of competitive market October 25, 2018 Investors slammed insurer Hastings this morning after it warned that a competitive market meant that it was likely to perform at the lower end of its announced range. Its share price crashed more than 16 per cent this morning. Having started the day on 216p it hit a low of 183p before recovering slightly to [...]
Quilter blames market conditions for fall in cash inflows in third quarter October 24, 2018 Wealth manager Quilter has blamed market conditions for a fall in net client cash flow (NCCF) to £1.1bn in the third quarter. Cash inflows (excluding Quilter Life Assurance) dipped from £1.9bn compared to the same quarter last year, a drop of 42 per cent. Read more: Quilter posts strong debut profits after growth in new [...]
Lloyds and Schroders sign £80bn joint venture deal October 23, 2018 Lloyds Banking Group and Schroders struck one of the City’s largest ever wealth management alliances this afternoon, joining forces in a multi-billion pound deal aimed at financial planning for wealthy customers. As part of the joint venture, Schroders will take on an £80bn investment contract from Scottish Widows, which is owned by Lloyds. Schroders, which [...]