Financial Conduct Authority launches review into competitiveness of London’s £68bn insurance broker market November 8, 2017 Financial regulators are to probe whether the City’s prized insurance broker network is delivering value for money amid concerns it is skewed towards larger players, allowing them to squirrel away bigger profits. The Financial Conduct Authority (FCA) wants to know whether London’s £68bn insurance market is fostering sufficient innovation and competition and today launched a [...]
Former Lloyds head was aware HBOS could be nationalised but denies government pressured for a takeover November 6, 2017 Lloyds TSB’s former chief executive Eric Daniels took to the witness stand to deny that the bank had been pressured to take over HBOS at the height of the financial crisis. Daniels is the most senior executive to take to the witness stand, in an ongoing £550m trial which has seen around 6,000 shareholders attempt [...]
Admiral Taverns snaps up Heineken’s excess pubs following Punch Taverns acquisition November 1, 2017 Admiral Taverns today announced it has reached an agreement to take on some of the pubs shed by Heineken following its acquisition of Punch Taverns. Admiral, which was itself bought by new owners in September, has formed a partnership with Scottish hospitality group G1 to acquire a portfolio of 29 pubs. Due to the ongoing [...]
Legal services: It’s time to be transparent about pricing October 23, 2017 For too long, pricing has been the thorn in the side for many businesses employing legal services firms. Last year, the Competition and Markets Authority published a damning report on legal services in the UK, highlighting the impenetrable nature of pricing for clients. Around £11-12bn a year is spent by consumers on legal services in [...]
Esure and Direct Line founder Sir Peter Wood to flog chunk of Gocompare stock to pursue property investment interests October 18, 2017 Sir Peter Wood, the insurance tycoon founder of Direct Line and Esure, today revealed plans to dump a multi-million slug of Gocompare shares on the market in order to fund his London and US property interests. In an after-market announcement, Wood said he will place 21.3m shares on the market. With Gocompare’s stock trading at [...]
Saudi Aramco refutes claims IPO to be shelved as the Investment Association objects to the bending of London listing rules October 15, 2017 Saudi Aramco has refuted reports that its planned float is set to be shelved. The group was addressing claims in the Financial Times over the weekend that the oil giant was considering shelving plans for an international listing in favour of a private share sale to the world’s biggest sovereign wealth funds and institutional investors. [...]
Prominent investor group the International Corporate Governance Network (ICGN) adds forceful objection to FCA’s Saudi Aramco listing plans October 12, 2017 A prominent investor group has strongly objected to controversial plans to allow sovereign companies such as Saudi Aramco lower transparency requirements to list in London, with a consultation by the City watchdog closing tomorrow. Under the plans put forward in July by the Financial Conduct Authority (FCA), state-owned companies such as Aramco will qualify for [...]
Fintechs can now apply for Financial Conduct Authority approval for accessing data from top banks as Open Banking moves a step closer October 12, 2017 Fintech startups are a step closer to getting their hands on customer data from some of the biggest high street banks in another move towards Open Banking. Firms wanting to take advantage of account information being made available under rules outlined by the competition authority last year can apply to the Financial Conduct Authority from [...]
Just Eat’s Hungryhouse takeover is nearly good to go as competition watchdog gives provisional clearance October 12, 2017 The competition watchdog has provisionally paved the way for Just Eat to gobble up Hungryhouse, saying the merger does not raise concerns. Shares in Just Eat rose nearly five per cent in morning trading as investors chewed over the good news. Just Eat paid £200m for Hungryhouse, which it bought from Delivery Hero, back in [...]
Electric shock – finding the winners and losers of the electric revolution October 11, 2017 The electric car – as a concept – is almost as old as the internal combustion engine (ICE). The first electric vehicle (EV) is credited, somewhat contentiously, to Scottish chemist Robert Anderson as far back as 1837. Thomas Edison is even rumoured to have explored a cheap electric car with Henry Ford as early as [...]