WHAT THE OTHER PAPERS SAY THIS MORNING January 18, 2010 FINANCIAL TIMES BUYOUTS AT 25-YEAR LOW DUE TO LACK OF CREDIT The number of private equity deals in the UK hit a 25-year low last year, as the credit crisis cut off the supply of cheap debt and dissuaded business owners from selling out. There were 117 private equity deals in 2009, fewer than half [...]
ABI calls for restraint on executive pay packages January 10, 2010 DIRECTORS at Britain’s largest banks have been warned against tarnishing their reputations by developing schemes to exempt top earners from higher income tax. The Association of British Insurers, whose members own nearly a fifth of the stockmarket, said it “would not be able to approve” salary structures that focused on avoiding the forthcoming 50 per [...]
SOLVENCY II FEARS December 21, 2009 Amid fears that new European regulation will lead to an exodus of UK insurers, the Association of British Insurers has pledged to ensure that the European Union’s Solvency II directive is “acceptable to UK insurers so they can continue to be competitive”. An ABI spokesman said the directive was the “subject of ongoing discussions and [...]
CITY MOVES | WHO’S SWITCHING JOBS December 20, 2009 PricewaterhouseCoopers The accountancy firm has appointed Martin Caddick to lead its risk and business continuity management services team. Caddick joins from insurance broking and risk advisory firm Marsh, where he developed a successful business continuity practice and worked with numerous Fortune 500 companies in the UK and overseas. He also previously held director roles at [...]
CONFUSION MOUNTS OVER BANK BONUSES SUPER-TAX December 14, 2009 THE GOVERNMENT is today set to bow to City fury by issuing a clarification on its super-tax on bank bonuses, after being swamped by a deluge of queries from firms unsure if they will be hit by the damaging levy. Confusion in the UK’s financial hub has been rising daily since last Wednesday’s pre-Budget Report, [...]
NEW EU REGULATORS GIVEN HUGE POWERS December 2, 2009 BRUSSELS grabbed huge new powers over the financial services industry yesterday amid growing fears that excessive red tape is destroying the City of London’s competitiveness. European finance ministers agreed a sweeping new regulatory framework that will see the EU take centre stage in the supervision of banks, markets and insurance companies. Ministers agreed to the [...]
EU’s power grab is a disaster for London December 2, 2009 FIRST they came for the hedge funds, then private equity – now it is the turn of the banks, the securities industry and the insurers. The EU’s power grab is almost complete; it is pumping out new proposals on everything from derivatives to asset management virtually every day. The fact that most of these are [...]
New bodies to boost power of EUover City December 2, 2009 FOUR new EU watchdogs are being set up in a huge shake-up of financial regulation which will see national regulators lose influence. Subject to a vote in the European Parliament, the new regulators will oversee securities, banking and insurance. The banking division will be based in London; securities will operate from Paris. Frankfurt will be [...]
ABI criticises EU fund plan November 26, 2009 THE Association of British Insurers yesterday hit out at proposals from a top European lawmaker that would limit the ability of European pension funds to invest in third country funds. Jean-Paul Gauzes MEP, the rapporteur in the European Parliament for the EU’s proposed Alternative Investment Fund Managers (AIFM) directive, is suggesting that there should be [...]
BBA: Walker review must not hurt UK November 26, 2009 THE Financial Services Authority (FSA) and the British Bankers Association (BBA) yesterday called on other nations to mirror the Walker reforms on disclosing £1m-plus earners and strengthening boards. BBA chief executive Angela Knight said Walker was right to insist on more time commitment from non-executive directors and financial industry experience to sit on the board [...]