BRITAIN: ‘ FCA REGULATOR IMPOSES PRICE CAP ON PAY-DAY LOANS ‘

#AceFinanceNews – BRITAIN – Nov.09 – The City regulator is imposing a price cap on payday loans to help prevent borrowers being ripped off.

The FCA moves to limit costs in the short-term credit market, saying its rules will make it fair for both lenders and borrowers.

The FCA moves to limit costs in the short-term credit market, saying its rules will make it fair for both lenders and borrowers.

The Financial Conduct Authority’s (FCA) initial cost cap will come into force on 2 January, set at 0.8% per day.

The watchdog said that would lower costs for most borrowers, explaining that for all high-cost short-term credit loans, interest and fees must not exceed 0.8% per day of the amount borrowed.

Fixed default fees will be capped at £15 to help protect borrowers struggling to repay.

A total cost cap of 100% was aimed, the FCA said, at shielding people from escalating debts and it meant that borrowers must never have to pay back more in fees and interest than the amount borrowed.

The regulator said the changes would ensure that someone taking out a loan for 30 days and repaying on time will not pay more than £24 in fees and charges per £100 borrowed.

It announced the changes in July but put the conclusions out to consultation to try and ensure they were fair.

Source: 

#AFN2014 

#borrowers, #credit, #debt, #lenders, #loans, #payday, #regulator

WASHINGTON: ‘ SUPREME COURT AGREES TO HEAR CHALLENGE TO HEALTH LAW ‘

#AceFinanceNews – WASHINGTON – Nov.07 – The Supreme Court agreed Friday to hear a new challenge to President Barack Obama’s health care law that threatens subsidies that help millions of low- and middle-income people afford their health insurance premiums AP reported. 

The justices said they will review a unanimous federal appeals court ruling that upheld Internal Revenue Service regulations that allow health-insurance tax credits under the Affordable Care Act for consumers in all 50 states.

Opponents argue that most of the subsidies are illegal.

#ANS2014 

#afn2014, #healthcare-2, #insurance-premiums, #low-and-middle-imcome

LONDON: ‘ OSBORNE CLAIMS UK WILL ONLY PAY EU SURCHARGE IN TWO HALF’S ‘

#AceFinanceNews – LONDON – Nov.07 – Chancellor George Osborne’s claim that the UK will have to pay only half of a £1.7bn EU budget surcharge has been challenged by his opponents BBC News reported. 

He said the UK would make two payments next year totalling £850m instead of a larger lump sum by December after the UK’s annual rebate was factored in.

Mr Osborne argued the deal reached on Friday was a “result for Britain”.

But UKIP said the UK would still pay the full sum and Labour said Mr Osborne was “taking people for fools”.

The BBC’s Political Editor Nick Robinson said the agreement would be carefully scrutinised amid claims by opponents and analysts that it did not add up.

#ANS2014 

#afn2014, #budget, #eu

LONDON: ‘ DECC WILL COMMENCE PAYING MINIMUM WAGE OR THEIR SO-CALLED LIVING WAGE ‘

#AceFinanceNews – LONDON – November 05 – The department joins more than 1000 employers committed to paying the Living Wage after being accredited by the Living Wage Foundation.

Energy and Climate Secretary Edward Davey announced that the department would pay all of its employees the Living Wage from 1 April 2014.

On 21 July this year, Citizens UK awarded the Living Wage Whitehall Champion 2014 cup to Ed Davey.

Edward Davey said:

“Paying the Living Wage means we get to keep the best people, which makes good business sense too.

“My Department has set an example to employers across the country. I want people to want to work here and stay here.”

The living wage is based on the amount an individual needs to earn to cover the basic costs of living. In London, the Living Wage rate is £9.15 per hour.

Those working outside of London will get a minimum of £7.85 per hour.

The Living Wage is calculated by the Centre for Research in Social Policy, Loughborough University, in London, the rate is set by the Greater London Authority.

Source: 

#AFN2014

#london, #minimum-wage

‘ US AUTHORITIES INVESTIGATING STANDARD CHARTERED BANK FOR US SANCTIONS VIOLATIONS ‘

#AceFinanceNews – NEW YORK – November 01 – U.S. authorities are investigating London-based Standard Chartered Plc for potential U.S. sanctions violations connected to its banking for Iranian-controlled entities in Dubai, according to people familiar with the probe Reuters reported. 

