First anniversary of pension reforms shows we aren’t all cashing in and buying private jets August 15, 2016 Only a fraction of savers raided pension war-chests proving that Britons are not nearly as weak-willed as was feared when pension rules were relaxed a year ago. Reporting on the first anniversary of the "Freedom and Choice" reforms, the Association of British Insurers (ABI) said that over half of people had only drawn down a small lump sum from their [...]
Disappearing deliveries cost online shoppers £250m last year as Britons shun leaving packages with neighbours August 15, 2016 Sometimes, it seems, the postman doesn't ring at all. More than 3.6m unlucky online shoppers have been sent a package that has gone missing or not been delivered in the past year, according to figures released today by Direct Line Home Insurance. The disappearing deliveries have cost Britons more than £250m, with the average value of [...]
Holiday taxes add £131 to typical family getaway August 13, 2016 A plethora of holiday taxes can add more than £130 to the typical family summer getaway, research by the TaxPayers' Alliance (TPA) has found. A combination of Air Passenger Duty (APD), the Insurance Premium Tax and the cost of VAT on holiday essentials such a sun cream and swimming costumes, sets vacationers back an extra £61.12 per adult [...]
It’s official: The Royal Mint says there’s been a major gold rush since the Bank of England’s interest rate cut August 12, 2016 There's been a gold rush on since the Bank of England's interest rate cut, it turns out – after the Royal Mint confirmed a huge uptick in the number of people buying gold. Chris Howard, the Royal Mint's director of bullion said today that its bullion trading site had experienced a 250 per cent increase [...]
That cat picture Tube advertising takeover is happening – here’s where, and when August 12, 2016 Remember that crowdfunding campaign which sought to replace all advertising on the Tube with pictures of cats? It's happening, people. In September. At Clapham Common (Cat-ham Common?) station. It's going to be paws-itiviely brilliant. Read more: Sigh. Yes, the Treasury has a cat The organisation behind it, the Citizens Advertising Takeover Service (yep – Cats), [...]
Heads, shoulders, knees and toes: the cost of footballing injuries August 12, 2016 Injuries cost English Premier League clubs over £157m in wages last year, taking the total cost over the last five years to an eye-watering £0.7bn. Not afraid to complain about injuries, Arsene Wenger's concerns appear to be substantiated as Arsenal players were on the sidelines for a total of 1,553 days during the 2015/16 season. However this only put them second on [...]
Bank of England assertions on pension scheme deficits to be “tested” August 11, 2016 Experts reacted to the contention from the Bank of England that lower yields had a “relatively limited” effect on pension scheme deficits. The minutes of the MPC played down the impact of ballooning pension deficits – despite the trend continuing as yields fell after last week’s interest rate cut. “Lower yields posed potential risks to some aspects of the functioning [...]
The “Berlin Wall” of insurance is about to be torn down August 11, 2016 One of the biggest shakeups to the insurance sector in recent memory comes into force tomorrow. The Insurance Act 2015 was granted Royal Assent 18 months ago. However, the bulk of its provisions, including creating a new duty for those insured to make a "fair presentation" of their risk and changing the way warranties are treated, come [...]
This insurer is calling the shots in the war for tech talent August 11, 2016 Finding appropriately skilled staff for technology projects is a problem which plagues many businesses, but one insurance company has told City A.M. it seems to have it sussed. Gary Hoffman, chief executive officer of Hastings Group Holdings, revealed the company was increasingly looking beyond other insurance firms to sniff out the best talent and turning to tech giants, such [...]
Valeant shares take a hit after reports of criminal investigation over Philidor ties August 11, 2016 Valeant Pharmaceuticals' shares have slumped by almost 10 per cent today following reports it’s the target of a criminal probe. The investigation relates to whether Valeant hid its relationship with a specialty mail-order pharmacy that helped boost its drug sales. It's alleged Valeant defrauded insurers by hiding its close relationship with the now defunct Philidor, the Wall Street Journal reported. The embattled drugmaker – whose shares have [...]