The Financial Services Compensation Scheme has declared the Havant Area Savers Credit Union in default. The FSCS says it will aim to pay compensation to members of the union, who have been unable to access their savings since December 31, 2010, within seven days “in the vast majority of cases”. It emerged earlier this week […]
The Government should replace inheritance tax with a tiered system to increase revenues, according to the Institute for Public Policy Research. In a recent report, called Death and Taxes, the IPPR says a capital receipts tax payable on cash and non-cash gifts over £150,000 would raise an extra £1bn. IPPR director Nick Pearce says: “Inheritance […]
Former BlackRock manager Graham Birch has become the senior independent non-executive director of Russian gold miner Petropavlovsk. Birch retired as head of BlackRock’s natural resources team in 2009, where he had responsibility for about $40 billion of assets. He became a non-executive director of Petropavlovsk, formerly known as Peter Hambro Mining, in February 2010. He replaces […]
One of the areas that will be high on the new minister for pensions’ to-do list will be the forthcoming review of automatic enrolment (AE). The outgoing minister had regularly said that AE contribution levels would need to be revisited early in this parliamentary term, and new research by Jelf Employee Benefits reveals employer support for such proposals.
CYBG has completed its takeover of Virgin Money bank in a deal worth £1.7bn today. The parent company of Yorkshire Bank and Clydesdale Bank says the deal will lead to the UK’s “first true national banking competitor to the status quo.” The combined company has over six million customers with around £70bn of customer loans, […]
Protection Review chief executive Kevin Carr looks at recent market events Moving forward on mental health Some say perception is reality and, in a world driven by social media and sensitivity, the way people see things is their truth, regardless of whether their conclusions are accurate or feasible. This is not a bad way to […]
The FCA is proposing new measures to force financial services firms to disclosure how they disclose climate change risk as it zones on in the investments pension funds make. The regulator has released a discussion paper today looking atthe effects that climate change and switching to a low carbon economy will have on the UK’s […]