Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned that it may struggle to meet the targets it set in October last year.Six months ago, the company announced a "demanding" 2008 target of £180-£200 million in new business profits, a goal it may not meet."Although we remain committed to achieving this target, the product mix and, in particular, the level of protection sales, which has been subdued in recent months, will be critical," said Philip Moore, the group chief executive."It is early days, and we are making progress towards our goal, but the prospects for a more challenging protection market, and the impact on our 2008 target, will not be fully understood until later in 2007."The announcement of last year's profit slide caused the firm's shares to dip by seven per cent on Tuesday morning.
Retail sales up but can we believe the figures?
The Office for National Statistics (ONS) has today revealed UK retail sales increased by 0.4% in July compared to sales in June. Not only was the increase in July more than expected but it also takes the annual rise in UK retail sales to 3.3%. It is also worth remembering that June was a very strong month and the increase in July is more impressive due to this very fact.
Gender pay gap falls to 9.4%
21/11/2014 The average gender full-time pay gap is at it’s lowest since records began in 1997, official figures show. The figures show that in April the pay gap still stood at 9.4%, but this was lower than the 10% gap a year earlier. This averages out to around £100 a week, according to the Office of National Statistics. The figures show that this is due to men’s wages dropping fas...Read More
Don't hide your financial troubles from your creditors
As more and more people in the UK fall further and further into debt and sit on the precipice of a financial disaster there is a need to face these issues head-on. Despite the fact that many people in the UK would rather bury their head in the sand until the problem goes away, unfortunately for many this will not happen. It is essential that if see yourself falling into financial trouble you shoul...Read More
Who will cover the growing BT pension fund deficit?
It is believed that the BT pension deficit has now reached £9.4 billion and while there are plans afoot to fill the hole left in the pension scheme, it would seem that BT's competitors may well be asked to pay "their fair share". Ofcom is said to be considering a request to increase wholesale telephony charges, the fees which BT is allowed to charge competitors for using the BT network, by 4% a y...Read More
EU hedge fund restrictions could be softened
As the Swedish presidency of the EU comes to a close there are plans to water down the recently announced regulatory restrictions on hedge funds and private venture capital companies in Europe. This is an issue which has hit the UK financial sector very hard and indeed Boris Johnson, the Mayor of London, recently confirmed his concerns regarding additional funding requirements which could see hedg...Read More