British Airways owner rejected by Aer Lingus December 18, 2014 Irish flag carrier Aer Lingus yesterday revealed that it had knocked back an offer from international rival IAG, owner of British Airways. Despite the knock-back, IAG is expected to come back with an improved offer, which could be supported by Ryanair. The budget carrier is a major shareholder in Aer Lingus, although it may soon [...]
Competition watchdog probes Pork Farms for having too big a slice of the pie December 18, 2014 The competition watchdog has threatened to launch an investigation into Pork Farms’ acquisition of rival Kerry Foods over fears that the new company will have its fingers in too many pies. Pork Farms, which makes scotch eggs, pies and sausage rolls for the major supermarkets including Marks & Spencer bought Kerry Foods’ chilled savoury [...]
Cost of household water bills in UK set to drop by £20 over next five years December 12, 2014 The cost of water bills for households in England and Wales is set to fall by an average five per cent over the next five years, under a new rule being introduced by industry regulator Ofwat. Before adjustments for inflation, average bills received by home owners across the two countries will fall to £376 [...]
The digital currency boom: Britain can claim first-mover advantage by acting now December 11, 2014 The UK has always been at the forefront of financial innovation, and we continue to lead the way today. This year, we became the first Western country to issue sukuk sovereign bonds. But we risk being caught on the hop in the emerging digital world. Within a few years, digital currencies, like Bitcoin, have gone [...]
FCA tells annuity providers to “play their part” in helping consumers find the right retirement product December 11, 2014 The Financial Conduct Authority has told annuity providers to buck their ideas up after its review of the market found that competition was “not working as well as it could for consumers”. People are likely to miss out on better levels of income because they do not shop around enough, the report said, with [...]
The FCA’s reputation has been dealt a serious blow – change is needed December 10, 2014 The Financial Conduct Authority (FCA) has had a tough week. The findings of the Davis report, an investigation into a botched, market-sensitive media briefing on the life insurance market, yesterday described the regulator’s reaction to the error as “seriously inadequate”, and “short of the standards expected of those it regulates”. The regulator spent a total [...]
The other FCA concern: Why its new rules for bankers would hurt the UK economy December 8, 2014 IT’LL be a busy week for the Financial Conduct Authority (FCA). Yesterday, the regulator announced a new strategic approach for the organisation, with key personnel changes and a “sharper focus” on the challenges ahead. A review by Clifford Chance partner Simon Davis into the FCA’s handling of an insurance probe earlier this year is also [...]
Three senior officials leave FCA as financial watchdog restructures December 8, 2014 The Financial Conduct Authority (FCA) has said goodbye to three senior officials amid a review and reorganisation of its strategy. Director of supervision Clive Adamson’s departure has been confirmed by the British financial watchdog, while executive committee members Zitah McMillan and Victoria Raffe will also leave as part of its restructuring. The FCA, [...]
Business has a patriotic duty to speak out on the economic benefits of the EU December 7, 2014 As Labour, we believe that the prospect of Britain leaving the EU poses the biggest risk to British national prosperity in a generation. That is why Labour will continue to make the case for reform in Europe, not exit from Europe. This is a campaign that unites all of us who know that we simply [...]
No banking unit safe from probes December 4, 2014 EVERY part of Britain’s banks will be open to scrutiny by the new Competition and Markets Authority (CMA), its chief executive Alex Chisholm said yesterday. He denied the body was swayed by politicians and their focus on retail banking. Chisholm insisted his mandate covered any type of anti-competitive behaviour across the whole sector. So far, retail [...]