House insurance prices forecast to fall further as competition thrives June 17, 2015 The UK’s household insurers could swing to an underwriting loss within two years, despite recording an industry-wide profit of around £500m last year. In a report released today, audit firm Deloitte warns that increasing competition pressures are forcing household insurance prices down. Relatively benign weather conditions over the past two years have also helped keep [...]
A third of pensions don’t qualify for George Osborne’s “pensions revolution” June 17, 2015 A third of pensions don't qualify for new rules which allow savers to withdraw their entire pension pots, it's been reported. The investigation by the Daily Mail found as many as six million policies could be "hard to cash in", including 2.29m final salary pensions. More than half that figure is public sector pensions, while insurance [...]
London’s getting an insurance tech accelerator as Startupbootcamp expands FinTech startup search June 16, 2015 A new global tech accelerator has been launched London which will search for tech companies around the world which can bring new innovation to the traditional world of insurance and its well-established companies. As FinTech takes off in the capital like never before, tech accelerator Startupbootcamp has added the new sector to its roster to [...]
SNP calls for full fiscal autonomy for Scotland but Tory minister slams it as a “shambles” June 16, 2015 The SNP is using its newly acquired Westminster clout to push for more powers to be devolved to Scotland. The party, which is now the third largest in Parliament, has sent a letter to the government's Scottish secretary David Mundell calling for more Holyrood powers. Under its plans, Scotland would be able to control corporation tax, capital [...]
Warren Buffett splurges $500m on Australian insurer IAG June 16, 2015 Warren Buffett, the legendary investor and second-richest man in the world, is clearly interested in protecting his fortune, after he spent AU$500m (£248m) on the Insurance Australia Group (IAG). Under the deal, Buffett will end up with a 3.7 per cent stake in the company, while IAG will have options to place another five per [...]
City Moves for 16 June 2015 | Who’s switching jobs June 15, 2015 State Street Global Advisors The investment management arm of State Street has appointed Elliot Hentov as head of policy and research for its official institutions group. He joins from Standard & Poor’s, where he was a director in its sovereign ratings team. Hentov has also previously held roles at the UN. BNY Mellon Alan Flanagan [...]
Aviva will shut three UK offices by end of 2016 June 15, 2015 INSURER Aviva is to close three of its UK offices by the end of 2016, as part of the integration with Friends Life. The group confirmed yesterday that it will shut its operations in Salford, Salisbury and Stretford, and will reduce its presence in Dorking, Exeter and Manchester. The firm’s core UK locations will be [...]
Forget the doom-mongers: Investing in infrastructure is as safe as it sounds June 15, 2015 Received wisdom says that infrastructure is a safe and boring haven for long-term investors looking for yield in a low interest rate environment. Recently, however, the asset class has come under attack for being more risky than the low-yielding government bonds for which it is touted as an alternative home for investors’ cash. Even the [...]
Aviva to cut hundreds of jobs in Manchester area as part of cost-cutting plan June 15, 2015 Aviva will cut hundreds of jobs in the Manchester area over the next 18 months as it closes offices in Stretford and Salford. Following the £5.6bn takeover of rival Friends Life, the insurer has embarked on a cost-cutting plan to deliver £225m in savings to its business by the end of 2017. On top of [...]
Budget 2015: Institute of Chartered Accountants says George Osborne should simplify taxes June 15, 2015 The Institute of Chartered Accountants in England and Wales (ICAEW) is calling upon chancellor of the exchequer George Osborne to simplify the tax code in his forthcoming summer Budget. With the Conservative Budget just three weeks away, the ICAEW said today that the government’s previously-announced plans to cut red tape and reduce costs to British [...]