Tag: proposals

Vince Cable attacks excessive fat cat pay

Vince Cable attacks excessive fat cat pay

At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected [...]

Government to unveil overhaul of pensions system

Government to unveil overhaul of pensions system

Work and Pensions Secretary, Iain Duncan Smith, will unveil plans to simplify the pensions system so that it “pays to save” for retirement. According to Mr Duncan Smith, it should make pension planning easier to understand – stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and [...]

US reveals plans to reduce budget deficit

US reveals plans to reduce budget deficit

US President Barack Obama has today unveiled his budget for 2012, aimed at reducing the country’s spiralling deficit. The measures come as many major economies embark on massive spending cuts to trim their deficits. However, like many other economies, tough measures introduced to trim the budget deficit could hamper economic growth and slow the economic [...]

Coalition to encourage shared maternity leave

Coalition to encourage shared maternity leave

Deputy Prime Minister Nick Clegg will today outline proposals which will encourage fathers to take parental leave. Mr Clegg described the current system as “Edwardian” and, as a result, the coalition Government will consult on a “proper” system of shared parental leave to be introduced in 2015. Currently, men are entitled to take two weeks [...]

Bank chiefs oppose splitting up banks

Bank chiefs oppose splitting up banks

Outgoing Chief Executive of Lloyds Banking Group, Eric Daniels, has today said he is opposed to the proposal of splitting up Britain’s banks, arguing that it will not enhance competition within the sector. Meanwhile, chief executive of Royal Bank of Scotland (RBS), Stephen Hester, agreed and said breaking up banks won’t improve the outcome for [...]

CML calls on FSA to re-think new mortgage guidelines

CML calls on FSA to re-think new mortgage guidelines

A “mortgage famine” could be on the way, according to lenders and housebuilders, that’s if new proposals to prevent reckless borrowing are implemented. The Financial Services Authority (FSA) has outlined plans to encourage responsible lending, which could mean even more buyers are locked out of the market. The FSA has already proposed affordability tests for [...]

Government plans to simplify pension system

Government plans to simplify pension system

Business Secretary Vince Cable has today unveiled a proposed reform of Britain’s state pension system, with the introduction of one universal payment. This would replace the current system of earnings-related “top-up” payments, plus additional means-tested benefits. Costs relating to the proposed reform were not divulged but it is intended to reduce inequalities between men and [...]

City bankers to face even tougher regulations under EU proposals

City bankers to face even tougher regulations under EU proposals

Under new proposals being drawn up Europe’s top regulators, there are set to be new restrictions on bankers’ bonuses - which are being described as the biggest clampdown ever seen in the banking industry. The proposals are much harsher than regulations in the US, and if introduced, will result in an overhaul of pay policies [...]

Fears for mortgage lending under proposed reform

Fears for mortgage lending under proposed reform

The Council of Mortgage Lenders (CML) has today warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, could mean even more buyers are locked out of the market. City Watchdog, the FSA, has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already [...]

CML warns regulator of mortgage lending restriction proposals

CML warns regulator of mortgage lending restriction proposals

The Council of Mortgage Lenders (CML) has warned that proposals by the Financial Services Authority (FSA), to encourage responsible lending, will cause house price falls. The City Watchdog has previously announced plans to restrict mortgage lending, in a bid to prevent reckless borrowing. The FSA has already proposed affordability tests for all mortgages to ensure [...]

Default retirement age to be scrapped from October 2011

Default retirement age to be scrapped from October 2011

A shake-up of the retirement system will see the default retirement age scrapped in the UK from October 2011. Under new Government proposals to be unveiled later today, employers will no longer have the legal right to terminate the employment of a 65-year-old. Charities such as Age UK and activists have welcomed the new proposals [...]

Mortgage lenders’ responsibilities redefined

Mortgage lenders’ responsibilities redefined

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Coalition proposes controversial plans for unemployed

Coalition proposes controversial plans for unemployed

Proposals have been unveiled by Work and Pensions Secretary, Iain Duncan Smith, which could see unemployed people encouraged to seek jobs outside the areas where they live. According to Mr Duncan Smith, millions of people are “trapped in estates where there is no work” but have been unable to relocate because it would mean giving [...]

FSA defends home owners with mortgage arrears

FSA defends home owners with mortgage arrears

Mortgage borrowers in arrears stand to get a better deal from lenders under new proposals published today by the Financial Services Authority (FSA). The package is aimed at ensuring home owners in financial difficulties are treated fairly, by strengthen existing rules on arrears handling and promoting the regulator’s “tough stance” on mortgage fraud. Under the [...]

Global markets in decline after Obama proposals

Global markets in decline after Obama proposals

US President Barack Obama is proposing a severe crackdown on financial institutions in the US which has sent stock markets around the globe into decline. Yesterday, the Dow Jones closed down 2% - its worst decline since October, while Japan’s Nikkei lost 3.6% - the biggest weekly loss in three months and closing a three-week [...]

Credit card industry responds to Government proposals

Credit card industry responds to Government proposals

The UK credit card industry has agreed to Government proposals to help credit card holders manage their debt. As part of a crackdown on credit card companies, the Government recently warned credit and store card firms to “clean up their act.” One of the main issues was for credit card companies to stop increasing interest [...]

New Government proposals to see flexible hours for over 65s

New Government proposals to see flexible hours for over 65s

Minister for Women and Equality, Harriet Harman, is calling for a major shake-up in the retirement law which will see workers no longer forced to retire at 65. Miss Harman believes a radical change in the law is needed in order to smash the notion that people are ‘past it’ once they hit 65. The [...]

Nationwide welcomes crackdown on credit and store cards

Nationwide welcomes crackdown on credit and store cards

Nationwide Building Society has welcomed Government proposals to crackdown on credit and store companies. Earlier this week, a set of proposals by the Government, which are being put out to consultation by the Department for Business Innovation and Skills (BIS), will see a change in the order of priority for credit card repayments, so that [...]

Government proposes crackdown on credit card companies

Government proposes crackdown on credit card companies

As part of a crackdown on credit card companies, the Government is warning credit and store card firms to “clean up their act.” The latest proposals follow other restrictions on credit card practices introduced earlier this year after a credit card summit organised by the Government last November saw card companies agree to a set [...]

Tories call for end to cash bonuses

Tories call for end to cash bonuses

In a speech to the City today, Shadow Chancellor George Osborne is expected to announce that retail banks should be stopped from paying cash bonuses of more than £2,000. Many experts have been arguing that big bonuses prompted excessive risk-taking at banks which contributed to the financial crisis. In his speech, Mr Osborne is expected [...]