News

All the latest news and views from Financial Advice Network

Standard Life Aberdeen and Lloyds dispute

19 Mar, 2019

Standard Life Aberdeen wins Lloyds mandate dispute


Standard Life Aberdeen (SLA) has won the legal battle against Lloyds, stopping them from cancelling a £100 billion investment management contract early. This could cost Lloyds bank hundreds of millions of pounds in extra fees.

Lloyds had argued that the £11 billion merger of Standard Life and Aberdeen Asset Management, to form SLA in 2017 allowed for them to end Aberdeen’s 2014 contract to manage a large proportion of its pension assets, because it considered Standard Life as their competition.

second charge

15 Mar, 2019

Borrowers turn to second charge loans in light of Brexit


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.

FCA warn about crypto assets

07 Mar, 2019

Consumers do not understand crypto assets, FCA warns


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”.

standard life investigated by FCA

05 Mar, 2019

Standard Life Assurance referred to FCA for investigation


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.

UK public finance surplus

21 Feb, 2019

UK public finance hit record surplus


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.

Brexit - 1 in 3 firms to relocate

01 Feb, 2019

One in three UK firms could re-locate following Brexit


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 fined

13 Mar, 2019

Carphone Warehouse fined for mis-selling insurance


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 to move production out f UK if no-deal Brexit occurs

06 Mar, 2019

BMW warns on a no deal Brexit


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.

FCA fine asset managers for breaking competition rules

22 Feb, 2019

FCA fines asset managers for breaking competition rules


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.

Toyota profits

06 Feb, 2019

Toyota profit warning


Toyota Motor Corp’s quarterly operating profit edged up as a result of its increasing sales in the Asian market, offsetting the 81% drop in net profit as a result of lower sales in North America, its largest market.

The Japanese automaker lowered their forecasted net profit for 2018 from 2.3 trillion yen to 1.87 trillion yen ($17 billion), alluding to unrealised losses on some of their equity investments, however, reiterated its annual operating profit projection of 2.4 trillion yen.

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