Clegg plan on pensions draws fire September 23, 2012 THE INVESTMENT industry slammed Liberal Democrat plans to allow parents to use a quarter of their pension pots to guarantee their children’s mortgages yesterday, arguing it could undermine pensions and hit retirement incomes. Nick Clegg said the move will help struggling young people get a foot on the housing ladder at a time when large [...]
Regulator: I’ll shoot first, ask questions later September 18, 2012 THE CITY’S regulators will get much tougher next year, the incoming boss of the new Financial Conduct Authority warned yesterday, telling financial services firms he will take a “shoot first and ask questions later” approach to the role. Banks could see products banned from sale even before regulators have decided whether they are safe or [...]
SuperGroup is latest Brit firm facing rebellion September 16, 2012 SUPERGROUP directors face the possibility of a shareholder rebellion at this week’s annual meeting after advisory bodies criticised the fashion retailer’s plans for executive pay. Both PIRC and the Association of British Insurers (ABI) last week raised objections to SuperGroup’s remuneration report, which if passed will see new chief operating officer Susanne Given receive shares [...]
Insurance fraud hits £1bn a year September 12, 2012 INSURANCE fraudsters filed £19m of bogus insurance claims every week on average last year, an annual increase of seven per cent, a new report out today shows. The study by the Association of British Insurers (ABI) shows insurers uncovered 139,000 bogus claims worth a total of £983m last year, the equivalent of 15 false claims [...]
Glencore confident its £34bn bid can win over Xstrata shareholders September 9, 2012 SENIOR figures at Glencore, the international trading house, were growing increasingly confident last night they could win the backing of a majority of Xstrata shareholders for their new £34bn takeover plans despite the opposition of a couple of vocal institutional holders. Detailed proposals for the takeover are expected to be revealed to the market as [...]
Pension groups want to open up on charges August 23, 2012 CLEAR details on fees and charges on pensions, as well as regular, standard updates on costs are vital if public trust is to be rebuilt in the industry, the Association of British Insurers (ABI) said yesterday, calling for a sector-wide agreement on transparency. Millions of new savers are set to build up pension pots for [...]
Standard Life profits up August 14, 2012 British insurer Standard Life said today its half-year profit rose by a forecast-beating 15 per cent thanks to cost cuts and strong growth in Britain. Edinburgh-based Standard Life, Britain’s fifth-biggest insurer, made an operating profit of £302m in the first six months of 2012, surpassing the £254m expected by analysts in a poll. The improvement [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 31, 2012 FINANCIAL TIMES Insurers warn on too big to fail plans Regulators’ plans to designate big global insurers as too big to fail could have unintended consequences that risk “destabilising the financial system”, an industry body has claimed. The Geneva Association said they might prompt insurers to cut holdings of government bonds as well as bank [...]
Insurance firms face £500m bill after the wettest June on record July 18, 2012 INSURERS face a £500m bill to cover flood and storm damage in June, according to figures released yesterday. The Association of British Insurers (ABI) says its members expect to pay out the equivalent of £17m a day after the month beat rainfall records, flooding buildings and damaging vehicles. “During June alone insurers helped 68,000 customers hit [...]
…as ex-takeover boss joins ABI July 17, 2012 ROBERT Hingley, a former director general of the City’s Takeover Panel, was yesterday appointed to the Association of British Insurers to be its new director of investment affairs. Hingley, whose stay at the Takeover Panel was prolonged when his successor got caught up in a conflict of interest over the Cadbury/Kraft takeover, has had 30 [...]