Banking News
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
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
ING reports improved Q1 results
Dutch bank ING has reported that in the first quarter of 2013 it made an underlying net profit of €800m. This is an improvement from the €579m it made in the same period last year and €483m in Q4 2012. … Read more
Santander reports Q1 profits
Spanish banking giant Banco Santander has reported its financial results for the first quarter of 2013, including profits of €1.2bn, down 26% from the corresponding period last year. However, this was almost threefold the €423m that the firm made in … Read more
HVB reports declining profits in Q1
HypoVereinsbank (also known as UniCredit Bank AG) has published its financial results for the first three months of 2013. Quarterly pre-tax profits came to €613m, €113m less than the corresponding period last year (excluding a non-recurring €395m gain from the … 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
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
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
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
Payday lenders still “damning people to debt”
New figures from the Citizens’ Advice Bureau (CAB) suggest that 65% of payday loans are being made without financial checks. The research also reveals that seven in 10 respondents were unable to pay back their loans as the industry continues … Read more
BNP Paribas reports falling profits
French bank BNP Paribas has reported its Q1 results, which include revenues of €10.1bn, a 1.7% increase from the corresponding period last year. The quarter included two exceptional items: a loss of €215m due to own credit adjustment and a … Read more
UBS reports improved Q1 results
Swiss bank UBS has reported its financial results for the first three months of 2013, during which it made adjusted pre-tax profits of CHF1.9bn. Quarterly pre-tax profits on a reported basis came to CHF1.4bn, and net profit attributable to shareholders … 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
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
Housing equity a key consideration in retirement planning
New research from LV= suggests that 88% of advisers believe the equity locked up in property should be a key consideration when planning for retirement. What’s more, 95% of advisers questioned consider equity release a significant future growth area for … 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
Partnership appoints longevity director
Enhanced annuity provider, Partnership, has appointed Richard Willets as director of longevity. Mr Willets, who joins from Friends Life, is considered a leading expert in the longevity field having previously worked for pension buyout specialist, Paternoster, and run Willets Consulting, … Read more