Debenhams falls into administration as Sports Direct fails with £200m equity offer April 9, 2019 Embattled department store chain Debenhams has fallen into the hands of its lenders, entering administration despite an 11th-hour bid from Sports Direct billionaire Mike Ashley to keep it public. Read more: Debenhams shares suspended as it falls into clutches of lenders Although the retailer’s 165 stores will continue to trade, some 50 outlets have already been flagged [...]
It’s time for the pensions industry to stop taking customers for granted April 5, 2019 With workplace pension contributions increasing from tomorrow, I’m reminded of a recent industry event that I attended. During the keynote, the speaker cut to a video where members of the public were stopped on the street and asked “who is your pension provider?” Most of those questioned looked confused, unable to recall where their pensions [...]
Amber Rudd gives nod for pensions dashboard project to ‘transform’ retirement planning April 4, 2019 Amber Rudd has given the green light for the long-awaited pensions dashboard project to go ahead, with the first industry models to come out later this year. Under the scheme, workers will be able to see information about their various nest eggs combined on a so-called dashboard, accessible on smartphones, tablets and computers. The plan [...]
Dormant assets scheme could be expanded following government report April 4, 2019 A scheme to reallocate dormant assets to charitable causes could be extended to the investment and wealth management sector following the publication of a government report. An independent report commissioned by the government found that extending the scheme to other financial services, also including the insurance and pensions sector, could "significantly expand the money available to good [...]
DEBATE: Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? April 3, 2019 Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? YES, says Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee. We have two major problems in the audit market today: a lack of competition and quality. The Big Four’s dominance has led to a precarious [...]
Generation Rent needs more help to buy property, not Help to Buy April 2, 2019 Britain is not yet a nation of renters – but it’s getting there. Half of children are now born in rented accommodation, versus a third back in 2003-4. The number of families renting with children has doubled in a decade, according to the insurance provider Royal London. Meanwhile, new analysis shows that the government’s Help [...]
Just Group completes £375m fundraising to meet new regulations March 25, 2019 Retirement services firm Just Group shares fell again this morning as it announced it had completed a £375m fundraise to comply with new capital requirement rules. The firm, which unveiled heavy 2018 pre-tax losses earlier this month, said it had issued £300m worth of bonds and raised an extra £75m via an equity placing. Read [...]
‘Constitutional crisis’ as John Bercow blocks another vote on May’s Brexit deal March 18, 2019 Theresa May's bid to win parliamentary approval for her Brexit withdrawal deal has been dealt another dramatic blow after Commons Speaker John Bercow declared he could block any attempt to put the question to MPs again. In a surprise statement, Bercow said he would only allow the government to put its Brexit plan before MPs again [...]
New ‘halfway house’ pension scheme given the go-ahead in bid to reduce risk for savers March 18, 2019 Pensions secretary Amber Rudd has given the green light for a new, Dutch-style pensions scheme to enter the market, which bids to give savers more stability by pooling risk. The so-called Collective Defined Contribution (CDC) scheme, which is widespread in Denmark and the Netherlands, will be offered to Royal Mail workers first, before a planned [...]
Sir Philip Green set to axe jobs and stores in vast Arcadia restructure March 15, 2019 Sir Philip Green is set to close vast numbers of Top Shop, Dorothy Perkins and Miss Selfridge in a huge restructure of his Arcadia retail empire, it is reported. Read more: Philip Green closes 210 Arcadia stores over two years The high street billionaire is preparing a company voluntary arrangement (CVA) that could result in [...]