News

As the UK continues facing economic uncertainty, with Brexit causing chaos, it has been claimed that people have been forced to turn to second charge mortgages.

Thistle Finance, specialist packager, remarked that they have seen a 12% year-on-year increase in the fourth quarter of 2018 in second charge mortgage activity.

Consumers have been warned by the Financial Conduct Authority (FCA) about turning to crypto assets, without understanding what the product is and what is being purchased, such as Bitcoin and Ether, in attempts to “get rich quick”.

Research published by the FCA reported that many consumers are influenced by friends and social media into believing crypto assets as being a “fast-track to easy wealth”.

Following a thematic review of non-advised annuity sales, Standard Life Assurance has been referred to the Financial Conduct Authority’s (FCA) enforcement division.

Phoenix Group acquired Standard Life Assurance in August last year, which the FCA has taken into consideration in their review, to look at past annuity sales practices and question whether non-advised customers had missed out on an enhanced annuity.

The UK government has recorded a £14.9 billion surplus in borrowing, its largest in January since records began in 1993.

Official records show the figure as being £5.6 billion greater than a year ago. An increase in self-assessment income tax and capital gains tax receipts by 14% is what is said to have resulted in the great surplus.

A survey from an employers’ group has reported that Brexit has led to nearly a third of UK firms planning to relocate their operations abroad or have already shifted in preparation.

The Institute of Directors (IoD) reported that 29% of the 1,200 firms they surveyed believed that Brexit posed a significant risk to their operations in the UK. 11% reported having already moved some of their activities elsewhere, while 18% said they were planning to or actively considering it.

Carphone Warehouse has been fined more than £29 million by the Financial Conduct Authority (FCA), for mis-selling insurance.

The UK’s financial regulator stated that the firm failed to train their staff on how to properly advise customers buying their ‘Geek Squad’ mobile phone insurance, after being tipped off by a whistle blower.

BMW has warned, if there is no deal achieved in the departure of the country from the European Union (EU), it could move the production of its engines and their Mini model out of Britain.

The UK is due to leave the EU on March 29, however, after the agreement between Brussels and London was rejected by British lawmakers, the possibility of a chaotic exit could hit trade.

UK’s markets watchdog, the Financial Conduct Authority (FCA) has found three asset management firms breaching competition law by swapping information ahead of a share listing.

Hargreave Hale Ltd, Newton Investment Management Limited and River and Mercantile Asset Management LLP (RAMAM) are the three companies who have been found by the FCA as having breached competition law.