Pension Insurance Corporation will launch a £250m corporate bond to fund a raft of new business November 17, 2016 A wave of Britain's largest firms are planning to offload huge pension liabilities to a key market player. The Pension Insurance Corporation (PIC), a company that specialises in taking pension headaches away from businesses, will today launch a £250m investment bond to fund a bottleneck of deals in late 2016 and early 2017. Sources close to the [...]
The Financial Conduct Authority puts communication “front and centre” as part of proposals for Lifetime Isa sales November 16, 2016 Britain's financial watchdog has set out its expectations on the rules of engagement for next year's launch of the Lifetime Isa. The Financial Conduct Authority (FCA) today issued a consultation paper that proposed financial advisers must warn investors of the key penalties and opportunity costs of using the savings wrapper. Read more: Property or pensions? Why not both? [...]
LV quits the annuity market: experts say it was inevitable November 16, 2016 LV is the next big insurance name to flee the enhanced annuity market with immediate effect. With annuity rates plummeting as the lower-for-longer interest rate environment persists, the announcement follows the earlier news that the insurer was reviewing its annuity operations. Read more: Binning the government's annuity initiative: Here's what the experts think “The writing was on the wall," [...]
The government’s decision to cancel a retail offering of Lloyds shares is an outrage November 16, 2016 Lloyds Banking Group will bring up mixed emotions for the British public. On the one hand, it still represents a symbol of the financial crisis, and the subsequent pain and aftershocks that brought for Britain. On the other, it is a household name, present on our high streets and safely nestled on the FTSE 100. [...]
Protecting the crowd: Platforms must lead the due diligence charge November 16, 2016 The issue of due diligence could become a talking point again once the FCA completes its scheduled review of the crowdfunding rules it introduced in 2014. While we’ve not seen evidence that further regulation of investment-based crowdfunding will be recommended, as the industry matures, it’s time for crowdfunding platforms to step up and work together [...]
From crowdfunding to IPO in 16 months: Edinburgh tech company claims UK first with Aim flotation November 16, 2016 The London Stock Exchange’s junior market today welcomed its first company with roots in equity crowdfunding. Edinburgh-based tech company Freeagent Holdings began trading on the Alternative Investment Market (Aim) this morning, with the float raising £10.7m and valuing the company at £34.1m. Freeagent, a cloud-based software-as-a-service accounting software company, is believed to be the first [...]
Online lasting power of attorney numbers are on the up, here are five things you need to know November 16, 2016 Government do-it-yourself kits for lasting powers of attorney have been criticised and called "risky", as new figures reveal public take-up is spiralling. Lasting powers of attorney (LPA) – which transfer the responsibility to make key life choices to another person in the event of mental incapacity – have increased threefold since 2010, according to data released by the government [...]
Speedy Hire shares soar as tool lender hammers expectations – “in spite” of Toscafund activism November 16, 2016 Speedy Hire’s share price shot up 15 per cent this morning after the lender of tools and construction equipment reported increasing revenues and profits – an improvement the company said came “in spite” of a high-profile attack from an activist investor. Group revenue for the six months to 30 September was £187.1m, up 13 per cent [...]
Oversubscribed investment trust and Scottish tech firm announce flotations November 16, 2016 A Scottish technology company floated on the London Stock Exchange this morning and is set to be joined by an oversubscribed new investment trust on Friday. Morning Wire first reported that the investment trust, Civitas, which focuses on social housing, was planning to raise £250m through a float on 18 November. The IPO was oversubscribed [...]
London, this is Scotland calling… November 16, 2016 | City Talk To paraphrase the comedy legend, Billy Connolly: "Never trust a man who, when left alone with a tea cosy, doesn't try it out for size." He had a point. And this same sense of innovation is not lost on Scotland's financial sector. Over the decades major multinationals have tried Scotland out for size, and found it a perfect fit for their [...]