Christine Reid punched the air when she heard Britain plans to tear up the limits on what people can do with their pension savings. Instead of relying on a “paltry” income, she can now invest in property.
Some U.K. pension providers stunned by George Osborne’s budget say he’s putting the elderly at risk. The U.K.’s finance minister has also threatened one of the insurance industry’s key sources of domestic profit growth.
Aviva Plc, RSA Insurance Group Plc, and Direct Line Group Plc are poised to bear the brunt of losses from flooding in Britain that is estimated to cost the industry as much as 1 billion pounds ($1.7 billion).
The next hurdle to bank reform is looming after U.S. President Barack Obama and other Group of 20 leaders endorsed the Basel Committee on Banking Supervision’s new rules in South Korea last week: the bond market.