In order to operate in the United Kingdom, financial firms in the European Union (EU) must conform to EU “passporting” rules. These rules currently allow easy access to Britain. However, with Brexit looming, and negotiations underway, around 8,000 ‘inbound’ banks, insurers and asset managers in the EU will no longer be able to operate come […]
Research commissioned by BlackRock, an asset management firm and provider of investment management, has shown that seven out of ten Britons would like the government to start making a compulsory contribution to their pension, based on a percentage of their salary. The survey, conducted by BlackRock, consulted over 500 UK defined contribution (DC) pension […]
19 Sep, 2017
Accusations against intermediaries have arisen, claiming that more than 900,000 buyers a year are paying an extra advice fee. This ‘double dipping’ allegedly takes place despite the fact that brokers are already paid a commission fee by lenders. The accusations have been ledged by independent broker, One 77 Mortgages. Claiming that mortgage brokers scammed […]
The Competition and Markets Authority (CMA) has been authorised by the Financial Conduct Authority (FCA) to investigate the investment consultancy and fiduciary managements sectors for unfair competition levels. The CMA has said it has the power to investigate when it suspects competition levels are “prevented, restricted or distorted”. The regulator added that it believes the […]
12 Sep, 2017
HSBC has saved borrowers hundreds of pounds by ditching their valuation fees on mortgages. Starting yesterday (Monday 11th September), customers will see savings of £173 for property values between £150,001 and £200,000, £227 for property values between £250,001 and £300,000, and £281 for property values between £400,001 and £500,000. This saving is welcomed by customers. […]
08 Sep, 2017
The British Chambers of Commerce (BCC) claims that Britain is stuck in a “low growth trajectory” due to Brexit uncertainty. It says the UK was “treading water” because of household budgets and the exporters not capitalizing on the low pound. As the final withdrawal date from the European Union (EU) draws nearer, the BCC […]
According to the Resolution Foundation, a think-tank that works to improve the living standards of those in Britain on low to middle incomes, young people in Britain are spending three times more on housing than their grandparents did at the same age. Other problems they have to cope with are less space in the […]
It has been reported, by property site Rightmove, that asking prices for homes in London have fallen, on average, by £18,000 between August and September. Boroughs such as Kensington and Chelsea saw the biggest average drops of around £300,000, with Camden also being hit hard. Rightmove are claiming this ‘readjustment’ is gaining speed due to […]
A study by Yorkshire Building Society has shown that half of UK homes are now more affordable than they were before the financial crisis. With cities such as Birmingham, Glasgow and Leeds having the largest gap between house prices and earnings. The building society found that the affordability crisis in London was pushing people to […]
11 Sep, 2017
Northern Rock Bailout Should Have Been Kept Secret says then Governor of the Bank of England
It was revealed, back in September 2007, that the Bank of England would help support the North East bank, Northern Rock, who was in dire straights. The day after it was announced, thousands of Northern Rock customers started to queue up to withdraw their money and so began the first run on a bank in […]