The latest investigation involving the bank is based, in part, from evidence that emerged during a separate probe of BNP Paribas, the French bank that pleaded…

ANS2014 

#afn2014, #new-york

DETROIT: ‘ HISTORIC BANKRUPTCY HEARING ENDS NOW WHO PAYS WHAT TO WHOM ‘

#AceNewsServices – DETROIT – October 29 – The historic hearings on whether Detroit will exit the nation’s largest-ever municipal bankruptcy came to a quick end Monday after closing arguments, which were abbreviated by settlements with major creditors.

Moving the city closer to self-rule and something of a sense of normalcy, Judge Steven Rhodes said he would reveal his decision at 2 p.m. Nov. 7 after a fast-paced bankruptcy that defied predictions of drawn-out battles that could have stretched for years.

“We think we made our case and we met our burden,” Detroit emergency manager Kevyn Orr said outside court after closing arguments from city lawyers, attorneys for creditors and even individuals who object to the plan.

Rhodes pressured Detroit’s bankruptcy attorneys to justify better treatment for pensioners than financial creditors, making for an unexpectedly dramatic exchange.

In a discussion of the complicated math underpinning the city’s financial projections, Rhodes noted that pensioners could eventually get all their pension cuts restored if the city’s pension investments perform well over the next several years.

“Tell me why that isn’t a 100% recovery,” Rhodes asked Detroit bankruptcy lawyer Bruce Bennett.

“The math gets a little tricky here,” Bennett responded.

The exchange underscores the importance of the unfair discrimination issue in Detroit’s bankruptcy. Although all major creditors have struck settlements, bond insurers Syncora and Financial Guaranty Insurance Co. (FGIC) argued earlier in the case that pensioners were getting extraordinarily favorable treatment.

Civilian retirees are getting a 4.5% cut to their monthly checks, the elimination of cost-of-living-adjustment (COLA) increases and a claw back of excessive annuity payments. Police and fire pensioners are getting a reduction in COLA from 2.25% to 1%.

Retirees voted to accept the cuts, as well as a 90% reduction in their health care benefits.

Still, Judge Rhodes must approve the plan after an exhaustive trial that lasted nearly two months. During the proceeding, Rhodes heard testimony from dozens of witnesses and examined hundreds of exhibits documenting the city’s plan to slash more than $7 billion in unsecured liabilities and reinvest $1.4 billion over 10 years in basic services.

Bennett said the largely amicable plan is “very remarkable” after a tumultuous negotiation period with retirees, insurers, bondholders and unions.

Source: 

#ANS2014 

#acefinancenews, #afn2014, #bankruptcy, #detroit

LONDON: ‘ ‘DAVID CAMERON REFUSES TO PAY £1.7 BILLION DEMANDED BY EU AS CONTRIBUTION ‘

#AceFinanceNews – LONDON – October 27 – The British prime minister says his country will refuse to pay a £1.7-billion bill demanded as budget contribution by the European Union (EU), calling the Union’s behaviour “appalling.”

' David Cameron Refuses to Pay £1.7 billion to EU '

‘ David Cameron Refuses to Pay £1.7 billion to EU ‘

“We are not suddenly going to take out our checkbook and write a check for two billion euros (USD 2.5 billion); it is not happening,” said David Cameron in a news conference on the sidelines of an EU summit over the member states’ climate change policies in Brussels on Friday.

“It is an unacceptable way for this organization to work, to suddenly present a bill like this for such a vast sum of money, with so little time to pay it, and it is an unacceptable way to treat one of the biggest contributors to the European Union,” the British premier added.

Cameron also warned that such “appalling” behavior would certainly affect Britain’s decision whether to remain in the European Union the premier added in a desperate attempt to copy Nigel Farage’s ideas and steal some UKIP votes.

On Thursday, the European Commission demanded a number of European countries including Britain, Italy, Greece, the Netherlands and Malta to provide the organization with extra money by December other than their annual contributions.

“The British economy is growing much faster than the others and the logic is the same as with tax: if someone earns more, they pay more tax,” said European Commission spokesman, Patrizio Fiorilli, on Friday.

