Watchdog calls for clearer investor warnings in wake of Woodford saga September 30, 2019 The Financial Conduct Authority (FCA) will introduce tougher rules for funds that invest in hard-to-sell assets following the suspension of Neil Woodford’s flagship fund. In a policy statement published today, the financial regulator also said investors should be given better warnings about the risks they face if they want to be able to withdraw their [...]
Prudential hit with £23.8m fine for annuity mis-selling September 30, 2019 Prudential has been fined £23.8m for failures related to non-advised sales of annuities, the Financial Conduct Authority (FCA) said today. The company has also offered customers approximately £110m in compensation for its breaches. The City watchdog said Prudential’s non-advised annuity business focused on selling annuities directly to existing Prudential pensions holders. Read more: City watchdog [...]
Uncanny valley: Explaining the rise of virtual influencers September 30, 2019 I have fallen down a social media rabbit hole. I’ve been scrolling through the feed of an online influencer called “Lil Miquela”, and watching her videos on YouTube. Her Instagram is just like any other influencer account. There are pictures of her on nights out with friends, several of her posing in trendy clothes, even [...]
More heat than light in Thomas Cook debate September 29, 2019 One Thomas Cook was bailed out last week. Thanks to the generosity of friends, family and the Linden Princess Hotel in Rhodes, Thomas Cook’s wedding to Amelia Binch went ahead last Friday. The couple feared all was lost after the travel operator, with whom they had booked a wedding package, collapsed in spectacular style. More [...]
Jacques and the bean hoax: French firm fined over veg cartel September 27, 2019 A French and a Dutch company have been fined nearly €32m (£28m) for a 13-year cartel which pushed up the price of green beans, peas and canned vegetables. The European Commission said it was charging France’s Cecab €18m, while Coroos, a Dutch company, will have to pay €13.6m for taking part in the cartel. Read [...]
TUI claims resilience following Thomas Cook collapse September 24, 2019 European travel group TUI has said that it had been assessing the impact of the collapse of rival Thomas Cook on its own operations. Responding to the collapse, the travel group stated that: “Where TUI customers are booked on Thomas Cook Airlines flights and these are no longer operated, replacement flights will be offered.” TUI [...]
Could this pro-Brexit economist be what Threadneedle Street needs? September 24, 2019 Gerard Lyons’ candidacy for governor of the Bank of England may look like a pro-Brexit ploy, a way to sneak Boris Johnson’s optimism into a pessimistic institution. But Lyons – who has never worked in a central bank, served as Johnson’s chief economic adviser when the now-Prime Minister was mayor of London, and was previously [...]
Thomas Cook goes bust: How did it end up like this? September 23, 2019 Britain’s 178-year-old travel firm Thomas Cook officially collapsed into administration in the early hours of this morning after last-ditch rescue talks with lenders failed. The UK’s aviation regulator, the Civil Aviation Authority (CAA), is now in the process of escorting back home hundreds of thousands British holidaymakers who are abroad after booking with Thomas Cook. [...]
How Kapten is trying to take Uber’s ride-hailing crown September 23, 2019 Uber has an image problem. The ride-hailing app’s popularity has declined on complaints that its drivers are contributing to congestion and pollution on London’s streets. Uber took a big PR hit last year when Transport for London (TfL) took away its operating licence due to issues with the company’s approach to safety and regulation. The [...]
Why M&S’ relegation from the FTSE 100 doesn’t mean the death of the High Street September 20, 2019 Marks and Spencer (M&S) is set to be relegated from the FTSE 100 after the close of business today. This will be the first time that the company has lost its blue chip status. The UK retailer was a founder member of the FTSE 100 and a stalwart of the UK High Street. But its [...]