UK prepares for pensions battle with EU April 23, 2012 THE TREASURY has written to banks to reassure them that it will go to battle with the EU over new pensions regulation that it says would make saving for retirement much more expensive. In a private letter sent to lenders and seen by City A.M., the Treasury’s financial secretary Mark Hoban expresses “serious concerns” about the way the [...]
Swaps dealers get an unlikely hero in Barnier April 23, 2012 FIRMS using and dealing derivatives face the prospect of regulatory chaos due to the EU and US regimes colliding, EU commissioner Michel Barnier has warned his American counterparts. A spokesperson for the commissioner said that he has written to US authorities to suggest putting off rules that will hit any firm dealing a certain volume of derivatives in [...]
Treasury caves in to MPs on Bank scrutiny April 23, 2012 THE GOVERNMENT caved in to demands from the influential Treasury Select Committee of MPs last night, agreeing to reopen a discussion on how to hold the Bank of England to account in its flagship financial services reform bill. Andrew Tyrie MP, chair of the committee, withdrew an amendment that would require the Court of the Bank [...]
FSA loses case against senior UBS banker April 23, 2012 THE UK’s financial watchdog has lost a key test of its powers to punish bankers for alleged supervision failures after a fine on a senior UBS banker was overturned yesterday. In a rare successful appeal against a fine imposed by the regulator, John Pottage was cleared of misconduct by the Upper Tribunal over compliance failings [...]
Claims companies cash in on PPI April 23, 2012 THE INSURANCE mis-selling scandal has become a “cash bonanza” for claims management companies looking to exploit bank customers, according to consumer rights advocates Which? magazine and MoneySavingExpert.com. They hosted a meeting yesterday, where major providers of payment protection insurance (PPI) and regulators discussed the scandal, in which thousands of borrowers were inappropriately sold useless insurance. Which? publishing [...]
Sky News faces Ofcom probe over hacking April 23, 2012 OFCOM yesterday announced it has launched an investigation into Sky News after the broadcaster accessed private email accounts. Prompted by Sky News’ admission a few weeks ago that it had “authorised a journalist to access the email of individuals suspected of criminal activity”, Ofcom is investigating fairness and privacy at the news channel. The media [...]
Cobham picks BAE man Murray to be its new chief executive April 23, 2012 Defence company Cobham has hired Robert Murphy, a member of BAE Systems’ executive committee, as its new chief executive. Murphy will take up his new role on 25 June, replacing Andy Stevens, who is taking early retirement due to a recurring back injury but will remain on the board until further notice to smooth the [...]
Digby Jones joins Flybe board April 23, 2012 ● Airline Flybe said yesterday Lord Digby Jones would be joining the company as a non executive director. The former trade minister and director general of the CBI has a string of other boardroom roles such as the chairmanship of Triumph motorcycles.
Carnival’s Costa chief steps down April 23, 2012 ● The chief executive officer of the Carnival unit whose ship ran aground off the coast of Italy in January is retiring and will be replaced by the head of another of the cruise operator’s European lines. Pier Luigi Foschi, 65, will retire as Costa Crociere chief on 1 July, but will remain as Costa’s [...]
ICE Futures to auction CO2 permits April 23, 2012 ● Britain has awarded a contract to ICE Futures Europe to auction carbon permits in the third phase (2013-2020) of the EU emissions trading scheme in a move that will boost volume on the most liquid carbon bourse. They could be auctioned as early as November, subject to approval by the EU.