The organization said it made the decision after the recalculation of the member states’ national incomes since 1995, adding that Britain’s economy has enjoyed better-than-expected performance in comparison with other European countries.

This is while Germany, the most thriving economy of the region, will get a rebate of £779 million under EU’s revised measurement system of the member states’ economic output which unprecedentedly includes the financial profit of such activities as prostitution and illegal drug trade.

#ANS2014 

#afn2014, #eu, #european-union, #london

LONDON: ‘ CHANGES IN TENANCY AGREEMENTS IN PRIVATE RENTAL SECTOR ‘

#AceFinanceNews – LONDON – October 27 – A model tenancy agreement for use in the private rented sector where a short-hold tenancy is being entered into, and accompanying guidance.

Documents

Model agreement for a shorthold assured tenancy and accompanying guidance (online version)

Ref: ISBN 9781409843368MS Word Document, 182KB

This file may not be suitable for users of assistive technology.Request a different format.

If you use assistive technology and need a version of this document in a more accessible format, please email alternativeformats@communities.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

This model tenancy agreement also contains guidance on its use and clauses. It has been designed by the government for use when the landlord and tenant are entering into a shorthold assured tenancy agreement in the private rented sector.

It will be particularly relevant for use when the parties are entering into a longer term tenancy of 2 or more years. It, therefore, contains provisions relating to rent reviews and those which enable the landlord or the tenant to end the tenancy during the fixed term if their circumstances change.

The model tenancy agreement is made available free of charge and can either be completed online or downloaded and completed manually. If the agreement is completed online, it will need to be printed off for wet signature.

Two copies of the agreement should be made – 1 for the landlord, the other for the tenant. It is the responsibility of either party to keep the agreement in a safe place as it will need to be referred to during the tenancy.

The use of the model is entirely voluntary. There is no legal requirement to use it – although landlords and tenants will be able to do so with confidence.

If you plan to use the agreement also see the how to rent guide.

#AFN2014

#ashta, #london, #short-hold-tenancy

WASHINGTON: ‘ GOVERNMENT TO INCREASE FEDERAL BENEFITS BY 1.7 PERCENT IN 2015 ‘

AceFinanceNews – WASHINGTON (AP) – The government says millions of older Americans who rely on federal benefits will get a 1.7 percent increase in their monthly payments next year.

It’s the third year in a row the increase will be less than 2 percent.

#ANS2014

#acefinancenews, #afn2014, #americans, #washington

CALIFORNIA: ‘ HEALTH CARE COMPANIES SPEND $100 MILLION ON CAMPAIGN AGAINST PROPOSITIONS 45 AND 46 WITH CONSUMERS THE LOSERS ‘

#AceNewsServices – October 21 – Anytime insurance companies spend $100 million you can bet consumers are on the losing end of the spending.


This weekend California’s big health insurance companies added $12 million to their campaign against Prop 45 — bringing the health insurance companies’ total spending against Prop 45’s rate relief to $55.5 million.

Malpractice and health insurance companies are also spending $43 million against Prop 46 — which creates new patient safety protections.

Health insurance companies have now given nearly $100 million dollars against Propositions 45 and 46.

If you are worried about insurance companies buying this election, you can forward this email to your friends and let them know where they can get the facts about both initiatives.

Prop 45 requires health insurance companies to get permission before raising health insurance rates and allows the elected insurance commissioner to veto rate hikes. Health insurance companies are spending so much against it because they want to raise rates at will and not be accountable for what they charge.

Learn more at www.YesOn45.org

Prop 46 requires mandatory drug testing for physicians and suspension of impaired physicians’ licenses, mandatory checks of an existing prescription drug database before narcotics are prescribed to first time patients, and indexing for inflation of the state’s 38 year old cap on damages for medical negligence victims.

Insurance companies are spending so much against it because they don’t want to be accountable when physicians cause harm.

Read your voter guide and urge your friends and family to get the facts too.

How you vote is up to you, but voters should know that insurance companies are spending more than $100 million in California to mislead them.

Learn more at www.YesOn46.org

#ANS2014

#acefinancenews, #afn2014, #california, #prop45, #prop46, #united-states