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....Meanwhile, even bigger anxieties swirl around. Some relate to the disastrous possibilities of a cliff-edge Brexit, glimpsed this week in the letter written to the House of Commons Treasury select committee by the deputy governor of the Bank of England in charge of the Prudential Regulation Authority, which essentially exists to prevent financial crises. ... [Read full article on Guardian ]
Friday 11th of August 2017 05:00:49 AM
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....The Bank of England has warned that the task of regulating the City after Brexit will put a strain on its ability to police the financial sector. Deputy governor Sam Woods also said the Bank’s regulatory arm, the Prudential Regulation Authority, faced “a material risk to its objectives” – which include promoting financial stability – as it deals with the UK’s exit from the EU. ... [Read full article on Guardian ]
Tuesday 8th of August 2017 11:01:03 PM
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....Morgan said: “The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector. Based on the information the PRA [Prudential Regulation Authority] has collected, I have asked Sam Woods about how banks and insurers will respond as the Brexit deadline approaches, and the key risks of a ‘no deal’ scenario. ... [Read full article on Guardian ]
Monday 31st of July 2017 11:01:01 PM
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....Sam Woods isn’t beating about the bush. The deputy governor of the Bank of England and head of the Prudential Regulation Authority (PRA) says practical complexities arising from Brexit pose “a material risk to our objectives” and “we may have to make some difficult prioritisation decisions”. ... [Read full article on Guardian ]
Tuesday 8th of August 2017 11:01:03 PM
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....5%. Credit Suisse boss Tidjane Thiam, who previously ran UK insurer Prudential, was paid $9. ... [Read full article on Guardian ]
Monday 24th of July 2017 10:36:39 AM
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.... The bank is fighting accusations by the US Department of Justice – made in December – over a decade-old mortgage bond mis-selling scandal. With regards to the whistleblowing investigation, the bank said it and Staley “are cooperating fully” with the Financial Conduct Authority and the Prudential Regulation Authority. ... [Read full article on Guardian ]
Friday 28th of July 2017 07:25:34 AM
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....You will pay corporation tax rather than income tax which may be lower as the current rate is 19 per cent. There are other benefits too as the Bank of England’s Prudential Regulation Authority recently tightened up criteria for buy-to-let mortgages and applicants must demonstrate that they can afford their mortgage should rates rise. ... [Read full article on Daily Express ]
Wednesday 9th of August 2017 08:30:00 AM
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....The great UK pensions gender gap hits millions of ordinary women rather than a few TV presenters, making their final years much harder. Women retiring this year will get an average annual retirement income of £14,300 against £20,700 for men, a gap of £6,400 a year, according to research from Prudential. ... [Read full article on Daily Express ]
Sunday 30th of July 2017 11:20:00 AM
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....". One in four Britons retiring this year has a mortgage or other debts to pay off, typically owing £24,000, according to research from insurer Prudential. ... [Read full article on Daily Express ]
Sunday 6th of August 2017 10:41:00 AM
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.... So what was the point of asking the public? If an 88% majority – albeit on a low response rate of 3,544 people – can be ignored, why bother to consult? It doesn’t make you any more open-minded. Part of the success of M&G, it was always understood, lay in the fact that the Prudential has let the fund manager do its own thing. ... [Read full article on Guardian ]
Thursday 10th of August 2017 06:27:09 PM
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Latest Finance News related to Prudential

New pension research: Is this really a golden era for retirement? image
Source : Daily Express [Read Article] Sunday 13th of August 2017 10:29:00 AM
....Crucially, the ONS figures do not include housing costs, which have risen sharply, leaving those still renting or paying off a mortgage in retirement notably worse off than homeowners who have cleared their debt. Prudential discovered that one in four people retiring this year will still have a mortgage or other debts to pay off, owing £24,000 on average. ...
For the first time ever I am defending banks. Here’s why | John Harris image
....Meanwhile, even bigger anxieties swirl around. Some relate to the disastrous possibilities of a cliff-edge Brexit, glimpsed this week in the letter written to the House of Commons Treasury select committee by the deputy governor of the Bank of England in charge of the Prudential Regulation Authority, which essentially exists to prevent financial crises. ...
