Hargreaves Lansdown leads exodus from second Woodford fund June 13, 2019 Hargreaves Lansdown has led an exodus from Neil Woodford’s Income Focus fund adding to the trader’s woes following the suspension of his flagship investment vehicle. Woodford’s Income Focus fund has shrunk by more than £100m in less than two weeks, according to data from Morningstar. Read more: Woodford issues apology to suspended fund investors Assets [...]
FCA slammed over ‘whitewash’ RBS GRG report June 13, 2019 The City watchdog has said it has found no evidence that senior bankers within RBS’ controversial turnaround unit GRG lacked honesty or integrity, despite accusations that it ruined thousands of businesses and livelihoods. The Financial Conduct Authority (FCA) has today published its highly anticipated report into why it was unable to take enforcement action against [...]
The potential consequences of the Tenant Fee Ban June 13, 2019 Welcome to a new era, where unscrupulous letting agents are no longer allowed to demand that tenants pay hundreds of pounds in unjustified fees. The new law has been several years in the making, but at the start of this month, it finally became illegal for letting companies in England to charge tenants rip-off fees. [...]
Tory leadership hopeful Rory Stewart: I can beat Boris and I will stick up for the City of London June 11, 2019 Rory Stewart may have walked through the Afghanistan desert, written several books and even served as a deputy governor in Iraq during the war, but the greatest challenge of his career to date could be far closer to home: beating Boris Johnson. The international development secretary’s softer stance on Brexit and conciliatory approach has forced [...]
Lloyd’s of London insurer opens investigation amid ‘fresh harassment claims’ June 11, 2019 Tokio Marine Kiln (TMK), one of the Lloyd’s of London’s top insurance firms, is conducting an investigation amid claims two executives harassed colleagues. The claims deepen the scandal surrounding workplace culture at Lloyd’s of London. Allegations are believed to include one executive groping colleagues and making lewd sexual remarks. Another has been accused of stalking [...]
Mortgage lending grows in solid start to the year June 11, 2019 The UK mortgage market enjoyed a solid start to the year as residential lending and new mortgage commitments both rose. The outstanding value of all residential mortgage loans rose to £1.45bn in the first quarter, a 3.4 per cent rise on a year earlier. Read more: Mortgage approvals rebound after delay on Brexit deadline The [...]
City Moves for 10 June – who’s switching jobs at CIMA, Wells Fargo and London Wall Partners? June 10, 2019 Who’s on the move today? CIMA Canadian finance leader Amal Ratnayake has been named 86th president of the Chartered Institute of Management Accountants (CIMA). In May, Ratnayake was also confirmed as chairman of the Association of International Certified Professional Accountants. As CIMA president, Ratnayake will represent 228,000 members and students across the world and be [...]
Bank of England chief economist says UK rate rise is on the horizon June 8, 2019 The Bank of England’s chief economist, Andy Haldane, has said the UK is nearing the time it will need to raise interest rates to keep inflation pressures in check. Haldane wrote in The Sun on Saturday that “a lost decade” of wage growth is coming to an end ahead of “steady if not spectacular” growth [...]
British public’s inflation expectations hit 10-year high June 7, 2019 The British public’s expectations for inflation over the next five years has risen to the highest level in more than a decade. The Bank of England’s quarterly survey showed that the public’s average inflation expectations in five years has risen to 3.8 per cent, compared to 3.4 per cent in February. But short-term expectations over [...]
Libor isn’t dead yet, even if the banks and traders would like to bury it June 6, 2019 The London Interbank Offered Rate (Libor) was once arguably the most important number in the world. It was the reference rate that banks used for variable rate mortgages, car loans, credit card debt, and much more besides. It was defined as the interest rate at which banks would lend to each other. Global banks reported [...]