RSA Insurance shares drop as firm warns torrid weather will hit profits September 28, 2018 Shares in British insurer RSA Insurance plummeted 7.7 per cent today after the firm said torrid weather in the UK had led to claims shooting up at the start of the year. Bringing forward a third quarter trading update, RSA said full-year underlying pre tax profits were likely to be lower than 2017 due to "elevated weather costs". [...]
Uber drivers would rather keep self-employed worker status than sign a fixed contract, report claims September 28, 2018 Uber drivers would prefer to remain as independent contractors on flexible hour deals than work fixed hours as part of the company, according to responses from Uber drivers in a new study. In a report undertaken by Oxford University's Oxford Martin School entitled “Uber Happy? Work and Well-being in the 'Gig Economy'”, a resounding majority [...]
Citizen’s Advice Bureau launches super-complaint over £4bn consumer rip-off September 28, 2018 The Citizens Advice Bureau will today lodge a super-complaint with the Competition and Markets Authority (CMA) over what it believes to be a £4bn annual loss to UK consumers. The claim sits across mobile, broadband, home insurance, mortgages and savings over the so-called loyalty penalty, which is the difference between what loyal and new customers [...]
World Bank sells record-breaking £1.25bn bond using ‘Libor-killer’ benchmark September 27, 2018 The World Bank has sold a £1.25bn bond using Sonia, the Bank of England-backed interest rate benchmark designed to replace the scandal-battered Libor. The record-size sale, which arrived shortly after the alternative benchmark’s first use by a lender, marks its continued emergence as an alternative to Libor, the London Inter-bank Offered Rate, its tarnished forerunner. [...]
Rothesay Life buys £860m of UK ‘bad bank’ mortgage loans September 27, 2018 Insurance giant Rothesay Life has bought an £860m equity release portfolio from the UK government's "bad bank", which was set up following the financial crisis. The portfolio was sold by UK Asset Resolution (Ukar), a holding company for the closed mortgage books of failed lenders Northern Rock, Bradford & Bingley and Mortgage Express. Read more: [...]
Insurer Ardonagh agrees to buy Swinton brand in £165m deal September 27, 2018 Ardonagh, the UK’s largest independent insurance broker, has announced a £165m deal to buy specialist insurance firm Swinton from a French rival. It will sell some of Swinton’s assets to fund its bid to take over the group, which has existed since 1957 and has a focus on motor and home insurance. It intends to [...]
Saga’s voyage of recovery interrupted by declining profits September 27, 2018 Retirement insurance and travel firm Saga this morning said it was making strong progress on its recovery despite reporting declining underlying before-tax profit. Underlying profit at the firm dropped 3.7 per cent to £106.8m – which was due to Saga investing heavily in its business and marketing, chief exec Lance Batchelor told City A.M. The firm's [...]
City firms hold back Brexodus in hope a deal can be reached September 27, 2018 City of London firms have so far held back from relocating jobs to the EU with just 630 UK finance roles moving abroad since the Brexit vote, according to an in-depth survey published yesterday. A Reuters poll of 134 major financial firms found that a total of 5,800 could still be shifted abroad in [...]
Barclays apologises for giving customers wrong PPI information September 26, 2018 Barclays has apologised for giving customers seeking compensation for mis-sold payment protection insurance (PPI) false information. The bank told a number of customers using claims management firms that they did not hold PPI policies when they did. Read more: PPI scandal turning Brits into 'fraudsters', Barclays boss claims A "very small percentage of customers" were [...]
How psychology explains why we make money mistakes and our attitude to financial risk September 26, 2018 Many of us don’t think that we’ll ever experience a financial shock, whether that’s the boiler breaking down, an unexpected bill, or having to take extended time off work due to sickness or injury. Despite this, the Financial Conduct Authority found that more than half of UK adults show one or more signs of [...]