The City watchdog is looking for feedback on how best to protect consumers’ cash December 14, 2016 The City watchdog has today launched a consultation into how best to fund the safety net which compensates consumers when financial services firms find themselves in hot water, including measures which could lead those most likely to wobble the market paying more to keep it secure. The Financial Conduct Authority (FCA) noted the funding rules for the [...]
Wells Fargo growth to be capped after failing key contagion test by US regulators December 14, 2016 US banking giant Wells Fargo has been slapped with restrictions on growing its business by US authorities after failing a key "living will" test. Regulators announced overnight the San Francisco bank had failed the test for the second time this year. The living will rules are supposed to satisfy authorities contingency plans are in place for a controlled wind-down [...]
UK Christmas travellers will fork out £1bn this year, and the cost of holidays is on the rise for 2017 December 14, 2016 More than a million Brits are set to jet off over the Christmas period this year, spending £1.03bn altogether despite holiday prices being on the rise. The average Christmas traveller will spend £757.43, but a quarter will spend between £1,001 and £2,000, research from Direct Line Travel Insurance suggests. The top destinations among travellers this year were Spain (19 per cent), [...]
The hell of being middle-aged: The financial pressures of children and ageing parents mean that 45 to 54 year-olds are more likely than any other group to be saving nothing for retirement December 14, 2016 New research has found that an overlooked "sandwich" generation is saving surprisingly little for retirement Young people between the ages of 25 and 34 are often singled out as being the most hard done by in the UK today. Rates of home ownership within this group have fallen dramatically since the early nineties, leading many [...]
Lloyd’s of London says insurers will need to be picky in 2017, after underwriting turns a loss in 2016 December 13, 2016 Lloyd's of London has today cautioned that insurers will need to choose what risks they take on in 2017 carefully, after underwriters found themselves in the red in 2016. Writing in the Lloyd's annual email to the market, chairman John Nelson and chief executive Inga Beale warned the failure for underwriting to make an aggregate profit this year was [...]
City Moves for 13 December 2016 | Who’s switching jobs December 13, 2016 COLLINSON GROUP Collinson Group has appointed Rebecca White as head of proposition for accident & health (A&H), a core element of its fast-growing insurance and assistance division. In her new role, Rebecca will look to create a leading, global partnership proposition across the firm’s A&H product line as well as building innovative products and service [...]
Barclays says au revoir to French retail division in latest non-core asset sale December 12, 2016 Barclays has today agreed to sell its French retail business, marking the bank's final departure from retail operations in continental Europe. The lender has agreed to sell the 74 retail branches, life insurance business, wealth and investment management arm, and brokerage operations in France to private equity firm AnaCap Financial Partners. No price was disclosed for the deal, but Barclays noted [...]
Discover in one click: the UK’s second biggest foreign direct investment area next to London December 12, 2016 As the UK's second largest financial sector, Scotland is helping to lead the charge for Foreign Direct Investment (FDI). Sharon Hamilton, SDI’s head of financial and business services, explains why. We’ve heard the term ‘open for business’ a great deal recently. It’s a reassuring phrase traditionally used by your local corner shop, hairdresser or café, and has [...]
City Moves for 12 December 2016 | Who’s switching jobs December 12, 2016 Aldermore Aldermore has appointed Roger Evans as its new head of intermediary distribution. Roger will be responsible for relationships with all residential intermediaries and will represent Aldermore across the wider lending market. He will be responsible for developing and leading both the field and telephone intermediary sales forces. Roger joins Aldermore having led a successful career with [...]
It’s Europe that will push for a conciliatory Brexit – because Britain holds all the aces December 12, 2016 A strong case can be made that the UK economy is in a unique position within the European Economic Area (EEA). Unique, because its membership is to the categorical financial benefit of all other members. Other countries gain either through exports to or via businesses located within Britain. Were the UK to be sent outside the [...]