We’re the 100 per cent because we all pay tax January 9, 2012 DEBATES about tax can be pretty taxing – as two recent examples of both sides of the debate embellishing the facts to create outrage out of nothing clearly show. In a recent report, Action Aid found that 98 per cent of FTSE 100 companies had subsidiaries that operated within a tax haven. There are problems [...]
SO WHO’S IN CHARGE OF ENFORCING ALL THESE NEW RULES? September 1, 2011 • European Securites and Markets Authority (ESMA): Europe’s new super-regulator, in charge of the oversight of the region’s securities industry. ESMA can overrule member states if it thinks national regulators are not taking sufficient measures to tackle potential threats to investors. Its executive director Verena Ross is the only senior member of staff at any [...]
Flybe buys Finnish airline July 1, 2011 Flybe, Europe’s largest regional airline, and Finnair have agreed to pay €25m (£22.6m) for Finnish Commuter Airlines (FCA), the country’s largest regional air carrier. Finnair said Flybe will pay 12m euros and Finnair 13m euros, both in cash, and set up a joint venture called Flybe Nordic. Finnair said it will buy FCA’s aircraft at [...]
Protecting consumers has priority June 16, 2011 CASES of mis-selling by financial firms such as the recent payment protection insurance debacle will be fast-tracked by new regulators under plans unveiled by the Treasury yesterday. Draft legislation to go through parliament next year will set up the Financial Conduct Authority (FCA), to be in charge of protecting consumers and policing firms — and will [...]
Sants says FSA replacement could cut choice June 27, 2011 THE Financial Services Authority (FSA) has warned that one of the two bodies set up to replace it will take a “bolder, more intrusive” approach to micro-managing firms’ development and sales of new products. The Financial Conduct Authority (FCA) will be created next year to take over half of the FSA’s functions. FSA chief executive [...]
Name and shame power June 16, 2011 THE new Financial Conduct Authority (FCA) will have the power to “name and shame” firms before they have been found guilty of any wrongdoing, as revealed by the government’s draft legislation for a new financial regulatory regime. But those accusing the firms of misconduct will not be named, which City lawyers have said goes against [...]
Name and shame power June 16, 2011 THE new Financial Conduct Authority (FCA) will have the power to “name and shame” firms before they have been found guilty of any wrongdoing, as revealed by the government’s draft legislation for a new financial regulatory regime. But those accusing the firms of misconduct will not be named, which City lawyers have said goes against [...]
Sants: the City needs to take FSA seriously June 28, 2011 FSA CHIEF Hector Sants has accused banks of not getting to grips with their customer service failings yesterday, saying that the City is simply expecting its new regulator to solve the problem. Sants’ criticism was echoed by Margaret Cole, who will head up the new Financial Conduct Authority (FCA) when it is created to replace part [...]
The City to face years of uncertainty June 16, 2011 THE City is facing years of uncertainty after the Treasury unveiled legislation to put in place three new regulators that will have powers to stop any business activity they deems too risky and apply different rules to different firms depending on their “risk profile”. A white paper, published yesterday, sets out the government’s plans to [...]
The City to face years of uncertainty June 16, 2011 THE City is facing years of uncertainty after the Treasury unveiled legislation to put in place three new regulators that will have powers to stop any business activity they deems too risky and apply different rules to different firms depending on their “risk profile”. A white paper, published yesterday, sets out the government’s plans to [...]