Latest news with #MichaelHealy
Daily Mail
2 days ago
- Business
- Daily Mail
Footsie closes above 9,000 for first time as round-the-clock trading idea sparks fierce City debate
The FTSE 100 closed above 9,000 for the first time yesterday – as a report that the stock exchange could introduce round-the-clock trading sparked a fierce debate. The UK index climbed 20.87 points, or 0.2 per cent to end the session at 9012.99. It is up by more than 10 per cent for the year to date. The Footsie reached the milestone even as politicians and City grandees worry that it is losing its relevance as a global financial centre. Reforms over the past couple of years have so far failed to revive valuations enough to spare the exchange from being raided by foreign predators. Some think it should follow rival exchanges in New York, which are already planning to bring in 24-hour or extended trading hours – but opinion in the Square Mile is divided. Record close: The FTSE 100 climbed 21 points, or 0.2% to end the session at 9013. It is up by more than 10% for the year to date. The Financial Times reported that parent company London Stock Exchange Group (LSEG) was considering the move. Michael Healy, managing director of trading platform IG, said 24-hour trading would be 'a welcome and overdue step in the right direction' for the exchange. He said: 'If London wants to reclaim its place as a leading global financial centre, it must lead on this.' But Michael Brown at broker Pepperstone said it could have a 'negative impact' on liquidity with trading volumes spread over a longer period resulting in more volatility. He added that there was 'very little clamour for such a move'. LSEG declined to comment.
Daily Mail
26-06-2025
- Business
- Daily Mail
Scrap the cash ISA to 'save our stock market,' says investment platform IG
The UK Government should abolish the cash ISA to help bring a halt to the 'crisis' facing the UK stock market, a major trading platform has urged. Retail stock trading platform IG Group said cash ISAs are 'hindering rather than helping' millions of Britons to accumulate wealth as it launched a 'Save Our Stock Market' campaign. It wants to stop new cash ISA accounts from being opened and for the maximum £20,000 allowance to fall to zero from next April. IG wants the billions in tax relief generated by cash ISAs to be redirected towards 'more productive equity investments'. According to the firm's analysis, cash savers have seen roughly one-seventh of the real returns of UK investors since cash ISAs were first introduced by then Chancellor Gordon Brown in 1999. Yet the popularity of cash ISA subscriptions is growing, while the use of stocks and shares ISAs is in decline. Figures released by HMRC last year showed the number of cash ISA subscriptions increased by 722,000 in 2022/2023, while stocks and shares ISAs fell by 63,000. IG believes the UK suffers from an 'overly cautious regulatory approach' to investing that is holding back the country's stock market. 'We're watching a crisis unfold, and we need bold action,' warned Michael Healy, UK managing director at IG. 'Our stock market - once the envy of the world - is in a downward spiral. 'At the same time, the UK is stuck in a damaging savings-first mindset, with far too few people investing to build wealth for the long term.' A total of 88 companies either delisted or transferred their primary listing from the London Stock Exchange last year - the most since 2009, according to EY. Many of them were acquired by private equity firms, including cybersecurity giant Darktrace, music rights investor Hipgnosis Songs Fund, and video game services provider Keywords Studios. Others opted to change their main listing to another bourse, such as tourism business Tui, takeaway platform Just Eat, and Paddy Power owner Flutter Entertainment. Fintech platform Wise, drugmaker Indivior, and rental equipment supplier Ashtead Group have also announced their intentions to have their main listing on Wall Street. Companies switching their primary listing or going public in the US can potentially access larger investment pools and secure higher valuations. Just 18 firms were listed on the LSE in 2024 despite the UK Government relaxing regulations on listings in recent years to try and attract more high-growth technology companies. The year before that, Softbank decided to list Cambridge-based semiconductor firm ARM Holdings, whose semiconductor chips power almost every smartphone, in New York instead of London. Analysts have blamed the relative unattractiveness of London's stock market on Brexit, a weaker pound, and the lack of investment by UK pension funds in domestic stocks. IG suggests that UK shares held in ISAs for at least three years enjoy 20 per cent tax relief to help bolster retail investment in British companies. It also wants to scrap stamp duty on UK shares, which it calls a 'self-inflicted wound' that 'unfairly penalises' UK investors. As part of its campaign, the business is offering £100 worth of UK shares to all customers who join between now and 15 August. Healy added: 'For too long, policymakers have been paralysed by the desire to keep everyone happy. But the time for working groups is over - this is about getting more Brits investing, while saving a strategic national asset before it's too late.'
