Controversial payday lender Wonga has reported a pre-tax loss of £37.3m for 2014 after taking a £35m customer remediation hit following an intervention by the FCA. The firm’s full-year results for the 12 months to 31 December 2014, published today, reveal revenues plummeted 31 per cent year-on-year, from £314.7m to £217.2m, driven by a “significant […]
The Financial Services Compensation Scheme has placed a network in default almost two years after the company failed to secure professional indemnity insurance. Money Marketing reported back in June 2013 Kent-based network Virtual Net Europe had alerted members it was unable to secure PI cover. The network posted a £182,532 loss for the previous year. […]
David has been to see a potential new client about pensions. Paul was a friend of an existing client but took the view pensions were an easy subject. He was somewhat reluctantly seeing David, as it had been suggested he could do with some specific advice, particularly around death benefits and inheritance tax. Paul was […]
Running a financial services firm is a bit like engineering, according to engineer turned Attivo Group chief executive Stephen Harper. It is all about systems that can break down completely if they have not been properly maintained, or if the smallest component stops working. “The reason why the system on an engine breaks is usually […]
Jonathan Platt, Head of Fixed Income at Royal London Asset Management, looks at the three trends that his team see shaping bond markets this week. Read the article here: The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back […]
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