ABI director quits for FRC April 21, 2010 THE Association of British Insurers (ABI)’s director of investment affairs is to stand down after a decade at the institution. Peter Montagnon will take up a new role as senior investment adviser to the Financial Reporting Council (FRC). Montagnon said: “After nearly a decade in this role, now is the right time to take up [...]
Limited near-term economic impact April 19, 2010 WITH no aircraft allowed to enter or leave the UK since 15 April due to the volcanic ash, disruption and problems for the economy have been widespread. But the overall impact for the UK should be limited, especially as British airspace is poised to reopen. There is, however, a not insignificant risk the problem could [...]
Trade insurers see 2009 claim numbers jump April 11, 2010 TRADE credit insurers dealt with record numbers of claims last year as the UK faced one of the worst recessions in recent history. The total amount of paid out claims jumped by 95 per cent in 2009 to £320m as compared to the previous year when companies paid out £164m in claims. Figures from the [...]
MODELLING LEAVES METRO BOSS RED-FACED April 5, 2010 MOST of the management over at shiny-new high street lender Metro Bank might be patting themselves on the back over their latest marketing ruse, a giant mascot for the bank, but some of the poor staffers have been left red-faced. The new mascot – an enormous foamy “M” in blue and red, the bank’s colours [...]
Tesco reveals banking target April 5, 2010 TESCO announced over the weekednd its ambitions to create a full service retail bank as part of plans to make up 10 per cent of the UK’s financial services market within the next ten years. The supermarket’s credit card and motor insurance businesses already makes up 10 and 4 per cent of their respective markets [...]
City workers slam class war Budget March 24, 2010 THE City was left unconvinced by yesterday’s Budget, slamming Darling for failing to provide a clear outline on how the government was planning to reduce its huge deficit. Banks were being sent a contradictory message, critics said, pointing out that Darling has asked nationalised banks such as Lloyds and the Royal Bank of Scotland to [...]
Insurers urge Darling not to increase taxes in the Budget March 21, 2010 THE Association of British Insurers (ABI) has urged the chancellor to protect savers in the upcoming budget by refraining from increasing taxes. Research by the ABI shows that companies and individuals have been hit hard in recent Budgets by the change to capital gains tax, which impacted on insurance bonds, and also the higher rate [...]
Metronet failures have cost public £410m, say MPs March 1, 2010 ChairmEn of large listed companies in the UK were warned to justify executive pay packets by one of the country’s biggest fund managers, it emerged yesterday. Aviva’s fund management arm, Aviva Investors, wrote to over 800 firms telling them it expected salaries and bonuses to be “prudent [and] aligned to business strategy and performance over [...]
Aviva warns firms over executive pay March 1, 2010 ChairmEn of large listed companies in the UK were warned to justify executive pay packets by one of the country’s biggest fund managers, it emerged yesterday. Aviva’s fund management arm, Aviva Investors, wrote to over 800 firms telling them it expected salaries and bonuses to be “prudent [and] aligned to business strategy and performance over [...]
M&S boss in new pressure to cut salary February 28, 2010 MARKS & Spencer’s (M&S’s) joint chief executive and chairman Sir Stuart Rose has seen renewed investor demands to reduce his pay in the latest shareholder salvo against executive pay deals. Rose, who assumed the joint title of chairman and chief executive last year, could see his £1.13m salary reduced by investors after an ongoing and [...]