Finextra
04-06-2025
- Business
- Finextra
IG debuts crypto investing for UK retail clients
Global investment and trading platform IG has become the first UK-listed company to roll out crypto trading to retail users in the UK. 0 IG customers can now access a wide range of crypto assets, from the most traded coins such as bitcoin and Ethereum to a range of smaller assets. IG will charge a 1.49% fee on each transaction. The offer - launched in partnership with crypto asset firm Uphold - is fully integrated across the IG platform and the IG Invest app, launched earlier this year. Uphold will execute all customer transactions and provide pricing data. Michael Healy, UK managing director of IG, says: 'This is a huge moment for IG and a major milestone in the UK's crypto journey, with retail investors now able to buy, sell and hold crypto assets with a grown-up business." IG's move reflects growing confidence in the sector as the UK inroduces legislation aimed at making the country a leading crypto hub. Reflecting on the IG announcement, Zumo's founder and CEO Nick Jones, comments: 'We're seeing a significant uptick in interest from TradFi giants keen to launch a retail crypto offering, with appetites increasing in the wake of HM Treasury and the Financial Conduct Authority (FCA) making the UK's direction of regulatory travel clearer.'
Daily Record
12-05-2025
- Business
- Daily Record
Investing platform offers temporary 8.5% annual interest rate on cash balances this month
Investing and trading platform IG is offering a temporary cash interest rate of 8.5 per cent AER (annual equivalent rate) - twice the current Bank of England base rate. The boosted rate will be available to people who open a stocks and shares ISA, SIPP (self-invested personal pension) or a General Investment Account (GIA) and make an initial investment before May 31. Once they have made an initial investment, any additional money that qualifying customers have deposited and are holding in cash on the account would earn 8.5 per cent interest until August 31, provided they keep any investment position open for this period. After this date, interest reverts to IG's standard 4.25 per cent rate. IG does not offer a dedicated cash savings account, so the rate would apply to uninvested cash in its ISAs, SIPPs or GIAs. IG pays interest on cash balances up to £100,000. Michael Healy, UK managing director of IG, said: 'Many investors are sitting on the sidelines right now as they wait for market clarity - this offer gives them a place to park their money and still earn a serious return.' Existing account holders could also be eligible for the offer, providing they have not yet placed their first trade and do so by May 31. The announcement was made the day after the Bank of England base rate was reduced from 4.5 per cent to 4.25 per cent, prompting suggestions that savings providers may cut their return rates. Global economic and political uncertainties, including over US tariffs, have prompted market volatility in recent weeks. Rachel Springall, a finance expert at said: 'The high interest rate looks enticing, and it is positive to see appetite to draw in savers who are looking to make their money work harder for them. However, it is essential savers carefully check the terms and conditions of the account before they invest. 'Savers need to understand that the interest rate is applied to money sitting in a specific type of account, which should entice investors who are waiting for the market storm to calm. Offering a high interest rate is a great way to entice the more risk-averse saver, and it gives them an opportunity to consider the longer-term benefits of investing in the stock market once they feel comfortable to do so. 'In the meantime, they can earn an attractive rate on their hard-earned cash, but they need to make sure they review it once the offer expires. Investing puts any capital at risk, so this option will not be suitable for every saver.' In another boost to savings rates, West Brom Building Society announced a rate increase on its Four Access Saver account on Friday. The interest rate has been increased from 4.40 per cent to 4.65 per cent AER (variable). The improved rate will apply to all new and existing customers holding issues one and two of the product, the Society said. Applications can be made online. Account holders can make up to four withdrawals per year. Sophie Dwyer, product manager at West Brom Building Society, said: 'As a mutual, our customers are at the heart of everything we do.'
The Independent
09-05-2025
- Business
- The Independent
Investing platform offers temporary 8.5% annual interest rate on cash balances
Investing and trading platform IG is offering a temporary cash interest rate of 8.5% AER (annual equivalent rate) – twice the current Bank of England base rate. The boosted rate will be available to people who open a stocks and shares Isa, Sipp (self-invested personal pension) or a general investment account (GIA) and make an initial investment before May 31. Once they have made an initial investment, any additional money that qualifying customers have deposited and are holding in cash on the account would earn 8.5% interest until August 31, provided they keep any investment position open for this period. After this date, interest reverts to IG's standard 4.25% rate. IG does not offer a dedicated cash savings account, so the rate would apply to uninvested cash in its Isas, Sipps or GIAs. IG pays interest on cash balances up to £100,000. Michael Healy, UK managing director of IG, said: 'Many investors are sitting on the sidelines right now as they wait for market clarity – this offer gives them a place to park their money and still earn a serious return.' Existing account holders could also be eligible for the offer, providing they have not yet placed their first trade and do so by May 31. The announcement was made the day after the Bank of England base rate was reduced from 4.5% to 4.25%, prompting suggestions that savings providers may cut their return rates. Global economic and political uncertainties, including over US tariffs, have prompted market volatility in recent weeks. Rachel Springall, a finance expert at said: 'The high interest rate looks enticing, and it is positive to see appetite to draw in savers who are looking to make their money work harder for them. However, it is essential savers carefully check the terms and conditions of the account before they invest. 'Savers need to understand that the interest rate is applied to money sitting in a specific type of account, which should entice investors who are waiting for the market storm to calm. Offering a high interest rate is a great way to entice the more risk-averse saver, and it gives them an opportunity to consider the longer-term benefits of investing in the stock market once they feel comfortable to do so. 'In the meantime, they can earn an attractive rate on their hard-earned cash, but they need to make sure they review it once the offer expires. Investing puts any capital at risk, so this option will not be suitable for every saver.'
