FCA urges new rules for add-on policies March 11, 2014 THE FINANCIAL regulator has called for tighter restrictions on the sale of add-on insurance, which it believes is poor value and often sold to customers who don’t need it. Christopher Woolard, director of policy at the Financial Conduct Authority, said this £1bn market is not operating competitively, adding that there is a clear case for [...]
Small firms get raw credit deal March 11, 2014 SMALL businesses get a bad deal from the banking industry because it is too hard to set up new lenders, the Office of Fair Trading said yesterday. The agency said the lack of competition in the market is combined with a lack of information on alternative sources of funding, together damaging business customers. The OFT is handing over its [...]
What you need to know before the open March 11, 2014 European markets are expected to open higher this morning, with more economic data to focus on today – although there are still concerns over Ukraine and growth in China. The UK's Competition and Markets Authority has said it’s starting a new review into retail banking, focusing particularly on banking for SMEs. Corporate news Barratt Developments [...]
New competition regulator to begin review of banking March 11, 2014 The Competition and Markets Authority (CMA), the UK's new competition regulator, has announced today that it’s starting a short programme of work into the banking sector, with a decision on whether or not to make a market investigation by the autumn. It’ll publish its work on person current accounts and SME banking in the summer, [...]
What the other papers say this morning – 11 March 2014 March 10, 2014 FINANCIAL TIMES Seplat plans IPO in London and Lagos Seplat, the Nigerian oil company, is set to announce today plans for initial public offerings in London and Lagos, marking the return of natural resources listings to the UK stock market – some of which have proved controversial. The group, founded in 2009 by two Nigerian [...]
Bottom Line: A fruitful combination that could slip up March 10, 2014 IN POPULAR word game Bananagrams, players compete against their opponents to create a grid of connected words – like a crossword – in the shortest possible time. It’s a race to use up all the tiles on the table, and a breeding ground for familial disputes as speedy players let phoney spellings slip (unintentionally or otherwise) through [...]
UK’s new payments watchdog to launch by start of April 2015 March 5, 2014 A BODY to regulate the UK’s huge payments industry will be fully operational by the beginning of April 2015, according to the Financial Conduct Authority (FCA). The FCA says that the sector processes seven billion transactions each year, collectively worth over £75 trillion. The regulator also says that the new body will be focusing on competition, [...]
FCA announces new regulator for £75 trillion payments systems industry March 5, 2014 Another announcement this morning from the Financial Conduct Authority (FCA). The City watchdog has unveiled plans for a new regulator to oversee UK payment systems. Introduced by April of next year, the regulator will monitor the £75 trillion payment systems industry, which processes over 7bn transactions each year. Competition will be "high on the agenda" [...]
The week in brief March 2, 2014 Cadbury in £7.5m communication campaigns launch The confectionery company has invested £7.5m in a campaign for its new Dairy Milk Ritz and Lu products. A 30-second TV ad, created by Fallon and directed by David Wilson, premiered on British TV on Saturday. Cadbury hopes this will help position the brand in the afternoon tea break [...]
Why the energy politicians are squaring up on ring-fencing February 27, 2014 Energy secretary Ed Davey faced a grilling from MPs in the House of Commons today on competition in the energy market, following regulator Ofgem’s new liquidity and transparency rules, which were published yesterday. Currently, the big six – that have both generation and supply arms – can sell themselves energy, which some smaller suppliers and Labour [...]