Curbs on loan insurance hit bank sector October 14, 2010 UK lenders are to be banned from selling customers payment protection insurance (PPI) alongside credit products such as personal loans. The Competition Commission yesterday confirmed it will introduce a point-of-sale PPI prohibition as part of a package of reforms designed to make the PPI market more competitive. The decision confirms a provisional ban issued by [...]
Free banking will soon be a thing of the past October 7, 2010 IN AN environment of persistently low interest rates, it has become increasingly hard to find a free current account that pays any credit interest at all, according to personal finance information website Moneyfacts.co.uk. Its research, which was published earlier this week, showed that 55 per cent of current accounts on the market pay no credit [...]
Top 100 list shows women at senior level September 26, 2010 MORE than a fifth of Europe’s 100 most influential women sit at the top of some of the largest companies within the financial services sector, according to new findings. According to the fourth annual list of the 100 most influential women compiled by Financial News, more than 20 per cent of the listed women in [...]
LSE boss: help me protect the city September 14, 2010 THE London Stock Exchange’s boss last night called on those involved in the capital raising business to back his campaign against proposed new rules he fears could “severely” impact London’s competitiveness. There are growing fears that the new rules could chase capital raising out of London, robbing the City of much-needed income and jobs. Xavier [...]
UK shares surge as global deal boosts banks and China data cheers investors September 13, 2010 THE UK’s top share index ended higher yesterday after banks rose sharply in response to a new deal over global banking rules while mining shares gained on the back of bullish China industrial data. The FTSE 100 closed up 63.89 points, or 1.2 per cent, at 5,565.53 points, a fresh four-month closing high. “It has [...]
ABI struggles to save UK insurers from US rules August 25, 2010 UK life insurers could be hit with tens of millions of pounds of costs if they are forced to comply with tough regulations on tax evasion being drafted by US authorities. Companies such as Aviva, Old Mutual and Prudential would be forced to report the tax details of their US account holders every year under [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 22, 2010 THE SUNDAYS The Sunday Telegraph TESCO TO OPEN DRIVE-THRU STORE It has moved into banking, pet insurance and telecoms, but Tesco will expand its reach further this week with the launch of the UK’s first ever “drive-thru” supermarket. The service will allow customers to pick up their weekly shop without leaving their car. LIDL SET [...]
CITY MOVES | WHO’S SWITCHING JOBS August 1, 2010 Association of British Insurers Alain Dromer will join the ABI’s investment committee as chairman on 15 September. Dromer, who is currently chief executive of Aviva Investors, takes over the position from Keith Skeoch, who has spent three years in office. Dromer has also spent time as head of global investment at HSBC, head of insurance [...]
CITY MOVES | WHO’S SWITCHING JOBS July 29, 2010 RBC Wealth Management The wealth manager has promoted Philip Harris to the position of head of private client wealth management for the British Isles. Harris has been at the firm since early last year, when he joined to create a domestic wealth management business. He previously founded financial advisory business Scott Goodman Harris, which was [...]
Admiral diversifies into home insurance July 20, 2010 BRITISH car insurer Admiral yesterday announced plans to expand into household insurance, making its first foray outside the motor market in pursuit of continued growth. Admiral, which insures about six per cent of the cars on Britain’s roads and also owns popular price comparison website Confused.com, will start underwriting household insurance next year, a spokesman [...]