Labour mortgage summit amid brewing repayments crisis July 9, 2023 Labour are set to hold crunch talks with mortgage brokers this week amid a brewing repayments crisis. Shadow chancellor Rachel Reeves has pledged homeownership will be the core of her ‘securenomics’ philosophy as she claimed Labour is now the party of house buyers. Reeves and shadow levelling up secretary Lisa Nandy will attend the summit [...]
Man Group snaps up private credit fund Varagon Capital to boost access to US market July 6, 2023 Man Group has acquired a controlling stake in US middle market manager Varagon Capital Partners for $183m. The London-listed fund said Varagon’s emphasis on insurances brings “significant institutional credibility” to support Man Group’s expansion in US private credit. Varagon, which specialises in senior secured loans in non-cyclical industries, delivered compound AUM growth of 13 per [...]
Electric vehicle transition to drag up car insurance premiums, warns report July 5, 2023 The transition to battery electric vehicles (BEVs) will “force a whole-scale adaption of the motor insurance sector” as it struggles to find a solution to the additional costs involved in insuring the new technology, a new report has warned. BEV claims are already 25.5 per cent more expensive than their combustion engine counterparts and could [...]
Pressure grows for pension investment boost as Hunt eyes reform July 4, 2023 Pressure is growing on pension schemes to throw their weight behind reform as the Chancellor prepares to unveil a slew of measures to boost investment in private growth firms next week.
FCA: Insurers must put ‘wrongs right’ and are failing the vulnerable in cost of living squeeze July 3, 2023 Insurers are failing vulnerable customers and need to put “wrongs right” as Brits are hammered by a cost of living crunch, the Financial Conduct Authority has warned today.
Management consultants boosted by firms flocking to AI as revenues surpass £18bn July 3, 2023 Companies scrambling to unlock benefits from implementing artificial intelligence (AI) and digital tools into their business to steal a march on competitors has boosted UK management consultants’ income, a new report has found. Growing demand among firms for external experts lifted the UK management consultancy sector’s income to £18.6bn last year, up from £14.4bn in [...]
We need $100trn to hit our climate change commitments – in just six years time July 3, 2023 We have six years to find £100tn to limit global warming to 1.5 degrees and prevent further climate change, but we won’t do it without India and China, writes Nicholas Lyons
Insurers back Bank of England Brexit Solvency II reforms and new investment push June 30, 2023 Insurers welcomed proposals released yesterday detailing potential post-Brexit reforms to the EU’s Solvency II regime. The EU’s Solvency II regime imposed rules on how much capital insurers had to hold and where it could be invested. Plans to reform the regime were announced last year and are designed to unlock billions in capital from the [...]
As the Financial Services and Markets Act becomes law – here are the 5 things you need to know June 30, 2023 The Financial Services and Markets Bill received royal assent yesterday, securing the passage into law of the government’s landmark overhaul of financial services regulation. The government claims the reforms enable the UK to capitalise on ‘Brexit freedoms’, unlocking billions of pounds which could be directed to investment in the UK. In short, the act empowers [...]
Serco shares jump as outsourcer raises profit outlook June 29, 2023 Shares in outsourcing giant Serco soared over 11 per cent this morning after the firm raised its profit guidance for the year ahead on the back of rising demand for its immigration services. In a trading update this morning, the company said it expects to see underlying trading profit of around £245m, a 4 per [...]