News

All the latest news and views from Financial Advice Network

Fall in inflation

23 May, 2018

Surprising fall in UK inflation weakening the pound


Inflation in the UK falls unexpectedly in April for the second consecutive month. Consequently, this also resulted in the value of the pound falling to the lowest level for this year.

Figures that were published by the Office for National Statistics show the consumer price index rose by an annual 2.4% in April, marking a 13-month low, a fall from the 2.5% figure in March. Lower air fares over the Easter holidays is said to have pushed down inflation figures for last month.

Russian dirty money risking UK security

22 May, 2018

Russian ‘dirty money’ damaging Britain


The UK has been accused of turning a blind eye to Russian ‘dirty money’, which has been hidden in British assets and laundered through financial institutes in the City of London. A committee of MP’s has commented on how this has put national security at risk.

The foreign affairs committee remarked how the governments negligent approach to dealing with international money laundering is putting money in the hands of those who have the capabilities to use that money to harm the UK and its allies.

FCA warns about contract changes

17 May, 2018

FCA warns over changes to contracts


Earlier this morning, the Financial Conduct Authority (FCA) published a draft guidance outlining factors that should be considered by financial services firms under the Consumer Rights Act 2015 (CRA), when drafting and reviewing variation terms in their customer contracts.

The FCA has called for firms to be more fair and transparent with the terms in their consumer contracts. Adding that they would take action where they think the firm has been unfair or lacked transparency in their customer contracts.

FSCS

14 May, 2018

FSCS declares wealth manager sued client by default


Full Circle Asset Management, a wealth management firm which went into administration after losing a court case brought by a client is among the eight firms declared in default by the Financial Services Compensation Scheme (FSCS).

They went into administration in December 2017, after the court ordered them to pay damages to a client of theirs because they had failed to apply stop losses as agreed. Moreover, they failed to keep their client in assets appropriate to their agreed risk profile.

BT cut 13,000 jobs and move from London

10 May, 2018

BT axes 13,000 jobs to cut costs


Over the next three years BT is set to cut 13,000 jobs and move out of their headquarters in central London. With most of the back office and middle management jobs proposed as being cut, cutting their costs by £1.5 billion.

Gavin Patterson, chief executive of BT, said:

“This is probably the most significant transformation we have made in the last 10 years

“We need to do this to be competitive in the future. If we are compared with our peers, we are frankly too complex and overweight. While I recognise the pain, ultimately it is the right thing to do for the business.”

virgin money takeover bid

08 May, 2018

Virgin Money receives £1.6 billion takeover bid from rivals


The owner of Clydesdale and Yorkshire Bank, CYBG, has made a £1.6 billion bid to take over rivals Virgin Money.

Virgin Money is a part of Richard Branson’s Virgin Group. In a statement released by Mr Branson earlier today he stated the company had received a “preliminary and conditional proposal from CYBG to acquire the entire issued and to be issued share capital.”

Girl fund

18 May, 2018

‘Girl Fund’ to invest in firms with good gender balance


Legal and General Investment Management (LGIM) have launched the first investment fund aiming to encourage gender diversity among UK firms. The L&G Future World Gender in Leadership UK Index Fund or GIRL Fund in short will prioritize investing in firms that have a good record in gender diversity, with women represented at all levels, in attempts to tackle gender inequality.

British Gas loses 110,000 accounts

16 May, 2018

British Gas loses 110,000 customer accounts


The UK’s largest energy supplier, British Gas has lost 110,000 energy supply accounts in the first four months of the year, its parent company Centrica discloses. Increased competition has meant customers continue to abandon the bigger energy firms.

The company lost 1.3 million accounts last year. Centrica commented that the intensity level of competition had been high, but the rate at which they were losing customers was slowing.

Inflation rates held steady by Bank of England

11 May, 2018

Interest rates held steady by the Bank of England


The Monetary Policy Committee (MPC) of the Bank of England has voted to keep interest rates on hold at 0.5%, as they report the UK has hit a ‘temporary soft patch’. They did however cut their growth forecast for the year to 1.4%, a 0.4% decrease from its previous forecast in March.

Disruption in the economy, caused by bad weather, was the reason the Bank offered for making the cut. However, Mark Carney, governor of the Bank of England remarked that it is likely rates will rise sometime this year.

Standard Life Aberdeen challenge Scottish Widows

09 May, 2018

Standard Life Aberdeen fights Scottish Widows against asset pull


Lloyds Banking Group parent company of Scottish Widows have formally been challenged by Standard Life Aberdeen for attempting to pull assets worth £109 billion from the company.

In February, Scottish Widows informed Aberdeen Standard Investments of a withdrawal of their assets. They said the reason for this was that Aberdeen had merged with Standard Life, an insurance business, now making them a competitor for Scottish Widows.

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