Four reasons why you should think about switching your bank account August 10, 2016 Banks are going to offer customers more sophisticated digital products following an order from competition chiefs. Every high street bank alongside the only-online “challenger” banks will soon have to launch an app where customers can see all of their accounts in one place. It will also allow people to see better deals among competitor banks, so [...]
The Loch Ness Monster of investments? Trade body says there is no evidence of hidden fund fees August 9, 2016 The investment managers’ trade body has published a report questioning the existence of hidden fees lurking in funds. The Investment Association today condemned “hidden-fees hysteria”. The IA research, carried out by Fitz Partners and published today, found that equity fund returns are 0.71 per cent above index returns each year, looking at data from between [...]
Meggitt share price leaps on news of second major investor increasing stake August 8, 2016 Activist investor Elliott Management increased its position in Meggitt this morning driving up the share price of the struggling engineer nearly nine per cent. Elliott is the second major investor in Meggitt shares over the last few days. Norges Bank took a three per cent stake on Friday and Elliott, who had already built up a considerable interest [...]
Smallest businesses face £22m of fines over auto-enrolment pensions confusion August 8, 2016 UK micro-businesses are collectively facing fines of up to £22m due to a lack of understanding around auto-enrolment pensions, a new report has warned. The Pensions Regulator estimates that around 262,000 micro-businesses, defined as firms employing between one and four people, are set to “stage” – or be required to set up a workplace pension [...]
Work and Pensions committee takes next step in inquiry into state of play of pensions August 8, 2016 MPs have today issued a call for evidence for an inquiry on the state of defined benefit (DB) pensions, with the roles of the pensions watchdog and lifeboat in particular thrust under the microscope. The inquiry by the Work and Pensions committee was sparked by its recent investigation into the pensions situation at BHS. The retailer had [...]
Lex Deak talks mums on Facebook, setting up a hotel in Marrakech, Dragons’ Den and bitcoin August 8, 2016 I never really considered working for someone else. At 12, I was buying electronics in bulk and selling them at school and via Loot.” This was the start of a fascination with business for serial entrepreneur Lex Deak. Most recently, the 33 year-old launched OFF3R, an aggregator for alternative finance deals. The year before that – [...]
Superstar investor Neil Woodford accepts trust results will “disappoint” investors August 4, 2016 Neil Woodford has said he understands why some investors in Woodford Patient Capital Trust will be “disappointed” with its performance. The trust today reported that its net assets had fallen to £717.9m in the first half of 2016, down from £814.9m a year ago. Launched in April last year, Woodford raised a record £800m for [...]
Here’s how Philip Hammond can reassure small businesses and investors alike August 4, 2016 Philip Hammond was quick to rule out a post-Brexit Budget after being installed as the new chancellor. Number 11’s latest resident, who will wait instead until the Autumn Statement, has also stated that he will support the City, and wider business, as the UK exits the EU. The challenge, Hammond has observed, is to send “signals [...]
How crowdfunding can give you an income boost in a low-rate wasteland August 4, 2016 With the Bank of England widely expected to cut interest rates this afternoon, savers are bracing themselves for a further drop in the already pitiful returns they are earning on deposit accounts. According to data from comparison site Moneyfacts, the average five-year fixed rate bond offered an interest rate of just 2 per cent in [...]
Tighter pensions rules urged to avoid BHS-style failures August 3, 2016 The Pensions Institute has issued a stark warning over businesses "milking and dumping" pension schemes, as it called on the government to do more to prevent this. It came after a study by Keith Wallace, president of the Association of Corporate Trustees and author of the report, found dozens of examples of businesses exploiting surpluses and shedding deficits in [...]