Bank of England takes note on banknotes (but that's all) | Nils Pratley image
Source : Guardian [Read Article] Thursday 10th of August 2017 06:27:09 PM
.... So what was the point of asking the public? If an 88% majority – albeit on a low response rate of 3,544 people – can be ignored, why bother to consult? It doesn’t make you any more open-minded. Part of the success of M&G, it was always understood, lay in the fact that the Prudential has let the fund manager do its own thing. ...
Buy-to-let landlords: Five top tips that could save you THOUSANDS image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 08:30:00 AM
....You will pay corporation tax rather than income tax which may be lower as the current rate is 19 per cent. There are other benefits too as the Bank of England’s Prudential Regulation Authority recently tightened up criteria for buy-to-let mortgages and applicants must demonstrate that they can afford their mortgage should rates rise. ...
Bank of England warns Brexit will put strain on regulatory resources image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
....The Bank of England has warned that the task of regulating the City after Brexit will put a strain on its ability to police the financial sector. Deputy governor Sam Woods also said the Bank’s regulatory arm, the Prudential Regulation Authority, faced “a material risk to its objectives” – which include promoting financial stability – as it deals with the UK’s exit from the EU. ...
Bank of England deputy's Brexit warning is strong stuff | Nils Pratley image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
....Sam Woods isn’t beating about the bush. The deputy governor of the Bank of England and head of the Prudential Regulation Authority (PRA) says practical complexities arising from Brexit pose “a material risk to our objectives” and “we may have to make some difficult prioritisation decisions”. ...
Downsizing: The disadvantages of moving to a smaller home image
Source : Daily Express [Read Article] Sunday 6th of August 2017 10:41:00 AM
....". One in four Britons retiring this year has a mortgage or other debts to pay off, typically owing £24,000, according to research from insurer Prudential. ...
Nicky Morgan requests assessment of City's readiness for hard Brexit image
Source : Guardian [Read Article] Monday 31st of July 2017 11:01:01 PM
....Morgan said: “The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector. Based on the information the PRA [Prudential Regulation Authority] has collected, I have asked Sam Woods about how banks and insurers will respond as the Brexit deadline approaches, and the key risks of a ‘no deal’ scenario. ...
Millions of women hit by pensions gender gap  image
Source : Daily Express [Read Article] Sunday 30th of July 2017 11:20:00 AM
....The great UK pensions gender gap hits millions of ordinary women rather than a few TV presenters, making their final years much harder. Women retiring this year will get an average annual retirement income of £14,300 against £20,700 for men, a gap of £6,400 a year, according to research from Prudential. ...
Barclays sets aside extra £700m for PPI claims image
Source : Guardian [Read Article] Friday 28th of July 2017 07:25:34 AM
.... The bank is fighting accusations by the US Department of Justice – made in December – over a decade-old mortgage bond mis-selling scandal. With regards to the whistleblowing investigation, the bank said it and Staley “are cooperating fully” with the Financial Conduct Authority and the Prudential Regulation Authority. ...
Peer-to-peer lender Ratesetter hit by £80m of struggling loans image
Source : Guardian [Read Article] Tuesday 18th of July 2017 07:37:39 PM
.... They have emerged just as the company has started to promote itself more as a business with establishment connections and less as a startup. The City grandee Paul Manduca, chairman of Prudential, has just taken over as Ratesetter’s chair. ...
HBOS inquiry: the time for delays is over | Nils Pratley image
Source : Guardian [Read Article] Tuesday 18th of July 2017 06:28:07 PM
....To be fair to him, he can’t be blamed for the delay in conducting the official inquiry, which finally landed in November 2015. Indeed, as head of the Prudential Regulation Authority at the time, he was one of the authors of the damming 400-page report that declared that “ultimate responsibility for the failure of HBOS rests with its board”. ...
Deadline looming for firms to give Brexit strategies to Bank image
Source : Guardian [Read Article] Saturday 8th of July 2017 03:00:11 PM
.... Japanese banks Nomura and Daiwa are also said to have picked Frankfurt for some of their operations. While the plans that the Bank’s regulatory arm, the Prudential Regulation Authority, is asking for are intended to be contingency proposals, there are fears they could be enacted at the end of this year if there is no more information about transition arrangements. ...
Lenders told to be vigilant over loans image
Source : BBC [Read Article] Tuesday 4th of July 2017 10:52:05 AM
....Lenders have been told to raise their game after regulators highlighted the risks in the consumer credit market. The Bank of England's Prudential Regulation Authority (PRA) has highlighted various concerns during a review of lending in personal loans, credit cards and car finance. ...
