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Savings & Investment News

  • Pensions dispute in independence debate

    Former prime minister Gordon Brown has made a pro-union speech ahead of the forthcoming Scottish independence referendum, due to be held in September of this year, in which he stressed the importance of the union for Scottish pensions. Keeping British … Read more »

  • Automatic enrolment more successful than expected

    Approximately nine million people will save for the first time, or save an increasing amount, following workplace pension reforms (automatic enrolment). The predicted number of new savers and those likely to save more, made by the Department for Work and … Read more »

  • Pensioners can be trusted with greater freedom

    Pension drawdown provider Skandia has stated that less than 10% of its current flexible drawdown customers have either taken or are about to take the entire value of their pension savings. Skandia cited the figure as evidence that fears, following … Read more »

Borrowing & Lending News

  • Equity release on the rise for retirees

    In 2013 the equity release market passed the £1bn threshold after a third successive year of growth, analysis by Key Retirement Solutions has revealed. The rising use of equity release is indicative of increasing confidence in the utilisation of property … Read more »

  • Pensioners borrowing to boost income

    One in five pensioners expect to borrow money, but one in eight over 55s have been turned down for credit during the last year, according to Key Retirement Solutions. One in five pensioners have had to borrow money to boost … Read more »

  • Bank of England keeps rates at historic low

    The Monetary Policy Committee (MPC) of the Bank of England has announced its decision for interest rates in October. The MPC has elected to leave unchanged the United Kingdom’s rate, leaving it at the historic low of 0.5%. The 0.5% … Read more »

Pension Providers News

  • NAPF gives EU Pensions Directive a mixed response

    The National Association of Pension Funds (NAPF) has commented on the new EU Pensions Directive (Directive on Institutions for Occupational Retirement Provision), which was recently published by the EU Commission. NAPF stated that the Directive introduced a range of new … Read more »

  • Budget is a pensions game-changer

    KPMG has described the Budget as a ‘game-changer’ for the insurance industry. In the Budget the Chancellor significantly increased the flexibility for customers regarding how they access their pension savings upon retirement. KPMG said that the changes announced presented an … Read more »

  • Call for better understanding of annuities

    Retirement Assured has called upon pension providers to offer more information to their members and provide ‘wake-up’ packs containing clear information. Peter Quinton, head of annuities at Retirement Assured, explained that many people heading into retirement simply did not understand … Read more »

Banking Jobs News

  • Co-op Group to hold 30% stake in rescued bank

    Under a new rescue deal, Co-operative Group will retain 30% of the equity in Co-op Bank. Earlier plans for a re-capitalisation of the bank were rejected by bond holders but the group now expects to meet the additional £1.5 billion … Read more »

  • Surge in optimism for UK financial services

    Optimism in the UK’s financial services sector surged in the three months to September, with firms appearing the most upbeat about their overall business situation for almost 17 years, according to the latest CBI/PwC Financial Services Survey. Employment grew but … Read more »

  • ING announces leadership changes

    Dutch bank ING has announced that Ralph Hamers has succeeded Jan Hommen as chief executive officer of ING Group. Hamers said that it was an honour to follow in Hommen’s footsteps, praising his predecessor’s personal commitment and great determination. Hamers … Read more »

Business Banking News

  • Proofreading gaffs prove pricey for organizations

    To many it is a most tedious task, but proofreading has been highlighted as an essential process in the organizational communication process, after a series of high-profile gaffs resulted in costly losses. For example, Comet, the UK electronics retailer that … Read more »

  • Strong business growth maintained across England and Wales

    The combined business activity of the English regions continued to increase strongly in September, according to new research from Lloyds Bank, with a similar pattern seen in Wales, where the rate of growth in activity reached a four-year high. While … Read more »

  • Half of finance professional lose faith in company forecasts

    UK companies need to overhaul their finance functions or suffer competitive disadvantage as the economy recovers and growth opportunities return, according to PricewaterhouseCoopers (PwC’s) latest Finance Effectiveness Benchmark study. The annual review of over 200 companies’ finance functions shows how … Read more »

Investment Banking News

  • Morgan Stanley partners Prince’s Trust

    Morgan Stanley has signed up to a two-year charity partnership with The Prince’s Trust, which helps disadvantaged young people across the UK. Voted for by the bank’s staff in London, the new partnership will see employees bidding to raise £500,000, … Read more »

  • ESMA issues first risk report on EU securities markets

    The European Securities and Markets Authority (ESMA) has published its first report on trends, risks and vulnerabilities in European Union (EU) securities markets. The study looks at the performance of securities markets in 2012, assessing both trends and risks to … Read more »

  • Clearstream’s direct link to Russia to go live

    Clearstream says it will be offering competitive prices and deadlines in settling Russian government bonds, from February. The firm, which is a member of the Deutsche Börse group, will launch a direct settlement link to the Russian market following the … Read more »

Annuity News

  • Annuities market could decline by 75%

    The UK annuities market could see a decline as large as 75% after changes announced in the Budget regarding annuity purchases come into effect, PwC has warned. The firm, whose view is based on its own analysis coupled with a … Read more »

  • ABI calls for pension reform clarity

    The Association of British Insurers (ABI) has called for clarity from the Government regarding the changes to pensions announced in the Budget last week. Huw Evans, ABI Director of Policy, stated that pension and annuity providers were given no advance … Read more »

  • AXA welcomes Budget’s direction of travel

    Andy Zanelli, head of retirement planning, AXA Wealth, has welcomed the direction of travel revealed in the Budget last week, in which Chancellor George Osborne announced significant reforms for ISAs and pensions. Zanelli added that the Budget represents a clear … Read more »