Tag: review

Moody’s warns of Spanish downgrade

Moody’s warns of Spanish downgrade

July 29, 2011 | 0 Comments More
Lloyds Banking Group set to axe thousands more jobs

Lloyds Banking Group set to axe thousands more jobs

According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]

June 13, 2011 | 0 Comments More
FSA fines Bank of Scotland £3.5m

FSA fines Bank of Scotland £3.5m

Bank of Scotland, which is part of the Lloyds Banking Group, has been fined £3.5 million by the Financial Services Authority (FSA). The matter arose after the Financial Ombudsman Service received appeals from investors who said their complaints had been rejected wrongly. As a result, the bank has been ordered to pay customers around £17 [...]

May 25, 2011 | 0 Comments More
14 UK banks could see credit rating cut

14 UK banks could see credit rating cut

Moody’s Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody’s Senior Credit Officer, said: “It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the [...]

May 24, 2011 | 0 Comments More
US Fed provides economic assessment

US Fed provides economic assessment

Ben Bernanke, chairman of US central bank, the Federal Reserve, said he expects economic growth to be between 3.1% and 3.3% for the 2011 year - lower than a previous forecast of 3.4% to 3.9%. Mr Bernanke said the reduced growth was the result of lower defence spending, slower exports and bad weather. At a [...]

April 28, 2011 | 0 Comments More
OBR reviews growth, borrowing, inflation and unemployment

OBR reviews growth, borrowing, inflation and unemployment

The Office for Budget Responsibility (OBR) has today delivered its forecasts for British public borrowing, economic growth, inflation and unemployment. The independent OBR, which was set up by the coalition Government to assess the state of public finances, lowered its 2011 economic growth forecast to 1.7% from its previous estimate of 2.1%. The latest estimate [...]

March 23, 2011 | 0 Comments More
Banks to reveal bonus payouts and results

Banks to reveal bonus payouts and results

British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying [...]

February 13, 2011 | 0 Comments More
Bonus review underway at Barclays

Bonus review underway at Barclays

According to a report by the Financial Times, Barclays chief executive, Bob Diamond, is looking to reform bonuses, in a move which will radically change the way it pays its senior bankers. The report suggests the newly-appointed chief executive is considering paying a large amount of bonuses in special contingent convertible bonds (known as “cocos”) [...]

January 24, 2011 | 0 Comments More
Watchdog announces changes for financial advisers

Watchdog announces changes for financial advisers

Following a review, City watchdog the Financial Services Authority (FSA) has announced financial advisers must hold accreditation if they want to provide independent or restricted advice from the start of 2013. The FSA said retail investment advisers will need to possess a Statement of Professional Standing (SPS) if they want to give independent or restricted [...]

January 20, 2011 | 0 Comments More
HMV shares down after credit insurance review

HMV shares down after credit insurance review

Music, books, DVDs and games retailer, HMV, has been dealt a further blow today after credit insurers have reduced the cover they are prepared to give to suppliers of the firm. The news sent its shares down more than 11% in early trading to 23.25p. In a statement today, HMV said: “Credit insurers are reviewing [...]

January 19, 2011 | 0 Comments More
Moody’s warns Portugal rating may be cut

Moody’s warns Portugal rating may be cut

Moody’s Investor Service has today put Portugal under review, warning that it may cut its rating by one or two notches. Investors have been nervous over recent weeks as Portugal’s borrowing costs surge and there have been suggestions that it might be forced to seek an emergency bailout, like Greece and Ireland. However, the country’s [...]

December 21, 2010 | 0 Comments More
Social housing budget slashed in Spending Review

Social housing budget slashed in Spending Review

As part of the Government’s Comprehensive Spending Review, it is understood that the social housing budget will be slashed by more than 50%. The Spending Review, which will be unveiled by Chancellor George Osborne tomorrow, will provide details of how the Government intends to slash spending by £83 billion by 2014 as it endeavours to [...]

October 19, 2010 | 1 Comment More
Credit card interest could be capped

Credit card interest could be capped

As part of a crackdown on credit cards and store cards, the Government is considering capping interest rates in a bid to get the consumer a fairer deal. Following the Government’s review into consumer borrowing, Consumer Minister, Edward Davey, and Financial Secretary to the Treasury, Mark Hoban, have asked industry experts for their views as [...]

October 17, 2010 | 0 Comments More
Fuel poverty soars amid higher energy prices

Fuel poverty soars amid higher energy prices

Statistics from the Department of Energy and Climate Change have revealed that fuel poverty has more than doubled in the last five years amid rising energy prices. Anyone spending over 10% of their household income on heating their homes are said to be in fuel poverty. The figures show that an increasing amount of people [...]

October 14, 2010 | 0 Comments More
Treasury reviews winter fuel and child benefit payments

Treasury reviews winter fuel and child benefit payments

As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for [...]

August 18, 2010 | 0 Comments More
Northern Rock’s Guernsey operation to close in September

Northern Rock’s Guernsey operation to close in September

Nationalised Northern Rock has today announced it is to close its banking operation in Guernsey on 2 September. The closure of Guernsey‘s activities, which come after a review of offshore operations, is the latest step in the bank’s turnaround plan. Its Guernsey operation was launched in February 1996 and it currently has some 6,000 customers, [...]

June 2, 2010 | 0 Comments More
CBI urges public sector pay cuts

CBI urges public sector pay cuts

The Confederation of British Industry (CBI) has said that in order to control public finances, a two-year pay freeze should be imposed on most public sector workers’ pay. Selected public sector pay and recruitment freezes could save £18 billion in the next two years, the business group argued, and it highlighted that pay freezes were [...]

May 19, 2010 | 0 Comments More
FSA exposes banks’ disdain for customers

FSA exposes banks’ disdain for customers

Senior managers of the UK’s high street banks have been labelled a “disgrace” for failing to take customer complaints seriously. The Financial Services Consumer Panel (FSCP) said the way banks handle customer complaints is “lamentable”. The comments came after a review by the Financial Services Authority (FSA) found that senior staff in the majority of [...]

April 29, 2010 | 0 Comments More
FSA report raises concerns over pension switching advice

FSA report raises concerns over pension switching advice

The Financial Services Authority (FSA) has today found that poor advice is still being given to people switching pension funds. The findings come after a major review of the sector conducted by the FSA in 2008. The City Watchdog has raised concerns about the advice being given and, as a result, is to take enforcement [...]

April 9, 2010 | 0 Comments More
Consumers to save millions under new credit card protection

Consumers to save millions under new credit card protection

The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year. The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009. According to Prime Minister, Gordon [...]

March 15, 2010 | 0 Comments More