Barclays could face a fine after client fact-files containing details of 2,000 individuals were stolen from the bank’s now defunct Financial Planning division, the Guardian reports.
The file contain individuals’ names, addresses, phone numbers, passport numbers, mortgages and levels of savings, and were allegedly sold for use in boiler-room scams. Liberal Democrat MP Tessa Munt branded the theft “catastrophic”.
According to the Daily Mail, a statement from Barclays said: “Our initial investigations suggest this is isolated to customers linked to our Barclays Financial Planning business, which we ceased in 2011”.
The paper also warned Barclays could face further controversy when it reveals staff pay rises later this week, fueling predictions that post-2008 City bonuses could soon surpass a total of £80bn.
Aviva to pay £323m for decade of underpayments
Insurance provider Aviva has been forced to compensate more than 4m customers for a total of £323m after more than a decade of technical errors were uncovered, the Daily Mail reports.
According to the paper, the insurer made hundreds of technical errors which resulted in underpayments to customers, some reaching into thousands of pounds.
The Mail reports Aviva has known about these errors since 2007 and has been setting money aside for when compensation had to be made.
Labour reveals pension cap plan
Labour could introduce a 0.5 per cent price cap on annual pension charges if it wins the next election, the Express has revealed.
The paper reports that shadow work and pensions secretary Rachel Reeves would also make it a legal requirement for the public to seek financial advice or use a non-advised annuity broker before buying an annuity to ensure take-up of the open market option.
Let weak banks fail, says new regulator
The eurozone’s new chief banking regulator has warned that some of the region’s lenders have no future and should be allowed to die, heralding a far tougher approach to the supervision across the currency bloc, reports the Financial Times.
In her first interview since taking charge of the euro area’s new banking overseer, the Single Supervisory Mechanism, Danièle Nouy also signalled she wants to weaken the link between governments and the bloc’s banks by demanding lenders hold capital against their sovereign assets.
The appointment of Ms Nouy, who was previously chief of France’s banking supervisor, comes at a crucial time for the region’s embattled lenders. Her first task is to oversee a ‘health check’, which will include an asset quality review and stress tests.
Scottish independence shakes investors
The prospect of Scottish independence has shaken the confidence of the Pension Insurance Corporation, which the Financial Times reports has turned down several potential investments there owing to uncertainy over September’s referendum.
Mark Gull, co-head of asset and liability management at PIC, told the paper the firm has “passed” on the opportunity to provide debt for a number of infrastructure projects.
The FT points out that PIC manages almost £10bn on behalf of nearly 100,000 pension scheme members.
Lib Dems to push for higher tax threshold
Deputy prime minister Nick Clegg is set to suggest the starting threshold for income tax could rise above £10,000, the Telegraph reports.
According to the paper, Mr Clegg will say a higher threshold will be the Lib Dems’ top priority for the Budget.
