The cost of transferring money from one euro-zone country to another is likely to fall sharply fo...
The cost of transferring money from one euro-zone country to another is likely to fall sharply following discussions between leading banks spurred by European Commission pressure, according to the FT.
Under an agreement to be finalised and presented to the Commission in the next few weeks, banks would charge each other a E3 ($2.64) maximum flat fee for small transactions.
That could eventually bring the cost to the customer down to E10-E12 against the current average - according to a Commission study last year - of E17 for a small cross-border transfer compared with E1 for a domestic transaction.
Britain has won a major victory in its long-running battle with Brussels over tax reform, with the European Commission set to confirm next week that it has all but abandoned efforts to harmonise taxes across the continent, the Times reports this morning.
The Commission is expected to agree formally to a strategy that commits Brussels to promoting competition between the EU's 15 member states rather than moving towards a single rate of tax across Europe, a move that will be welcomed in Whitehall.
A draft paper on tax policy will be sent to member states over the next few weeks, says the Times.
PLANS to radically reform rules protecting millions of British pension scheme members' rights are a potential danger to their futures, according to a story published in the Times.
The Mirror Group pension scandal - which led to the introduction of the minimum funding requirement (MFR) for pension schemes - has been widely criticized as failing to adequately protect members.
Peter Tomkins, of the Institute of Actuaries, said he feared that plans to abolish the MFR in three years will cause companies offering attractive final salary pension schemes to wind them up to save costs.
He told the National Association of Pension Funds annual conference that proposed reforms would fail to reverse the trend of pension funds putting cash into low-risk bonds - contradicting the aims of the Myners report into institutional investment, which sought to promote equity investment.
(MORE TO FOLLOW ON THAT STORY LATER)
Royal & SunAlliance, the insurance group, has also sold its Channel Islands operations to Capita, the business services group, for £26 million., the Times adds. The group said that the sale included about £19 million worth of assets. R&SA shares edged 4½p firmer to 463½p on the news.
The Financial Services Authority has been accused by the Small Business Practitioner Panelof over-zealous in its rule-making and imposing too much red tape on the small firms in its industry, according to the Daily Telegraph.
In the panel's second annual report, joint chairman Michael Quicke, of the Leopold Joseph bank, said there was concern the "new regulatory regime will place undue burdens on small firms.
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement