New financial product available from today – but 40% of UK don’t know what a LISA is!
Apr06

New financial product available from today – but 40% of UK don’t know what a LISA is!

As the Lifetime ISA (LISA) comes in to affect, Barnett Waddingham’s latest financial study reveals financial priority concerns and knowledge shortfalls amongst the UK. 65% of Brits admit to losing sleep over their finances 36% reveal their main financial priority is to save for a house The Lifetime ISA (LISA) comes into effect in April 2017 and only 40% of people are aware of what this offers 45% said they might contribute more to...

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82% of workers in the City of London tempted to move roles due to salary or benefits packages on offer elsewhere
Mar29

82% of workers in the City of London tempted to move roles due to salary or benefits packages on offer elsewhere

Only two-fifths (41%) say firms have indicated they will receive a bonus in 2017, whilst last year 59% received a bonus More women than men received a bonus in 2016, 62% compared to 57%, and are more optimistic than male colleagues about this year’s outlook Hays warns that financial services firms cannot rely on salaries alone to retain staff during these uncertain times   As Theresa May triggers Article 50, City firms are bracing for...

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As Article 50 triggered, will the exodus begin?  Top companies already leaving London, warns Morgan McKinley
Mar29

As Article 50 triggered, will the exodus begin? Top companies already leaving London, warns Morgan McKinley

Teresa May has today signed the Article 50 letter to start the Brexit process – however, top city jobs in London’s financial hub are already starting to leave the capital, warn specialist financial sector recruiters Morgan McKinley. February saw almost a quarter drop in City jobs available, month-on-month. While the year-on-year drop was more moderate, at 17%, it’s clear the jobs market remains under stress. Among the main...

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470 jobs axed from RBS and Nat West Branches
Mar23

470 jobs axed from RBS and Nat West Branches

RBS and Nat West have said in a statement today that they plan to close 158 branches, which they blamed on changing consumer behaviour and a surge in the popularity of online and mobile banking.   A spokesman for the company, which posted losses of £7Bn in February, said that 470 jobs would be lost as a result of the closures, but they were necessary due to a change in customer behaviour: “We have seen a dramatic shift in...

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Salary Sacrifice: the changes employers need to implement before 6 April 2017
Mar23

Salary Sacrifice: the changes employers need to implement before 6 April 2017

In the 2016 Autumn Statement the government announced that as of the 6 April 2017 the Income Tax advantages for many benefits funded through salary sacrifice will be removed. Kevin O’Neill, Head of Health at Barnett Waddingham, explains outlines the detail for employers. When the draft legislation was published, no guidance was given to the impact on Group Income Protection and excepted Group Life schemes offered as a flexible...

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APSCo: evidence shows increasing use of contractors in financial services sector, permanent roles declining
Mar09

APSCo: evidence shows increasing use of contractors in financial services sector, permanent roles declining

Permanent placements show 1% decline year-on-year Contract placements increase by 2% Contractor placements in Finance increase by 24% Average salaries dip by 1.3% Permanent placements dip Professional recruitment firms reported that overall placement numbers for permanent roles dipped by 1% in January 2017, while contractor placements simultaneously increased by 2% year-on-year, according to new survey data from the Association of...

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Financial sector expects flat performance bonuses & ‘modest’ salary increases this year
Feb14

Financial sector expects flat performance bonuses & ‘modest’ salary increases this year

Salary increases are set to be modest in 2017 as financial services companies worldwide feel the impact of slow economic growth, low inflation as well as continued low interest rates, according to the latest data from Mercer. On average, 2017 base salary increases for all roles are expected to be between 1.9% and 2.4%. Mercer’s research finds that the majority of organisations predict 2017 annual incentive levels to remain similar or...

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Coutts Bank Invests in Disability Awareness Training with Enable Me
Feb07

Coutts Bank Invests in Disability Awareness Training with Enable Me

Enable Me, the charity dedicated to raising disability awareness, has recently provided training for Coutts – the UK’s private bank and wealth management organisation. Enable Me visited the bank’s central offices on The Strand, London to deliver its training to a group of employees from a range of departments, from senior level employees to graduate staff. The training focused on various themes, with Executive Chairman, Chris...

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Bank of England’s Chief Economist warn’s of ‘job threat from robots’
Dec06

Bank of England’s Chief Economist warn’s of ‘job threat from robots’

The Bank of England’s Chief Economist, Andy Haldane has expressed concern about job cuts due to future automation after a Bank of England study found that robots could replace 15 million British workers in the “third machine age”. In terms of numbers, that’s almost half of the UK’s 30.8 million strong workforce. The study found that occupations which faced the highest risk are administrative, clerical and...

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Head in the sand response to tax changes from city firms leaves high earners sleep walking into tax bills
Nov08

Head in the sand response to tax changes from city firms leaves high earners sleep walking into tax bills

New research from Punter Southall Aspire, the workplace pensions and savings experts, reveals huge inconsistencies in the support being provided by financial services companies to their high earning employees to help them navigate through the recent  tax changes. In April this year, the government reduced the lifetime allowance from £1.25m to £1m, and introduced a taper to the annual allowance.  These changes placed a greater number...

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70% of employers ‘overestimate the cost’ of financial protection benefits
Oct27

70% of employers ‘overestimate the cost’ of financial protection benefits

Research from Group Risk Development (GRiD) shows that the majority of employers overestimate the cost of group risk financial protection for their staff (employer-sponsored life assurance, income protection and critical illness). It typically costs less than 0.5% of payroll to offer Group Life Assurance to an entire workforce, yet 70% of employers believe that it would cost them more than that, with 8% believing it will cost them...

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CIMA: 35% of finance professionals think bonuses are ‘unjustified’
Sep15

CIMA: 35% of finance professionals think bonuses are ‘unjustified’

The Chartered Institute of Management Accountants (CIMA) has today revealed results from a global poll of 6,500 financial decision makers, leading it to call for bonus systems to be designed to encourage long-term success rather than only short-term performance. Of the respondents whose companies operate a bonus scheme, more than a third (35%) of UK finance professionals feel bonuses for top earners – including salespeople, fund...

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Pay Results are in: FTSE 100 Bosses got 10% pay rise, everyone else got 1.9%
Aug08

Pay Results are in: FTSE 100 Bosses got 10% pay rise, everyone else got 1.9%

 New research released today found that bosses in the top FTSE100 earn more than 140% more than their employees and enjoyed a 10% pay rise last year, whilst the average weekly wage grew by only 1.9%. The average wage packet for FTSE 100 chief executives was found to be £5.5m each, according to new research revealed today by the High Pay Centre. The leading think tank, which campaigns against excessive executive pay, will lend weight...

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Brexit reactions and comments from HR & business organisations
Jun24

Brexit reactions and comments from HR & business organisations

Here, at HR news we’ll keep you up to date with the reactions as they come in:  ___________________ Alessio Giorgi – MLRO Compliance Officer for Currencies.co.uk said: “Following the UK’s decision to leave the EU we have seen the Pound drop to its lowest levels in 30 years. This volatility looks set to continue with each announcement, as the shockwaves are felt from both the leave vote and the resignation of David Cameron....

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EU to discuss stronger measures on tax avoidance
Jun07

EU to discuss stronger measures on tax avoidance

Tax avoidance by companies cost EU countries €160-190 billion in lost revenue a year.  This week, MEPs will give its opinion on implementing new measures to fight the most common practices. The measures that the European Commission have proposed are based on the principle that taxes should be paid where profits are made. The plans contain six key measures to fight aggressive tax planning and also sets out common definitions of terms...

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