Bank of England steps up scrutiny of lenders image
Source : Guardian [Read Article] Tuesday 4th of July 2017 08:59:11 AM
....The bank is calling on firms to look at the terms under which they are granting 0% balance transfers on credit cards and the basis on which they are issuing personal loans, and to consider the impact of a fall in value of a car when providing vehicle finance. Its regulatory arm, the Prudential Regulation Authority, found that while the current pace of growth was not being driven by a relaxation of lending standards, it was concerned that to achieve their future plans they would have to do so. ...
Can the Bank get Britain to kick its cheap credit habit? image
Source : Guardian [Read Article] Saturday 1st of July 2017 03:00:02 PM
....As the main source of financial instability in 2008, the mortgage market has come under closer scrutiny in recent years than ever before. The Prudential Regulatory Authority, an arm of the Bank of England that overseas the financial sector, has put in place tough rules that force banks to hold huge reserves in case unemployment increases and borrowers can no longer afford their monthly payments. ...
UK banks ordered to hold more capital as consumer debt surges image
Source : Guardian [Read Article] Tuesday 27th of June 2017 09:44:48 AM
....The Bank is also bringing forward the part of the annual stress tests on banks that scrutinises their exposure to consumer credit by two months to September. The Bank’s Prudential Regulation Authority and the City regulator, the Financial Conduct Authority, will also publish next month how they expect lenders to treat borrowers in the consumer credit market. ...
Buy-to-let UK property sales fall by almost 50% in a year image
Source : Guardian [Read Article] Thursday 22nd of June 2017 05:45:48 PM
.... Instead, the income tax on someone’s property profits and any other income sources will be added up, and they will then be granted a “tax credit” worth 20% of the mortgage interest cost to offset against income tax. Since January the Prudential Regulation Authority (PRA) has required lenders to apply stress tests to new lending, putting further pressure on landlords’ finances. ...
More than half of those retiring in 2017 are doing so early, says survey image
Source : Daily Express [Read Article] Friday 2nd of June 2017 12:01:00 AM
. Some 60 per cent of those planning to give up work in 2017 are doing so earlier than their projected state pension age, or company pension scheme retirement date, Prudential found. ...
Dow Jones falls more than 370 points as Trump controversy rattles markets image
.... Financial stocks, which had soared in the months since the election, slumped the most as bond yields declined and traders piled into utilities, gold and other traditional safe-haven assets. Investors are questioning whether Trump’s agenda can remain on track in light of the growing questions and allegations playing out in the media, said Quincy Krosby, a market strategist at Prudential Financial. ...
The cost of divorce: Marriage split hits retiree income by £3,000 a year image
Source : Daily Express [Read Article] Thursday 11th of May 2017 04:13:00 PM
. The typical expected income for someone who split up with their life partner stands at £16,300 a year, whereas those who stayed together are set for £3,000 more at £19,400, found a report by Prudential. ...
Barclays chief apologises to shareholders over whistleblowing incident image
Source : Guardian [Read Article] Wednesday 10th of May 2017 06:26:33 PM
.... Even so, he said, the bank had treated the matter as a whistleblowing incident – although McFarlane said many issues raised by whistleblowers are not found to be valid. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Barclays CEO sees no reason for Brexit jobs shift to Europe image
Source : Guardian [Read Article] Wednesday 10th of May 2017 12:12:29 PM
....Staley made two attempts to discover the identity of the individual making the allegations and began the meeting by apologising to shareholders for his actions, which he now says were a mistake. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Barclays boss sees off shareholder rebellion image
Source : BBC [Read Article] Wednesday 10th of May 2017 07:04:15 AM
....He later told the Barclays board he had been trying to protect the individual who had experienced personal difficulties, but admitted he got "too personally involved". The Financial Conduct Authority and the Prudential Regulation Authority are now both investigating the matter. ...
Investors should get a bigger say on executive pay, says IoD image
Source : Guardian [Read Article] Wednesday 10th of May 2017 06:25:49 AM
....The IoD said that despite some high profile rebellions in recent months, executive pay is still usually waved through at annual shareholder meetings. There could be further pay rebellions at the ITV, Barclays and Aviva annual general meetings on Wednesday and at the Prudential’s meeting next week. ...
