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Warning over oil price correction

The new Bank of England deputy governor has sounded a warning on the economic impact of a correction in oil prices.

At a Treasury select committee hearing last week, Professor Charles Bean was quizzed on whether a future correction in oil prices could spark another credit crunch due the over-exposure of pension funds, investment banks and hedge funds to the futures market.

Bean said: “For some institutions, it could generate a not insignificant financial loss and worsen their balance sheets. Like all asset price corrections, it may have macroeconomic implications.”

He warned of the inflationary risks of workers pushing for pay increases and forecast further market volatility. He pointed to the danger of global economic slowdown prompting a second round of writedowns but this time on corporate loans.


Loanmakers to review business immediately

Loanmakers has said it will be undertaking an immediate review of the business to see how it can alleviate the impact of today’s announcement by Barclays that it will be ceasing accepting new business through First Plus.

Dalton explores Pakistan

Dalton Strategic Partnership has established what it believes to be the first Luxemburg-based Ucits fund to invest in Pakistan equities.

Winning service

“The first thing you will need is a wrap service,” an IFA friend told me. So I typed wrap into Google and was offered a choice of accessories from Monsoon or a Mexican wrap with spicy sausage.

Broker Talkback

Is it right for Clerical Medical to cancel an adviser’s trail commission if it concludes they no longer offer a continued service?

The savvy consumer

In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]


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