Almost half of Brits stop saving and paying into pension due to short-term money problems September 7, 2022 Almost half of Brits have stopped saving, investing and paying into pensions because of short-term financial pressures. With soaring inflation, rising interest rates and an impending increase in energy bills, 46 per cent of those polled by NerdWallet say they’ve cut back on long-term money planning. Among those who are cutting back, 43 per cent [...]
Record £300bn wiped off UK bonds and gilts as investors flee in biggest market collapse in decades August 13, 2022 Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades. In the first six months of this year, the total outstanding value of UK corporate bonds has fallen [...]
Cayman Islands fund manager convicted over role in £100m ‘no win, no fee’ investment fraud August 10, 2022 The founder of a Cayman Islands investment fund, that bankrolled ‘no win, no fee’ lawsuits, has been convicted of using a complex network of overseas trust to defraud investors of millions. Timothy Schools, investment manager at the Cayman Islands headquartered Axiom Legal Financing Fund, used investors cash to fund his luxury lifestyle, that saw [...]
Lloyd’s of London aims to attract billions in capital via launch of new investment vehicle August 4, 2022 Lloyd’s of London has set out plans for the launch of a new investment vehicle, with a view to drawing in billions from institutional investors. The London insurance market today announced plans to set up a second protected cell company (PCC) following the successful launch of its London Bridge Risk PCC vehicle last year. [...]
Insolvencies surge to highest rates since financial crash as voluntary bankruptcies hit record levels August 2, 2022 The UK government’s Insolvency Service today said it recorded a higher number of insolvencies over the past three months than at any other point in more than a decade, after the numbers of companies declaring voluntary bankruptcies hit their highest levels since records began. The past three months saw a total of 5,629 English and [...]
UK financial watchdog cracks down on marketing of ‘high-risk’ financial products August 1, 2022 The UK’s financial watchdog has vowed to crack down on those using “unclear” and “misleading” information to sell risky investments after bringing in tough new rules around the marketing of high-risk financial products. The Financial Conduct Authority’s (FCA’s) “stronger” rules require firms to use clearer and more prominent risk warnings, and ban companies from [...]
Mining firms dish out dividends as UK shareholders pocket £37bn July 27, 2022 UK shareholders revelled in £37bn worth of dividends in the second quarter of the year as mining firms, banks and oil giants put bumper profits back in the pockets of investors.
Investment in London’s commercial property market drags as economic woes deepen July 25, 2022 London’s commercial property market took a hit in the second quarter of 2022 as investment declined amid a weakening economic outlook, according to data by BNP Paribas. Central London properties experienced an eight per cent investment drop at £4.5bn compared to Q2 last year, with the number of office deals transacting at less than half [...]
Liz Truss promises post-Brexit bonfire of EU rules that hinder UK growth July 22, 2022 Tory leadership candidate Liz Truss has vowed to seize the opportunities posed by Brexit by scrapping EU regulations that hinder the UK’s growth. The Conservative MP said that if she becomes prime minister, she will scrap any EU rules that hinder investment or fail to support growth in the UK economy by 2023. If Truss [...]
Claro Money tells customers to withdraw cash after suspending flagship app July 22, 2022 Financial planning company Claro Money has told customers to withdraw their money from its platform after announcing the suspension of its flagship app. In a letter to customers, Claro chief executive Rob Brockington set out plans to “refocus” the financial advice firm’s efforts, with a view to delivering in-person financial planning courses. The company chief [...]