Tory claims over energy price cap are just hot air | Nils Pratley image
Source : Guardian [Read Article] Tuesday 9th of May 2017 06:46:24 PM
....In reply, Montague may plead that profits at Aviva Investors improved 30% last year to £139m, so describing it as a “permanent flop” is harsh. Yet even he would surely admit that the division is not pulling its weight in the way that M&G does at the Prudential and LGIM does for Legal & General. ...
Inheritance tax: Four in five over-55s at risk of brutal death bills image
Source : Daily Express [Read Article] Friday 5th of May 2017 04:06:00 PM
....Rising property prices, on top of increased pension wealth, mean the baby boomer generation is in a position to pass on significant assets to their loved ones. Estates liable for inheritance tax face an average bill of nearly £175,000 each, according to pension provider Prudential. ...
Bankruptcy risk as ‘desperate’ councils play the property market image
Source : Guardian [Read Article] Saturday 29th of April 2017 10:10:17 PM
....Local government sources played down fears of a bubble, pointing out that every council investment was made on a case-by-case basis and had to meet strict borrowing criteria. Under the Prudential Code, councils must show that their investment plans are affordable, prudent and sustainable. ...
Barclays chief admits he 'made a mistake' over whistleblowing case image
Source : Guardian [Read Article] Friday 28th of April 2017 08:27:59 AM
.... This related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. He had not offered to resign, Staley said, in the face the regulatory investigation into himself and the bank by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. ...
Barclays boss faces shareholder revolt over whistleblowing case image
Source : Guardian [Read Article] Thursday 27th of April 2017 06:37:05 PM
.... He has issued a written apology for becoming too personally involved in the whistleblowing case, which related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Millions rethink their investment plans and move away from buy-to-let property image
Source : Daily Express [Read Article] Wednesday 26th of April 2017 12:01:00 AM
....Some landlords are escaping the tax relief crackdown by investing via a limited company, but this can be expensive for landlords with only a few properties. To make matters worse, the Prudential Regulation Authority is forcing stricter affordability tests. ...
Most global investors recognise financial risk of climate change, report finds image
....”. Hewson also praised the Australian Prudential Regulation Authority for warning in March that individual directors may be financially accountable for failing to factor in losses from climate change, commenting “that’s shaken them up a lot”. ...
United Airlines shows why it's time to deplane corporate-speak image
Source : Guardian [Read Article] Sunday 16th of April 2017 05:59:23 AM
....Staley now faces a significant cut to his bonus, and worse could follow. The Financial Conduct Authority and the Prudential Regulation Authority are investigating him. ...
Credit Suisse bosses slash bonuses 40 percent image
Source : Guardian [Read Article] Friday 14th of April 2017 03:10:01 PM
....”. Thiam, who was previously boss of insurance giant Prudential, said: “Our decision [to cut the bonus pool] reflects the total confidence we have in the progress we are making. ...
Credit Suisse bosses offer to cut their own bonuses by 40% image
Source : BBC [Read Article] Friday 14th of April 2017 01:30:19 AM
....The Swiss bank has posted two straight years of losses but its top 12 executives were awarded 78m Swiss francs ($77m;£62m) in pay this year. Mr Thiam, who used to head insurance giant Prudential, was awarded 12m Swiss francs in total pay in 2016. ...
Barclays whistleblower case sparks calls for more protection image
Source : Guardian [Read Article] Tuesday 11th of April 2017 11:59:31 AM
....Jes Staley is being investigated by financial regulators and faces a significant cut to his pay after admitting trying to unmask a whistleblower who made allegations about a long-term associate he had brought to the bank. Public Concern at Work (PCaW), a charity for whistleblowers, said there was “much work to be done” while GoodCorporation said the Barclays saga would be a “real test” for the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority. ...
Under-fire Barclays chief is probably guilty of behaving like a chump image
Source : Guardian [Read Article] Monday 10th of April 2017 11:01:12 PM
....We know that Barclays chief executive Jes Staley committed a “serious offence” when he tried to unmask a whistleblower, and that the poor thing will now have to get by on just his basic salary of nearly £10,000 a day when his bonus is slashed as punishment. What we don’t know is if the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority will go further once their investigations are concluded. ...
City regulators investigate Barclays boss Jes Staley image
Source : BBC [Read Article] Monday 10th of April 2017 06:32:38 AM
....He had tried to discover who wrote a whistleblowing letter to the bank. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will investigate his conduct. ...
