Thursday 11 July 2013

Thursday, July 11, 2013 Posted by Jake No comments Labels:
Posted by Jake on Thursday, July 11, 2013 with No comments | Labels:

London loses control of scandal-plagued £350tn Libor market to NYSE
NYSE Euronext, the New York-based transatlantic exchanges operator, won the right to take over and reform the Libor global interbank lending rate benchmark, which serves as the reference point for more than $350tn in contracts worldwide. The new administrators will be charged with restoring confidence in Libor amid a global probe that has seen three banks pay nearly $2.6bn in fines for rigging the rate. An independent committee, set up by the UK government, selected the NYSE over two UK-based rivals. NYSE Euronext will take over the London interbank offered rate from the British Bankers’ Association by early 2014. NYSE Euronext will pay just $1, in part because the UK government was adamant the BBA should not profit from the scandal. FINANCIAL TIMES

“Historic” £3.2bn Swiss tax dodge deal will only bring in £347m
Two years on from the deal between the UK and Switzerland, only £347m has been collected, and little more is expected. The Swiss Bankers Association said: "First indications from selected banks in Switzerland show that there are fewer untaxed UK assets in Switzerland than had been previously assumed. This is mainly due to the fact that many clients have resident non-domiciled status." So confident was the government that the £3.2bn would arrive, it included the sum in its calculation of monies available to spend. The government will now have to find the money from elsewhere. GUARDIAN

Loyal insurance customers get charged over eight times more than new customers - Insurers to be investigated over renewal 'overcharging' 
The City regulator has launched an investigation into insurance companies for overcharging customers when they renew their house and car policies. One 83-year-old Money Box listener saw the cost of her home insurance rise to £850, when a similar policy was available to new customers for £200. BBC NEWS

Vodafone to charge by the minute rather than the second, raising the cost of most calls
It means a call lasting one minute and one second will now be charged as two minutes - costing 50p instead of 25p. The phone network said the change - which comes into force from 1 August - would "simplify" charges for its pay-as-you-go customers. Other networks, such as T-Mobile and Orange, also apply this billing method. However, O2 and Virgin Mobile still have a per-second model, with a one-minute minimum charge. BBC NEWS

Mobile phone insurer hit with £2.8m fine for poor handling of complaints from Phones 4U customers who were missold policies
Thousands of customers are being paid compensation by Policy Administration Services, who insure phones for Phones 4U. Many customers had not wanted to buy the cover and did not receive any documentation about the unwanted policy. They were left ‘unaware’ that they had paid for it until they saw that money had been taken from their bank account. Others took out the policy only to be fobbed off with ludicrous excuses when they tried to make a claim. DAILY MAIL

Victory for fund managers as EU scraps pay cap
European politicians yesterday voted against plans to cap city stock pickers’ bonuses, signalling a major victory for the UK fund management industry. “It shows the UK can make its voice heard in Europe when it has a clear negotiating strategy and moves early enough in the EU’s law-making process,” said Vincenzo Scarpetta, an analyst at thinktank Open Europe. But German MEP Sven Giegold, who tabled the original amendment, said the outcome of the parliamentary vote was a “black day” for investor protection. CITY AM


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