Drinks giant Diageo drops KPMG for PwC as new rules come in November 11, 2014 Diageo announced yesterday that it had replaced its auditor KPMG with rival PwC, to bring it in line with new regulations compelling companies to consider changing their accountants every decade. The alcoholic drinks giant – which produces Guinness – said PwC’s appointment would take effect for Diageo’s financial year ending 30 June 2016, subject to [...]
Financial Conduct Authority slaps payday lenders with price cap November 11, 2014 The UK’s 400 payday lenders could be hit by a new cap on lending due to come into force in January, after an investigation into the controversial payday loan market by the financial regulator. The Financial Conduct Authority (FCA) said firms will have to cap lending costs at 0.8 per cent per day, with a [...]
Banks argue over the future of free in credit current accounts November 9, 2014 Britain’s banks are split over the future of free bank accounts, with lenders arguing for and against the traditional accounts in submissions to the Competition and Markets Authority (CMA). Barclays told the CMA, which last week launched a major probe into competition in the market, that free accounts impeded competition. “As standard current accounts in [...]
Bank competition is picking up speed – and this inquiry is a vital next step November 6, 2014 YESTERDAY, the Competition and Markets Authority (CMA) announced that it will be launching far-reaching investigations into the state of competition in the personal current account and smaller business banking markets. This is an extremely significant development, and one that the government welcomes. It is exactly why we created the CMA. A key part of our [...]
Big banks hurt by competition investigation November 6, 2014 INVESTORS fled the big banks’ shares yesterday as a major new investigation threatened to break them up or impose significant new costs. But small lenders cheered the probe as a chance to end the dominance of the giant high street banks. The Competition and Markets Authority (CMA) is investigating the personal current account and the [...]
Pensions sales drive strong third quarter results for Royal London November 6, 2014 Royal London Group – the UK’s largest mutual life and investment company – posted strong third-quarter results yesterday, with pensions sales up 39 per cent year-on-year. Group pension sales were a key driver for company’s positive results, up 101 per cent to £1.72bn from the third quarter of last year. Individual pensions and drawdown sales [...]
Exclusive: Virgin Money IPO gets thumbs-up from investors as “big four” banks are slated by CMA November 6, 2014 Bankers working on the flotation of Virgin Money are likely to exercise their "greenshoe" option when it launches its initial public offering (IPO) later this month, City A.M. understands. A source close to the deal said such has been the enthusiasm from investors for shares in the bank, it will sell an extra tranche of [...]
“Big four” banks’ small business lending placed under official investigation by the Competition and Markets Authority November 6, 2014 Britain’s biggest banks are to be thrust under the microscope by a watchdog launching an in-depth investigation into personal current accounts and small business lending. The Competition and Markets Authority (CMA) believes the UK retail banking sector is failing its customers through a "crippling lack of competition and transparency". HSBC, Barclays, Lloyds Banking [...]
In pictures: Inside Leeds’ new Netto store November 6, 2014 It was several months ago that Sainsbury's decided if you can't beat 'em, join 'em, and launched a tie-up with Danish discounter Netto. Today, the first of 15 new stores opened in Leeds. Lest we forget, the retailer beat a retreat from the UK market back in 2010, selling its 193 stores to Asda for [...]
Save money on your overseas transfers November 5, 2014 Whether you’re dreaming of buying a place in the sun, emigrating abroad or need to send money to family and friends overseas, you could save money with a currency specialist. For many people their bank would be the obvious choice when moving money overseas, but banks do not traditionally offer the most competitive exchange rates. [...]