Are the wheels about to fall off the credit gravy train? image
Source : Guardian [Read Article] Saturday 8th of April 2017 03:00:05 PM
.... The Bank of England is concerned that consumer spending is underpinned by rising credit card debt, personal loans and car finance deals. Its financial policy committee (FPC) and Prudential Regulation Authority are checking on banks’ lending to people who may not be able to repay, the impact of that on lenders – especially if interest rates rise – and the availability of credit. ...
Bank of England orders financial firms to draft Brexit contingency plans image
.... Some companies have already unveiled plans to move jobs and operations out of the UK and the Bank is now calling on all those with cross-border activities between the UK and the rest of the EU to report back by 14 July. Sam Woods, the Bank’s deputy governor for prudential regulation and head of the Prudential Regulation Authority, wrote in Friday’s letter: “Many firms are well-advanced in their planning and have engaged closely with the PRA as part of that process. ...
Co-op Bank receives takeover 'proposals' image
Source : BBC [Read Article] Friday 7th of April 2017 08:03:17 AM
....In its latest statement, the Co-op Bank said that, in addition to talks with suitors, it was also in discussions with existing and other potential new investors to raise capital. It added that it continued to discuss both the sale process and capital raising process with the Prudential Regulation Authority (PRA), "which has welcomed the actions being taken". ...
Low interest rates put global financial sector at risk, IMF warns image
Source : Guardian [Read Article] Thursday 6th of April 2017 02:30:06 PM
.... Smaller banks would need to consolidate and policymakers would need to beware of calls for a softer touch regulatory regime. “Prudential frameworks would need to provide incentives to ensure longer-term stability instead of falling prey to demands for deregulation to ease the short-term pain,” the IMF said. ...
The Guardian view on rising personal debt: more prudence please | Editorial image
....From the embers of the 2008 financial crisis, a new regulatory regime emerged and there are some signs that it is now, finally, asserting itself. Andy Haldane, the Bank of England’s chief economist, first sounded the warning about rising consumer credit in 2015, but it was not until last week that the Bank announced that the Prudential Regulation Authority will be reviewing whether lending standards have become too lax, risking macroeconomic financial stability. ...
Fears for state pension: Over-55s believe vital income could be SCRAPPED by Government image
. The majority of older people believe the payment will be reduced and tax relief on pension contributions will also be cut, showed research by pension provider Prudential. ...
Bank still worried about personal lending image
Source : BBC [Read Article] Tuesday 4th of April 2017 11:26:26 AM
...."The FPC judged that underwriting standards should be monitored closely," it said. However another arm of the Bank, the Prudential Regulation Authority (PRA) has already started a review of the quality of new consumer credit lending, the results of which may affect future decision making at the Bank. ...
Sydney property prices rise almost 20% in past 12 months image
Source : Guardian [Read Article] Monday 3rd of April 2017 03:08:56 AM
....“Weaker economic conditions in states reliant on the mining industry, rising underemployment, weak wages growth and less favourable housing market conditions will drive delinquencies higher,” vice president and senior analyst Alena Chen said on Monday. On Friday the banking regulator, the Australian Prudential Regulation Authority (Apra), wrote to major lenders warning them to tighten their lending practices on investor and interest-only loans. ...
Government raises £11.8bn with Bradford & Bingley mortgage sale image
Source : Guardian [Read Article] Friday 31st of March 2017 09:15:51 AM
....8bn package of Bradford & Bingley loans bought by the taxpayer at the height of the financial crisis. The loan book will be sold to the insurer Prudential and US private equity firm Blackstone, after what the Treasury described as “a highly competitive sale process”. ...
UK's borrowing binge is worrying the Bank of England image
Source : Guardian [Read Article] Monday 27th of March 2017 02:29:00 PM
....The Bank’s financial policy committee wants to know whether the increase marks a return to the bad old days when lenders put themselves in jeopardy by making it far too easy to obtain credit. A report into credit quality being conducted by the Prudential Regulation Authority will be the trigger for action if it finds that competition for business has led to a dilution in credit quality. ...
New pound coin: £1 would be worth more than THREE times as much as original counterpart image
....And a spokesman for the British Parking Association said the majority of parking machines will be ready but some older machines may not be able to be upgraded and so new equipment may need to be invested in. New analysis from Prudential highlights the impact of inflation on retirement planning and income since the pound coin was first introduced 34 years ago. ...
