BusinessCompany NewsFinancial services’ recovery falters

Financial services' recovery falters

Business volumes, profitability and confidence in the financial services sector have all fallen for the first time in 18 months.

Link: Growth returns to financial services market

To make things worse, average costs per transaction increased over the past three months at the fastest rate for nine years, according to the latest quarterly survey of the industry published today by the CBI and PricewaterhouseCoopers.

John Hitchin, UK banking leader at PwC, said: ‘Overall in the quarter to September 2004, financial services firms experienced the downturn they had forecast in June. There is both growing evidence of a housing market slowdown and a fall in the demand for consumer credit caused by interest rate rises.

‘In the coming quarter, building societies, insurers, traders and fund managers have expressed concerns about the levels of demand across all customer segments.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor