City’s financial sector to grow by 100,000 new jobs within 10 years, predicts hedge fund.

London’s role as a financial centre is set to be boosted by the economic growth of emerging market countries, according to a top City hedge fund.

“The idea that London is going to full of tumbleweed in 10 years is not credible,” Savvas Savouri, chief economist at Tosca, told the Financial Times – contradicting many bankers’ gloomy predictions about the demise of the City due to the Government’s perceived hostility to the financial sector.

Instead, Mr Savouri predicts that London will attract at least 100,000 new financial jobs in the next 10 years, as the growth of the Bric economies – Brazil, Russia, India and China – works in the City’s advantage.

“There are too many aspirational economies that don’t have infrastructures of their own. We have an affinity with India, with the Gulf, even with China – via Hong Kong. These markets will want a western hub,” he said.

Boris Johnson, mayor of London, last week added his voice to the throng warning of a City exodus due to the introduction of a 50pc tax on top earners’ and one-off levy bank bonuses. They mayor suggested that banks could move 9,000 staff out of London in response. Some hedge funds – such as BlueCrest Capital and Brevan Howard – have already relocated staff to Switzerland.

However, Tosca believes that concerns over taxes and regulation are unwarranted. “Taxes are rising and regulation is being tightened elsewhere too.” Mr Savouri told the FT.

His forecasts are modelled in part on the growth of the Japanese banking sector in London over the last 20 years. A similar per capita representation of Bric economies in the capital would create 180,000 new jobs, he said.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/

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Anti-fraud organisations have the following advice for consumers as fraudsters seek to exploit the festive season.

1. Always shield your PIN and don’t ever send it over the internet or disclose it to anyone. Your bank or the police will never phone you and ask you to disclose it.

2. Consider your card details to be as valuable as cash – in the hands of a criminal there is no difference.

3. Keep your PC protected by using up-to-date antivirus software. Try to ensure you have the latest operating system and web browser.

4. Shop only on secure websites. Before submitting card details, look for a padlock or an unbroken key symbol on your web browser.

5. Also check that the internet browser address changes from “http” to “https” to indicate that you have a secure connection.

6. Sign up to Verified by Visa or MasterCard SecureCode when given the option. Such systems provide an added level of security as you must register a password with your card company.

7. Check receipts against card and bank statements regularly. If you find an unfamiliar transaction contact your bank or card company immediately. Shred or completely destroy all documents that contain personal details and don’t keep such documents in your car or handbag.

8. Try not to let your card out of your sight when making a transaction at restaurants, bars and clubs.

9. Don’t use a cash machine that appears to have been tampered with. Report it immediately to the bank concerned.

10. Don’t be distracted or accept help from apparently well-meaning strangers while using a cash machine. If someone is crowding or watching you, cancel the transaction and use another machine.

11. When buying tickets online check with the venue to find out when they are being released and sent out. Also check that you know the geographic address of the website company and that they have a working landline phone number. Make sure there is a refund policy in case something goes wrong.

12. When dealing with tradesmen never hand over a cash deposit, be wary of special offers or warnings about your home and don’t agree to a trader starting any work straight away. Take time to consult with someone you trust for a second opinion and speak to friends, family or neighbours before making any decision.

http://www.telegraph.co.uk/finance/personalfinance/consumertips/