Bonus for Pearson chief despite biggest loss in company's history image
Source : Guardian [Read Article] Friday 24th of March 2017 03:30:57 PM
....The company is also selling its 47% stake in the world’s largest book publisher, Penguin Random House, to strengthen its balance sheet. Fallon’s pay increase came as the total pay of Mike Wells, chief executive of Prudential, dropped 30% to £6. ...
Co-op Bank sale plan attracts suitors image
Source : BBC [Read Article] Friday 24th of March 2017 09:52:14 AM
....The bank was forced to offer itself for sale after it was unable to reach a strong enough footing to satisfy the Bank of England's regulatory requirements. It blamed low interest rates and the higher-than-expected cost of its turnaround plan for its failure to meet the Bank's Prudential Regulation Authority (PRA) rules. ...
Unilever is safe, but we need better defences against short-term capitalism image
....Finding a new chief executive will be his professional priority. Tucker, a former pro footballer who is best known in the UK for his lengthy career at insurer Prudential – punctuated by a short stint as finance director of banking group HBOS – should move fast. ...
Charlotte Hogg’s exit raises tough questions for Bank of England | Nils Pratley image
.... They thought “potential, actual or perceived conflict could well arise” and they are surely right. Hogg, in her new post, would have sat on the Prudential Regulation Committee that has day-to-day oversight of Barclays. ...
FTSE 100 slips after Brexit jitters image
Source : BBC [Read Article] Tuesday 14th of March 2017 09:57:01 AM
....On Monday the UK parliament backed the government's Brexit bill, paving the way for formal negotiations to be triggered. However, shares in Prudential rose 2. ...
HSBC appoints AIA boss Mark Tucker as new chairman image
Source : BBC [Read Article] Sunday 12th of March 2017 11:19:23 PM
....Mr Tucker has been chief executive of AIA for seven years, during which he oversaw the insurer's expansion in Asia. Before AIA, he was the chief executive of insurance giant Prudential, and brings to HSBC his experience at the top of a UK financial giant as well as his Asian exposure. ...
Co-op Bank warns of more branch closures as it reports £477m loss image
Source : Guardian [Read Article] Thursday 9th of March 2017 11:25:19 AM
....The annual report repeated its warning – as it has done for the past three years – “that there are material uncertainties which may cast significant doubt on the bank’s ability to continue as a going concern”. The bank is meeting the capital requirements set out by international regulators but not the requirement specifically tailored by the Bank of England’s Prudential Regulation Authority. ...
Co-op Bank reports loss as suitors circle image
Source : BBC [Read Article] Thursday 9th of March 2017 08:37:46 AM
....It was forced to offer itself for sale after it was unable to reach a strong enough footing to satisfy the Bank of England's regulatory requirements. The bank blamed low interest rates and the higher-than-expected cost of its turnaround plan for its failure to meet the Bank's Prudential Regulation Authority (PRA) rules. ...
Budget 2017: Blow for pensioners as tax-free dividend allowance SLASHED image
Source : Daily Express [Read Article] Wednesday 8th of March 2017 01:44:00 PM
....1 per cent. Les Cameron, head of technical at pension provider Prudential, said:  “The previous dividend allowance of £5,000 allowed investors to hold around £150,000 of equity-based portfolios tax free. ...
Bank deputy Charlotte Hogg admits breaching guidelines image
Source : BBC [Read Article] Tuesday 7th of March 2017 04:00:30 PM
...." . She said she would ask the Bank's Monetary Policy Committee, Financial Policy Committee and Prudential Regulation Committee, on which she now sits, to review if further steps were needed to manage the potential conflict of interest. ...
Bank of England deputy governor gets warning over conflict of interest image
.... In doing so, she breached Bank of England rules that she helped to write. His role could potentially conflict with her work on the Prudential Regulation Committee, which has direct responsibility for regulating banks including Barclays. ...
Australian housing market crash could lead to broader downturn, OECD warns image
....Australia’s house prices have increased by 250% in real terms since the mid 1990s, with the median house price in Sydney hitting almost $1m at the end of January. The OECD attributed this boom to domestic buyers rather than foreign investment, and recommended government policy should pressure banks to limit mortgage lending for investment properties, and avoid risky loans – echoing 2014 measures already put in place by the Australian Prudential Regulation Authority. ...
