Insurance sector to be hit by M&A fever as Fairfax buys Brit February 17, 2015 Analysts said yesterday that Brit’s acquisition by Canadian firm Fairfax Financial Holdings could be the precursor to other deals set to sweep the insurance market. Shares in Brit jumped by 11.23 per cent following the news that Fairfax had made an offer of £1.22bn that has been agreed by private equity owners CVC and Apollo, [...]
Ringing the changes: Why Britain’s retail bond market has life in it yet February 17, 2015 The London Stock Exchange (LSE) is celebrating the fifth anniversary of its Order Book for Retail Bonds (ORB) today. The trading platform enables retail investors to buy and sell corporate bond issues. Corporate bonds should be an important asset class for retail investors. They generally offer higher interest rates than many bank and building society [...]
Tesco Bank moves into new mortgage territory with independent brokers February 15, 2015 Tesco Bank is extending its mortgage offering to include independent brokers, with the hope of dramatically increasing its customer base. In an interview with The Telegraph this weekend, the business said it would start selling the loans through intermediaries in 2016. The bank has already shown promise in the property market – [...]
Pensioners should opt-in to winter fuel allowance and jobseekers should get personal welfare accounts, says think tank February 3, 2015 A think-tank with close links to the Conservative Party has outlined a series of changes to welfare that would affect pensioner benefits and Job Seekers Allowance and child benefit payments. Under Policy Exchange's Welfare Manifesto pensioners would be asked to opt-in to receive the Winter Fuel Allowance. Currently, the Winter Fuel Allowance is given to [...]
Credit card redress to go ahead January 27, 2015 TWO MILLION credit card borrowers could be owed compensation for mis-sold insurance products, the Financial Conduct Authority (FCA) said yesterday. The announcement opens the way for a new wave of claims against 11 high street banks. The Affinion International security products were sold through the banks, and typically cost £25 per year, and the FCA is concerned [...]
City Moves for 28 January 2015 | Who’s switching jobs January 27, 2015 Hamlins The law firm has announced the appointment of Charles Bezzant as partner. He will be heading up its real estate finance team, and joins from Reed Smith, where he qualified in 2000. Bezzant’s practice covers all finance aspects of property investment and development transactions. RBC Global Asset Management Royal Bank of Canada’s asset management [...]
Greek debt fear makes banks drag FTSE down – London Report January 27, 2015 BANKS led the FTSE 100 index lower yesterday as they slipped on concerns the Greek crisis could spread while miners fell with weaker metals prices. It ended the blue-chip index’s eight-session run to a four-month high on Monday. Mid-cap oil producer Afren plunged 71 per cent after saying it was in talks with its largest [...]
Post Office to challenge major banks for top spot in financial services January 25, 2015 The Post Office is in for major changes this week as the aged company sets its sights on one of the top spots in Britain's financial services industry. According to Sky News, the Post Office is hoping to become one of the country's leading financial services providers and will announce on Monday its plan to [...]
ECB bond-buying programme sends indices soaring up – London Report January 22, 2015 THE EUROPEAN Central Bank’s €1.14 trillion bond-buying programme sent UK shares to their highest level for four months yesterday. The FTSE 100 finished up 68.59 points, or 1.02 per cent, at 6,796.63, its highest since 19 September last year. Among the risers Royal Mail gained 3.55 per cent to 445.80p after a good Christmas performance [...]
State of the Union hints at Obama’s lame duck term January 22, 2015 There has been a growing trend in the State of the Union address the President gives each year. He stands before Congress and begins to alternate between populist appeals, personalised stories, and non-starter policy proposals. This year was no different, although there is a possibility that a couple minor changes may be made. Little of [...]