EU votes through law designed to prevent Libor rigging April 28, 2016 The European parliament today voted to approve a new law designed to make the manipulation of benchmark rates, such as Libor and Euribor, much trickier to do. The legislation, which aims to make the rate setting process more transparent and less likely to be subject to conflict of interests, was voted through by 505 votes to 113. [...]
To the happy couple, on your expensive special day: a £5,897 loan April 28, 2016 Even those who don't usually cry at weddings will admit that the £151m worth of wedding loan applications received by one company between 2013 and 2015 is eye-watering. Freedom Finance also revealed today that it had received £8.6m in loan applications from happy couples looking to raise some extra cash for their special day in January and [...]
Buyers really want dividends, apparently, with shares in some major players down more than five per cent April 28, 2016 Shares which are now trading ex-dividend suffered badly this morning, with many falling more than five per cent in early trading. FTSE 100 shares trading ex-dividend – which refers to the point when the dividend payout belongs to the shares seller rather than the buyer – in ITV were trading down 5.9 per cent at 219.9p [...]
Bonuses not bumper enough for young bankers April 28, 2016 Young professionals are set to turn their back on the financial sector as bonuses fail to live up to their high expectations in the era of bonus caps, leaving the industry at risk of a skills shortage. The Morgan McKinley Bonus Survey released today reveals that a staggering 83 per cent of financial sector workers [...]
The increasing number of self-employed people is causing a real headache for pensions April 28, 2016 The recent trend towards self-employment could potentially create problems for pensions, a report out today warns. According to the research by the Federation of Small Businesses (FSB), self-employment is now at its highest level for 40 years but less than a third (31 per cent) of those who are self-employed are saving into a private pension. Meanwhile, 15 [...]
City watchdog suggests a range of new measures to make UK’s primary listed debt markets more effective April 27, 2016 The City watchdog has today published a list of practical recommendations for improvements that could be made to the UK primary listed debt markets. Recommendations in the Financial Conduct Authority's (FCA) report include extending the FCA's wholesale debt approach to cover wholesale debt documents, establishing an early engagement team to help overseas issuers understand the process [...]
Watchdog issues new rules ahead of auditor merry-go-round April 27, 2016 The accountancy watchdog has today issued its final draft of guidance for auditors ahead of a significant piece of EU legislation coming into force this summer. The final drafts of updates to the Financial Reporting Council's (FRC) UK Corporate Governance Code, Guidance on Audit Committees, and Auditing and Ethical Standards are designed to better secure the independence [...]
Baroness Altmann tells MPs that UK pension system not as unfair as critics say April 27, 2016 The pensions minister has today told MPs that the UK's pensions system is not as unfair to younger generation as some critics have said it is. Speaking in front of the Work and Pensions Committee today, Baroness Ros Altmann cast doubt on the idea that today's retirees are living a life of luxury to the detriment [...]
This is how many people there are retiring this year who have no pension savings… April 27, 2016 One in seven people who are retiring this year will be doing so with an empty pension pot, research released today has found. According to the study by Prudential, many soon-to-be pensioners will be left leaning on the state pension for support, despite this being £27.33 a week less than the Joseph Rowntree Foundation recommends as a minimum [...]
We’re now more on track with our pension plans, but don’t celebrate just yet April 27, 2016 Good news! We're now better prepared for a comfortable retirement than we were this time last year. But, before you get the party started, you might want to take a closer look at the figures. One in ten (12 per cent) are now on track to afford the lifestyle they want during their retirement, up [...]
