Labour hits out at government complacency leading to “pension crisis” August 23, 2016 Labour has slammed the government for failing to take action over pensions on the back of a survey finding that three in five people taking money out have no plans for care in old age. The survey from Citizens Advice found more than half of people who have taken money out under new pensions freedoms [...]
City Moves for 23 August 2016 | Who’s switching jobs August 23, 2016 Alpha FMC Alpha, the asset management consultancy, has appointed Adrian Keen as chief financial officer. Adrian will work with the senior team to oversee all financial operations of the group. Adrian brings broad experience with him to Alpha. A chartered accountant, Adrian worked in the audit function at KPMG before pursuing roles in industry, in sectors as diverse as software, [...]
As an EY survey finds financial firms shrugging off Brexit fears, is the City being too sanguine about leaving the EU? August 22, 2016 Professor Richard Portes, academic director at AQR Asset Management Institute, London Business School, says Yes. Of course nobody predicted an immediate fall in output and employment. But those will come. Both vacancies and investment plans are already down. Sterling has fallen a lot, and short positions are up, with the exchange rate set to fall further. [...]
There was a window of opportunity for pension buy-ins post-Brexit. But now it has gone… August 22, 2016 Spiralling pension deficits in the wake of the Brexit vote may have caused many people headaches but a leading insurer of defined benefit pension schemes said that it provided a short window of opportunity for some schemes. "There has been a tangible increase in interest from trustees in buy-ins since the Brexit referendum and we have completed [...]
Keep calm and carry on: City giants play down Brexit hit August 22, 2016 The City's top financial services firms are keeping calm and carrying on in the face of the UK’s shock vote to leave the European Union, according to new research from accountancy giant EY published today. After tracking every public statement from 232 banks, insurers, asset managers, fintech firms and private equity houses since the vote, [...]
Ryan Lochte endorsement earnings under threat as tarnished sponsors could ask for millions back August 20, 2016 American swimmer Ryan Lochte arrived in Rio de Janeiro with ambitions to return home with a fresh set of Olympic medals and a raised profile to help finalise a one final payday as his career enters its twilight. In the end he got two out of three. Lochte has come back to the United States with a sixth gold [...]
The chairman and former chief executive of US property and casualty insurer Travelers has died aged 63 August 20, 2016 The chairman and former chief executive of US property and casualty insurer Travelers has died aged 63. Jay Fishman helmed the firm from 2004, stepping down as chief executive last year. In 2014, Fishman revealed that he had been diagnosed with a neuromuscular condition and that he might have been battling a variant of amyotrophic lateral sclerosis (ALS). As [...]
UK fintech funding has fallen – but don’t panic just yet August 18, 2016 Cash being ploughed into the UK's fintech startups fell in the latest quarter – but don't panic just yet. The value of funding declined by 12 per cent to $103m (£78.4m) in the second quarter of the year, however, the number of deals being done in one of the hottest sectors remained steady, the latest figures from KPMG and CB Insights [...]
Proof that it is always a struggle to second-guess the insurance market: home and contents premiums are going down August 18, 2016 It feels like only yesterday that we were treated to pictures of politicians wondering around looking rather uncomfortable in wellies and anoraks as they looked concerned at swollen rivers, flooded houses, football pitches and farmland. That prompted the launch of reinsurance scheme Flood Re and also gave George Osborne a good reason to put a further 0.5 per cent [...]
Royal London posts positive half-year results with new pension business swelling August 18, 2016 New business and assets under management grew at insurance mutual Royal London despite an "uncertain backdrop" created by the Brexit vote. The figures For the six months to June, total new life and pensions businesses – a figure that represents all the future revenues from new business won discounted back to today's prices – jumped from £3bn to [...]