Banking Times: Daily Banking and Finance News

Savings & Investment News

Poor investment advice exposed in mystery shop

The Financial Services Authority (FSA) has published the results of a mystery shopping review that looked at the quality of investment advice given by banks and building societies. Approaching six major firms in the retail banking sector between March and … Read more »
UBS fined £9.45m over mis-selling of AIG fund

The Financial Services Authority (FSA) has fined UBS £9.45 million for failures in its sale of the AIG Enhanced Variable Rate Fund that led to customers being exposed to an unacceptable risk. The Swiss bank also failed to deal properly … Read more »
Investors expect FTSE to rise more than 5% in 2013

The latest share dealing market tracker from Halifax shows investors split 50:50 on whether the UK economy will grow by more than 1% in 2013. Nevertheless, nearly two-thirds of investors (63.9%) surveyed expect the FTSE 100 Index to end the … Read more »

Bank of Japan leaves rates unchanged

The Policy Board of the Bank of Japan has announced that it has decided to leave the country’s interest rate unchanged at between 0% and 0.1%. The decision, based on a vote that was unanimous, was generally expected and follows … Read more »
ECB keeps single currency rate unchanged

The Governing Council of the European Central Bank (ECB) has decided to leave the eurozone’s interest rate unchanged at 0.75%. The decision follows that of the Bank of England’s Monetary Policy Committee (MPC), which yesterday also elected to leave the … Read more »
Bank of England keeps rates unchanged

The Monetary Policy Committee (MPC) of the Bank of England has decided to leave the United Kingdom’s interest rate unchanged at 0.5%. The rate, the lowest on record in the bank’s 300 year history, has been unchanged since March 2009. … Read more »

New pensions quality mark launched

A new benchmark, known as “READY”, has been launched by the Pension Quality Mark (PQM) to help companies select a good quality multi-employer pension scheme or master trust. The initiative recognises good quality defined contribution schemes that have high standards … Read more »
NAPF and Cass launch pensions risk programme

The National Association of Pension Funds (NAPF), Cass Business School and the Pensions Institute are launching a programme on pensions risk and investment management. The first of its kind in the UK, the course is designed to give pensions professionals … Read more »
Auto-enrolment improvements on their way

The Government wants to make automatic enrolment a simpler process and will launch a consultation next month to provide employers and the pensions industry with an opportunity to comment on a number of proposed changes. Since the roll-out of auto-enrolment … Read more »

Legg Mason appoints president and CEO

The Board of Directors of Legg Mason, Inc. has announced the appointment of Joseph A. Sullivan to the posts of president and chief executive officer, with immediate effect. In addition, it has announced the appointment of Dennis M. Kass to … Read more »
RBS appoints corporate regional director

Royal Bank of Scotland (RBS) has appointed Jonathan Barrow as regional director for the East of England corporate & institutional banking coverage team. Mr Barrow moves from RBS’s large corporate team in London where he held the position of senior … Read more »
Barclays to cut at least 3,700 jobs

Barclays has announced the outcome of its strategic review of 75 business units, which will cost at least 3,700 jobs across the group. Job losses include 1,800 in corporate and investment banking and 1,900 in Europe retail and business banking. … Read more »

RBS appoints corporate regional director

Royal Bank of Scotland (RBS) has appointed Jonathan Barrow as regional director for the East of England corporate & institutional banking coverage team. Mr Barrow moves from RBS’s large corporate team in London where he held the position of senior … Read more »
Bankia accelerates branch restructuring

Bankia has announced that in March it will begin the process of streamlining its branch network as part of the Restructuring Plan that European and Spanish authorities approved in November of last year. The central services of the bank will … Read more »
UK business confidence hits all-time low

BDO’s business optimism index has fallen to its lowest reading since the report began 21 years ago. The index, which predicts business performance two quarters ahead, declined to 88.9 in January (December 90.3) remaining below 95, the level that indicates … Read more »

Clearstream’s direct link to Russia to go live

Clearstream says it will be offering competitive prices and deadlines in settling Russian government bonds, from February. The firm, which is a member of the Deutsche Börse group, will launch a direct settlement link to the Russian market following the … Read more »
Barclays to cut at least 3,700 jobs

Barclays has announced the outcome of its strategic review of 75 business units, which will cost at least 3,700 jobs across the group. Job losses include 1,800 in corporate and investment banking and 1,900 in Europe retail and business banking. … Read more »
Goldman’s Jim O’Neill to retire

Jim O’Neill, chairman of Goldman Sachs Asset Management, will be retiring later this year after nearly 20 years of service. Mr O’Neill is regarded as an expert in the world’s foreign exchange and bond markets and is credited with having … Read more »

Annuity income drops 20% in three years

In January 2010, the average annuity for a 65-year-old with a £50,000 pension pot would have paid an annual income of £3,495, according to MGM Advantage. Today, that same pension pot would generate an annual income of £2,786, a reduction … Read more »
Annuity incomes – biggest fall for 15 years

Research from Moneyfacts shows the average annual income of a standard annuity for a 65-year old male falling by 11.5% last year, the biggest annual decline since 1998. The switch to gender neutral pricing on 21st December probably eased the … Read more »
Credit Suisse appoints Greater China co-CEO

Credit Suisse has announced the appointment of Neil Harvey as the chief executive officer of Hong Kong, and co-chief executive officer of Greater China. He has worked at Credit Suisse for 13 years, during which time he has occupied numerous … Read more »