Hastings takes £20m discount rate hit but pleases shareholders with preserved dividend March 2, 2017 Insurer Hastings said today it wouldn’t be taking the knife to its dividend, despite this week’s cut to the discount rate that has hit many in the sector. “We've taken the change in the Ogden [discount] rate in our stride,” said Hastings chief executive Gary Hoffman. Read more: South Africans take control of Hastings Annual profits were [...]
Here’s how we build P2P firms that actually service the poor March 2, 2017 Is payday lender Wonga the only alternative finance business that actually addressed credit demand among poor people? A regulatory crackdown on the industry has pushed the most disadvantaged in this country towards hire purchase firms, where they “buy” something on credit, sell it on almost immediately to obtain ready cash, then end up paying back [...]
How health tech is revolutionising the NHS March 2, 2017 Establishing the NHS in 1948 was, in modern speak, a paradigm shift. Much has changed since 1948 however, not least the ageing population: the number of people aged over 65 is predicted to hit 10.8m by 2032, a 39 per cent sector rise since 2012, according to the King’s Fund. With the Government hotly pursuing £20bn of savings [...]
It’s official: This is the deadline if you want to make a PPI complaint March 2, 2017 After years of nuisance phonecalls and bankers' misery, the Financial Conduct Authority (FCA) has finally set a deadline for complains over payment protection insurance (PPI). The FCA said today all complaints must be lodged by 29 August 2019 – several months later than previously hoped. Although this isn't the end of PPI: the regulator said [...]
Chancellor is “personally committed” to finding a solution after insurers call for discount rate law change this year March 1, 2017 Insurance leaders called on the government to set a new discount rate this year in an attempt to mitigate the catastrophic effects of its decision to cut the rate on Monday. Justice secretary Liz Truss surprised insurers by cutting the personal injury discount rate, which takes into account the long-term cost of care and loss of [...]
Green Investment Bank privatisation hits a legal snag as the rival bidder to Macquarie seeks a judicial review March 1, 2017 THE GOVERNMENT’S decision to award preferred bidder status to Australia’s Macquarie in the long-running privatisation of the Green Investment Bank (GIB) is being challenged in the high court. Sustainable Development Capital (SDCL), a UK-based international consortium, has launched proceedings in the High Court for judicial review of the decision. SDCL believes that the preferred bidder’s [...]
Deputy governor of the Bank of England Ben Broadbent appointed by Mark Carney as member of Prudential Regulation Committee board February 28, 2017 Ben Broadbent, the Bank of England deputy governor responsible for monetary policy, including monetary analysis and notes, has been appointed by governor Mark Carney, to take a seat on the influential Prudential Regulation Authority (PRA) board. The appointment is in conjunction with structural reform of the Bank’s governance, following the breakup of the former Financial [...]
Britons are expected to splash out £108bn on cars during 2017 February 28, 2017 Britons will spend £108bn on cars this year, according to research by American Express. The poll found that 19 per cent of adults will spend an average of £11,094 buying a brand new or second hand car. Londoners spend the most on cars at £14,557 each, followed by the East Midlands (£13,831) and Scotland (£13,191). [...]
Moneysupermarket announces share buyback after growing profits February 28, 2017 Moneysupermarket Group is launching a £40m share buyback after reporting increased revenue and profit for the year to 31 December 2016. The figures Group revenue rose 12 per cent to £316.4m from £281.7m. Operating profit was up 13 per cent to £91.1m from £80.5m, while profit after tax grew by 16 per cent to hit [...]
Political risk is about more than populist election victories, as UK insurers know February 28, 2017 As the anti-globalisation stone gathers moss, political risk has been weighing on the minds of investors. Many worry that the tide of public opinion in the developed world is flowing towards tougher immigration restrictions and higher tariffs on imported goods, scrambling any chances of energising this feeble and joyless economic recovery. In the last week, [...]