Emma Simon

CMA to probe merger of OneSavings Bank and Charter Court

The Competition and Markets Authority is to investigate the proposed merger of OneSavings Bank and Charter Court Financial Services.  At this stage, the CMA is inviting comment on whether this tie-up would substantially reduce competition in the mortgage market.  Interested parties have until June 19 to submit comments or objections. These will then be assessed […]

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Can advisers cut out platforms with in-house alternatives?

Technological advances pose fresh headaches for traditional providers The platform market has been ripe for consolidation for a number of years. Competition has led to downward pressure on fees, but as platforms struggle to differentiate themselves – and protect margins – many have launched additional tools, which are not always wanted by advisory clients. Opinions […]

Mortgage protection payouts excluded from benefit calculations

The Department for Work & Pensions has confirmed it will exclude protection pay outs that are designed to cover mortgage payments when calculating means-tested benefits. This clarification was sought after significant changes to the benefits system, which has seen support withdrawn for mortgage interest payments at the start of this tax year. From 6 April […]

Low angle view of the main facades of the Bank of England and London Stock Exchange and the London Troops memorial at Bank Junction in the City of London. London.
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Bank of England chief economist pushes for rate rise

The Bank of England’s Monetary Policy Committee has voted to keep interest rates on hold at 0.5 per cent, but with an increased number of members calling for a rate rise. Chief economist Andy Haldane has joined those calling for a rise. The BoE revealed that six members voted to keep rates on hold, with […]

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Bank of England keeps interest rates on hold

The Bank of England’s Monetary Policy Committee has voted to keep interest rates on hold at 0.5 per cent. Announcing this decision, the Bank also cut its growth forecast for 2018 from 1.8 to 1.4 per cent. Seven out of nine of the MPC members voted to keep the base rate on hold. There was speculation earlier […]

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Equity release boom continues as £10m accessed every day

Equity release lending continues to grow at an exponential rate, with almost £10m of housing wealth being withdrawn a day, according to the latest quarterly figures from the Equity Release Council. This figure has more than doubled in the space of two years. In 2016 the homeowners withdrew around £4.3m of housing wealth a day over […]

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Aegon to resume transfers to PensionBee

Aegon has confirmed it will resume electronic transfers to PensionBee, providing it gets “personal assurances” from the directors of the company about key aspects of transfer process. In a statement Aegon says: “We are seeking assurance from PensionBee that they always capture clear authority from clients to carry out the transfer, and that they provide […]

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SEI Wealth Platform sees £9bn boost to AUM

SEI Wealth Platform has seen assets under management grow by £9.3bn over the past year, but is targeting further growth in the year ahead. The platform, which provides outsourced investment services for private banks and wealth managers, says total assets under management have grown by 33 per cent, thanks to a combination of increased net […]

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Mifid II data to help FCA prosecute insider trading

New Mifid II regulations will help the FCA clamp down on insider dealing and market abuse, MPs were told yesterday. Responding to a question from Treasury Select Committee chair Nicky Morgan, FCA chief executive Andrew Bailey said: “We agree that [insider dealing] is something that has to have more attention. But thanks to better tools […]