Bank deputy Charlotte Hogg 'must avoid conflicts of interest' image
Source : BBC [Read Article] Thursday 2nd of March 2017 12:00:04 AM
....Ms Hogg, who became deputy governor for markets and banking in February, sits on three powerful Bank committees. One of them, the Prudential Regulation Committee (PRC), oversees UK banks. ...
Bank of England makes obscure tweak to mortgage rules... now you can get a BIGGER mortgage image
...."As a result lenders have restricted the proportion of offers in excess of 4. 5 times income to about 13 per cent, compared to the Prudential Regulation Authority's actual limit of 15 per cent. ...
Were YOU mis-sold your pension? Prudential and Standard Life review annuity sales image
Source : Daily Express [Read Article] Saturday 25th of February 2017 01:13:00 PM
....Standard Life announced it has put aside £175million for compensation and is working with the financial regulator to provide redress. At the same time, Prudential has agreed with the Financial Conduct Authority to look over sales made since 2008 - experts said the firm could end up paying far more out than Standard Life, due to the size of its customer base. ...
Pensioners sold wrong annuities to get thousands in redress image
Source : BBC [Read Article] Friday 24th of February 2017 04:02:11 PM
....Some estimates say that up to 200,000 pensioners - some of whom are unwell - could typically receive £2,000 each. Prudential and Standard Life have agreed to review hundreds of thousands of policies, which go back to July 2008. ...
Tackle your debts while interest rates are at lowest image
Source : Daily Express [Read Article] Sunday 19th of February 2017 11:59:00 AM
....A remarkable one in four people who plan to retire this year expects to do so in debt, owing an average of £24,300. This is up from one in five last year, according to insurer Prudential’s Class Of 2017 report. ...
One in four UK retirees burdened by unpaid mortgage or other debts image
Source : Guardian [Read Article] Friday 17th of February 2017 06:49:49 AM
....One in four people planning to retire this year will still have a mortgage or other debts to pay off and will typically owe about £24,000, according to an insurer’s report. The Prudential insurance company found the proportion of people who expected to retire in debt this year to be at its highest level for seven years, and that the level had risen to 44% in London. ...
For sale: Co-op Bank looks for buyers image
Source : Guardian [Read Article] Monday 13th of February 2017 08:05:49 AM
....The bank would not put a value on its operations or indicate how much extra funds it needs. The bank is meeting the capital requirements set out by international regulators but not the requirement specifically tailored by the Bank of England’s Prudential Regulation Authority. ...
Bank of England appoints Charlotte Hogg as deputy governor image
Source : Guardian [Read Article] Thursday 9th of February 2017 05:57:26 PM
....Although Hogg lacks Shafik’s international connections at organisations such as the International Monetary Fund, the privately-educated, Oxford graduate will wield considerable experience of the domestic financial sector when she takes up her new position at the end of the month. She will sit on the monetary policy committee, the financial policy committee, the Bank’s court of directors and the board of the main City regulator, the Prudential Regulation Authority. ...
UK home to 80% of top-earning European bankers image
Source : Guardian [Read Article] Thursday 2nd of February 2017 11:00:28 AM
....Detail about pay deals for senior fund managers is rarely made public, although there have been some examples. Richard Woolnough, a fixed income bond specialist at Prudential’s fund management arm M&G, received £17. ...
Lloyds bank accounts targeted in huge cybercrime attack image
Source : Guardian [Read Article] Monday 23rd of January 2017 12:20:26 PM
....The money will help boost the National Cyber Security Centre, the new division of the surveillance agency GCHQ created last month. Andrew Tyrie, MP, chair of the Treasury select committee, said that responsibility for reducing cyber threats is shared too widely among a number of bodies, including the Prudential Regulatory Authority, the Financial Conduct Authority and GCHQ, and needs to be simplified. ...
Sir David Clementi: City grandee ready to do the business at the BBC image
Source : Guardian [Read Article] Tuesday 10th of January 2017 04:40:51 PM
.... Someone, actually, just like Clementi. The 67-year-old Winchester and Oxford-educated accountant spent 22 years at investment bank Kleinwort Benson, working his way up to chief executive, before going on to serve as chairman of insurance giant Prudential and Sir Richard Branson’s Virgin Money. ...

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