October coupons expected to be cancelled for Manchester Building Society noteholders August 11, 2016 Manchester Building Society revealed more bad news today as it updated note-holders that it did not think they would receive scheduled interest payments. The society said that it did not expect to have sufficient regulatory capital (Common Equity Tier 1) to pay coupons to holders of permanent interest bearing shares (PIBS), which were supposed to be paid in October this year [...]
Insurance buy-ins and buy-outs slow in first half of 2016 August 11, 2016 The amount of pension scheme buy-ins or buy-outs fell by 39 per cent in the first half of 2016. A total £2.7bn of schemes were transferred to insurance companies during the first six months of the year – this compares to £4.4bn in 2015 – according to research by actuarial consultants LCP. Buy-ins and buy-outs are strategies [...]
Cashing in: RMT boss Mick Cash’s “telephone-number” salary sparks outrage as Britain’s commuters face three-pronged strike attack August 11, 2016 The union boss at the centre of a three-pronged attack on Britain’s commuters and holidaymakers earned £137,344 last year, outraging MPs and grassroots campaigners. RMT general secretary Mick Cash received a near seven per cent increase in salary and pension in 2015, at £8,900, for leading Britain’s 15th largest trade union. By comparison, Len McCluskey, [...]
Markets impressed by steady performing Interserve August 10, 2016 Shares in support services provider Interserve leapt nearly 17 per cent today after unveiling resilient half-year results. Revenues and operating profit nudged two per cent higher compared to 2015 with interim dividends increasing by a similar amount. "Trading in the first half of the year, across the vast majority of our divisions and our regions, has been good, [...]
Mick Cash didn’t know this morning how many RMT members voted in the Eurostar strike. He only had to check his own website… August 10, 2016 A total of 55 votes were cast by RMT members in a ballot for strike action against Eurostar, 52 of which said they would be "prepared to take strike action". In a second vote, 48 of the 55 voted that they would be prepared to take "industrial action short of a strike". The information was listed under "ballot [...]
Annuity sales continue to decline with hybrid products becoming increasingly popular August 10, 2016 Annuity sales continued to fall in the first quarter of 2016 as pensioners took advantage of an increasing number of new products to fund their retirement. Enhanced annuity product sales fell from £357m in the final quarter of 2015 to £254m. "There are a number of new hybrid products [on offer] that allow people to [...]
Pension lifeboat deficits reach new highs in July August 9, 2016 Not wanting to be outdone on reporting record deficit numbers the Pension Protection Fund (PPF) today released its funding position that revealed deficits had reached £408bn. Growing by £24bn during July, the PPF deficits were at their highest ever level. But the aggregate proportion of assets to liabilities was not as low as in May 2012. The explanation from the PPF [...]
Pensions deficits have grown at a rate of £2bn a day since rate cut August 9, 2016 The Bank of England's interest rate cut last week has already cost Britain's largest companies a further £10bn in order to manage their pension deficits. According to data prepared by pension specialist Mercer, the aggregate deficit of the largest 350 listed companies has increased from £139bn go £149bn in the five days since Mark Carney's announcement to adjust Britain's [...]
Lending Club second quarter earnings reveal further financial hurt August 9, 2016 Being the first company to tap into a new market often is hugely advantageous. For Lending Club this has been anything but the case as second quarter results released overnight indicate. The peer-to-peer lender widened its losses from $4m (£3m) to $81m, its loss per share was nine cents – worse than analysts expected – and Carrie Dolan, [...]
Cenkos pays FCA £0.5m fine in relation Quindell representations August 9, 2016 The Financial Conduct Authority (FCA) fined mid-cap stockbroker Cenkos this morning for making incorrect representations over insurance company Quindell's attempted admission to the stock exchange. Cenkos paid £530,500 in early settlement of the fine, which would have otherwise been £757,800. The size of the fine was in line with expectations, and Cenkos' share price increased by nearly five per cent [...]
