Carney hunting risky investors and brokerages January 8, 2014 INVESTMENT funds and broker-dealers are next in line for tougher regulations, a global group of watchdogs said yesterday. The Financial Stability Board (FSB), headed by Bank of England governor Mark Carney, has already sought out global systemically important financial institutions (G-SIFIs) in the banking and insurance sectors. Now it wants to find the riskiest firms [...]
Insurer says disasters caused less death and damage during 2013 January 7, 2014 NATURAL catastrophes like floods and storms claimed more than 20,000 lives and caused around $125bn (£76bn) in damage worldwide in 2013, well below the average of the last decade, reinsurer Munich Re said yesterday. The world’s largest reinsurer said Supertyphoon Haiyan, which struck the Philippines, China and Vietnam in November, was probably the strongest tropical [...]
Drivers foot bill as car insurers pass on £200m in extra costs December 17, 2013 THE PRIVATE motor insurance industry is passing between £150m and £200m in extra costs on to consumers every year, a report from the Competition Commission has found. Gaps in the settlement process for non-fault claims, overcharging for hire cars and inadequate repairs are behind the rising premiums, according to the report. It also concludes that a [...]
Our at-a-glance guide to Osborne’s mini-budget December 5, 2013 Growth up, borrowing down, yet the debt is still rising. Another raid on the banks, but shops to gain from reduced business rates THE UK ECONOMIC OUTLOOK● The Office for Budget Responsibility (OBR) has revised up its forecast for economic growth and revised down its prediction for inflation. It expects unemployment to drop quickly next [...]
What the other papers say this morning – 6 December 2013 December 5, 2013 FINANCIAL TIMES Lew urges race to top on bank reform Jack Lew, the US treasury secretary, warned that US financial reforms aimed at ending the problem of banks that are “too big to fail” would fall short unless international regulators held global banks to the same high standards. The US Federal Deposit Insurance Corporation is [...]
What does the chancellor’s budget mean for you? December 5, 2013 Catherine Gannon, 51Managing director of law firm GannonThe business is performing extremely well but that is thanks to investments: profits are up but the cost of living has increased, making Catherine feel less well off. She lives with two children, aged 11 and 13, in her own home and holds investment properties. She doesn’t have [...]
It’s a tough job but someone has got to do it December 1, 2013 The new boss of recruiter SThree tells Marion Dakers how his diverse business is navigating through the economic recovery AS THE festive party season rolls around again, staff at SThree will be looking forward to the office get-together more than most. Over the last few years, the white-collar recruiter has used its annual bash in [...]
Finance is inevitably complex but its regulators can stop chasing their tails November 27, 2013 FINANCIAL regulation becomes ever more onerous, as it chases its own tail. More and more, regulation mandates “best advice”, codes of ethics, legal punishment for directors if businesses go bust, mandatory offering of simple products, fines for companies if financial products decline in value instead of rise, and caps on charges and interest rates. This [...]
Best of the Brokers for 27 November 2013 November 26, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com HALFORDS UBS has a “buy” recommendation on the bike and car parts retailer and has raised its price target to 530p from 435p. The broker said that Halfords is beginning to improve its specialist credentials but the majority of the turnaround plan is [...]
Comparison sites probed over claims of poor insurance coverage November 24, 2013 PRICE comparison websites could be failing to sell customers insurance that meets their needs, the Financial Conduct Authority (FCA) warned yesterday, launching a probe into the way the sites operate. The City watchdog is concerned that rankings of products by price on the sites may fail to explain to customers the details of the products [...]