UK government to challenge EU over insurance rules
The UK government is set to challenge the EU commission head-on with regards to solvency II rules which are set to be introduced to the European marketplace in the short term. The UK government believes that these "over conservative" solvency rules will see UK insurance companies having to shore up their reserves by up to £50 billion. There will obviously be a cost to this additional reserve requirement, something which is likely to be met by customers.
The UK has one of the most competitive insurance markets in Europe and yet again many people are pointing the finger at the EU commission, which is determined to crack the UK financial markets and bring them under the regulatory control of the European Union. In effect this has already happened with the various treaties signed by European member states but the UK government is set to tackle this particular issue head-on as it will have a detrimental effect on the UK insurance sector, pensioners and future rates of investment return.
The issue of increasing reserve capital is a direct consequence of the credit crunch which saw a number of "solid assets" collapse like a pack of cards once the financial system began to seize up.
Credit card balance transfers
One subject that many people may be considering at the moment is the transfer of their credit card balances to a new credit card in order to take advantage of the many 0% balance transfer offers available. So how does a credit card balance transfer work? In simple terms one of the many credit card balance transfer deals on offer at the moment will allow you to transfer your credit card balance...Read More
Goldfish credit card benefits reduced
When Barclaycard acquired Goldfish back in 2008 the Goldfish credit card offered one of the most generous perk schemes on the market at the time. However, Barclaycard has recently adjusted the perks attached to the Goldfish credit card and customers will receive just 0.3% cash back as opposed to 1% in days gone by. Despite rumours in the marketplace that Barclaycard may well be looking to "kill of...Read More
Standard Life announces 500 job losses
Edinburgh-based insurance and pensions giant Standard Life has today announced 600 job cuts over the next 15 months although the company did confirm that an additional 100 new posts would be created. The vast majority of the job losses, around 480, are expected to come from the company's Edinburgh offices with the remainder spread across the UK as a whole. Like so many financial companies in th...Read More
Banking sector set to move back into the black
With HSBC and Barclays bank set to kick off the bank reporting season we are hearing rumours that both of these companies will report impressive figures and a return to the black. However, as we covered in one of our recent articles, there is some debate as to how best the banks should tackle the ongoing situation in the UK. Do they come out with excessively upbeat statements, and try to kick UK c...Read More
LIBOR rate falls to 4.49%
The vital LIBOR rate has fallen 1.1 percentage points to 4.49% since the Bank of England reduced interest rates which has breathed new life into the money markets. Even though the fall of 1.1% is less than the 1.5% reduction in interest rates this is very much welcomed by the financial community which has seen borrowing costs increase massively over the last 12 months. However, some experts are su...Read More