Banking Times: Daily Banking and Finance News

Savings & Investment News

Five million households pay for food with credit or savings
Latest data from Which? reveals the extent to which UK families are struggling to pay for essentials such as food. The group’s April consumer tracker survey shows one in five households (five million) using credit or savings to fill the … Read more »
Banks fail on cash ISA advice
Some of the UK’s biggest banks are failing to give the right advice when it comes to transferring and managing their cash ISAs, a new investigation by Which? claims. The consumer group recently made 180 calls to 15 leading banks … Read more »
Halifax launches ISA super draw
Halifax is encouraging savers to maximise their annual Cash ISA allowance with a Super Draw that offers three top prizes of £250,000 plus 10 prizes of £5,000, all of which will be awarded in May. But once registered, customers must … Read more »

Retirees manage debt of £105bn
New research from MGM Advantage shows the UK’s retirement nation collectively managing mortgage and personal debt to the tune of £105.5 billion. According to the retirement income specialist, 13% of retirees hold mortgage debts totalling £76 billion while 34% are … Read more »
Debt crisis for the over 60s
StepChange is warning that a growing number of older people are experiencing a debt crisis. Previously the Consumer Credit Counselling Service, the debt charity reports that 13,148 people aged 60 plus sought its help in 2012 with the figure up … Read more »
UK interest rate stays at 0.5%
The Monetary Policy Committee (MPC) of the Bank of England has today elected to leave the United Kingdom’s interest rate unchanged at the record low of 0.5%. The last time the rate was changed was in March 2009, meaning that … Read more »

Suffolk Life appoints MD
SIPP specialist, Suffolk Life, has announced that Will Self, its product and operations director, will assume the role of managing director in July. He will replace David Hobbs who is moving to take up the post of managing director, operational … Read more »
Government clampdown on pension charges
The Government has announced plans to tackle “high and inappropriate” pension charges – consultancy charges in automatic enrolment schemes, where scheme members end up paying for advice given to their employer, are to be banned under the forthcoming Pensions Bill. … Read more »
City police make pension liberation arrests
City of London Police has dismantled a suspected organised crime gang believed to be cold-calling and text messaging pension holders across the UK with fraudulent offers that could destroy their retirement plans. Last week, detectives from the National Lead Force … Read more »

Lloyds’ chairman to step down
Lloyds Banking Group has announced that its chairman, Sir Winfried Bischoff, will be retiring no later than May 2014. The exact date will be subject to the appointment of his successor, the search for whom is being led by Anthony … Read more »
Barclays makes oil & gas appointment
Barclays has reaffirmed its commitment to the oil and gas sector with the appointment of Colin Couchman as a relationship director within its oil & gas team. In his new role, Mr Couchman will be responsible for the management of … Read more »
Senior management changes at Barclays
Following a strategic review, Barclays has announced a raft of senior management changes within its corporate, investment banking, wealth and investment management divisions, and its business in the Americas. The changes also mean the promotion of new talent to the … Read more »

Banks improve EFG lending to SMEs
Figures published today show that bank lending to small and medium-sized businesses (SMEs) through the Enterprise Finance Guarantee (EFG) scheme is showing improvement. The scheme provides vital funding to SMEs that lack the collateral or credit history to secure a … Read more »
Barclays makes oil & gas appointment
Barclays has reaffirmed its commitment to the oil and gas sector with the appointment of Colin Couchman as a relationship director within its oil & gas team. In his new role, Mr Couchman will be responsible for the management of … Read more »
Scotiabank fund management in China is approved
Scotiabank has announced that together with its joint venture partner Bank of Beijing, the Bank of Beijing Scotiabank Asset Management Co. Ltd. has been given the regulatory green light to operate as a fund management company in China. It is … Read more »

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 »

Brits in denial over retirement saving shortfall
Almost two-thirds of UK adults are unaware, unwilling or unable to face the financial challenges of saving for retirement, according to research by the Equity Release Council. The study also places the 65% of respondents struggling with retirement saving into … Read more »
Latest on Annuity Rates May 2013 – More of the same, so far
Annuity rates for May appear to be holding steady with April’s rates so far, despite concerning news from the chancellor’s latest budget. For an up-to-date estimate of what income you can currently expect in retirement, use our annuity calculator. The … Read more »
L&G reinsures New Ireland annuity business
Legal & General (L&G) is to reinsure €136 million of New Ireland Assurance’s existing annuity business, as well as a proportion of its future business. L&G says it has identified retirement solutions both at home and abroad as one of … Read more »