FSA warns over 24bn of risky investment products October 27, 2009 RETAIL investors may have been sold up to £24bn of structured investment products that were more risky than their sellers admitted, a probe by the City watchdog Financial Services Authority (FSA) found yesterday. The FSA said a review of these products, backed by now collapsed Lehman Brothers, found the sales advice was “unsuitable” or “unclear” [...]
Pawnbroker H&T cashes in on surge in gold prices October 26, 2009 PAWNBROKER H&T cheered the market yesterday after revealing its rapid roll out of gold buying stores boosted trading “well ahead of expectations”. Investors responded favourably – sending its shares up five per cent to close at 300p. Since April the group has aggressively developed its gold-buying business, called Gold Bar stores, and has opened 56 [...]
Banks agree new FSA code for reporting October 26, 2009 THE MAJOR UK-based banks have agreed to implement a new code for financial reporting which aims to address investor concerns over the disclosure of complex, risky products. The Financial Services Authority (FSA) yesterday confirmed that the institutions – including bailed-out banks Lloyds Banking Group and Royal Bank of Scotland – have agreed to apply the [...]
BSI to launch ‘kitemarks’ for UK financial services October 26, 2009 NATIONAL standards body BSI has developed a voluntary standard of ‘kitemarks’ for compliance teams working within retail and wholesale financial services firms. The body consulted with members of the industry to set out a common methodology and good practice standard, which can be used to complement existing regulation. It aims to help reduce the risk [...]
Investors feel more confident about equities October 26, 2009 INVESTOR confidence in the stock market has reached a three-and-a-half -year high, according to a survey by the Association of Investment Companies (AIC). It found confidence among active investors is at its highest level since February 2006. Nearly two thirds of investors expect equities to outperform property, and 52 per cent plan to increase their [...]
Economic downturns can lead to more innovation October 26, 2009 IT’S A well-known fact that an economic downturn corresponds with an innovation upturn. Change means winners and losers. Are you going to sit at the dinner or be the duck which is served? It comes largely down to your attitude, to whether you are going to embrace the change or resist it. Henry Ford said [...]
Hedgies set for recovery October 26, 2009 THE HEDGE fund industry is close to recouping the losses it suffered during the financial crisis, according to data from Hedge Fund Research (HFR). HFR’s indexes show that the average fund needs to gain just two per cent to reach the high water mark – or its value on 30 June 2007, the height of [...]
First look at Nomura’s new office October 26, 2009 THE first photographs from inside Nomura’s new Thames side office, Watermark Place, were released yesterday, just under a year after City A.M. exclusively revealed the Japanese bank was returning to the City. Nomura, which decided to ditch Canary Wharf in July, will move its 3,600 employees – as well as 2,000 former Lehman Brothers workers. [...]
CITY MOVES WHO’S SWITCHING JOBS October 26, 2009 KPMGThe accountancy firm’s forensic practice has recruited Nigel Layton, the founder of specialist corporate investigations firm Quest, as a director in the corporate intelligence team. Layton set up Quest in 1995 and has since built up its reputation via cases including an inquiry for the Premier League into allegations of irregular payments surrounding certain football [...]
Cornering the watch market October 26, 2009 MONACO V4, BY TAG HEUER£65,000www.tagheuer.com CAPE COD GRANDES HEURES, BY HERMES£5,965www.hermes.com DA VINCI, BY IWC£4,500www.iwc.com FACET WATCH, BY DUNHILLPrice to be confirmedwww.dunhill.com VINTAGE 1965 LIMITED EDITION, BY ZENITH£8,900www.zenith-watches.com