Prudential: Insurance giant vows to stay listed on London stock exchange after posting uptick in profits on pivot to Asia March 15, 2023 Prudential today confirmed it intends to remain listed in the City following speculation the 175-year-old insurer had plans to switch the the London Stock Exchange for New York. A spokesperson for the insurance giant today confirmed to City A.M. the firm has “no plans” to exit the London Stock Exchange. It comes after Prudential today [...]
Pension explainer: The lifetime allowance and why it’s not just for wealthy savers March 14, 2023 Speculation is growing that the Chancellor of the Exchequer Jeremy Hunt is looking at increasing the pension lifetime allowance (LTA). The move is being interpreted as attempting to reverse the trend of early retirements and get more over 50s to consider re-joining the workforce. Mr Hunt is keen to bolster Britain’s workforce as he looks to deliver [...]
Budget: Hunt considering pension changes to encourage over 50s back to work March 14, 2023 The Chancellor is understood to be looking at increasing the pension lifetime allowance (LTA) in a move that is being interpreted as attempting to reverse the trend of early retirements. The PA news agency understands Jeremy Hunt is considering allowing workers to put more money into their pension pot before being taxed as part of [...]
Five best read on City A.M.: EY ‘business as normal’, 1,300 Lloyds Pharmacies up for closure, Cameron Smith, F1 ‘marriage’ on the rocks and crypto ban March 10, 2023 EY’s decision to push ahead with mid-year promotions after KPMG called off its April round was this week’s best read story on City A.M. It had some stiff competition with sporting heroes Cameron Smith and Lewis Hamilton vying for readers’ interest, not to mention news of a crypto ban and high street closures. We look [...]
Rules protecting consumers will mean fewer mortgage applications, finance leader warns March 10, 2023 A new consumer duty placed on financial firms could lead to lenders being more cautious and fewer people able to access a mortgage, the chief executive of trade association UK Finance has told an industry gathering. David Postings told UK Finance’s annual mortgage lunch in London that the measure is a “well-meaning idea”. He said: [...]
If you can’t afford your mortgage: What the FCA’s lender guidance means for borrowers March 10, 2023 Successive interest rate rises are increasing mortgage costs for millions of borrowers, according to both regulators, lenders and advisers. One of the main City watchdog shas estimated an extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind. The Financial Conduct Authority has issued final [...]
Londoners most at risk of being among the 350,000 UK borrowers who will struggle to repay their mortgage, regulator warns March 10, 2023 An extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind, according to the City regulator. This has been reduced from a previous estimate made last September that an additional 570,000 mortgage borrowers could become financially stretched by the end of June 2024, [...]
FTSE 100 live: London takes fright as Powell testimony scares off blue chip investors March 9, 2023 London’s main index took another step back on Thursday as a second day of testimony in front of Washington lawmakers by Federal Reserve chair Jerome Powell largely stuck to the hawkish tone of the previous day. The FTSE 100 was last at 7,868.64, down 61.28 points or 0.77 per cent while the FTSE 250 which includes [...]
M&G profits down at £529m but fund manager says ‘transformational programme’ will deliver cost savings to shareholders March 9, 2023 Fund manager M&G claimed “adverse market movements” caused its assets under management to dive £28bn to £342bn during 2023. M&G’s adjusted operating profit before tax during the 12 months was £529 million compared to 2021’s £721m as it took a hit losses in its annuity portfolio and foreign exchange costs on its US dollar debt. [...]
Investing in women’s health – and yes, the menopause – must be a daily promise March 9, 2023 Yesterday, City firms up and down the country celebrated international women’s day and lauded the women on their staff - but they need to invest in their health every day to see the rewards, writes Samantha Downes.
