FSAunder fire as building societies fight rules boost September 6, 2009 CITY financial watchdog the Financial Services Authority (FSA) has come under fire from building societies over its proposals to clamp down on their ability to lend to consumers. The lenders are understood to have teamed up and sent a fierce letter, through the Building Societies Association, to warn the FSA the rules will hamper their [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 3, 2009 FINANCIAL TIMES INTEL SEES WINDOWS OF OPPORTUNITYAn ageing line-up of PCs and the arrival of Windows 7 will cause companies to start spending again on computers next year, according to the head of the world’s largest chipmaker. The comments by Paul Otellini, chief executive of Intel, underscore growing optimism in the technology industry that next year will see a return [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 11, 2009 FINANCIAL TIMES DEUTSCHE BANK BACKS €300M SAL OPPENHEIM INJECTIONDeutsche Bank has backed a €300m ($423m) injection of capital for Sal Oppenheim as the two banks continue their talks over a possible equity shareholding. Sal Oppenheim, a 220-year-old institution that claims to be Europe’s largest biggest independent private bank, said the equity injection was made by [...]
FSA looks into dark pools August 3, 2009 CITY watchdog the Financial Services Authority (FSA) yesterday launched a probe into how UK equity markets are used, with a special focus on the way in which so-called “dark pools” and “high frequency” traders operate. The news comes as financial regulators around the globe come under pressure to step up scrutiny on the industry, especially [...]
BISCHOFF TO TAKE CHAIR AT LLOYDS July 27, 2009 SIR WIN Bischoff will succeed Sir Victor Blank as chairman of Lloyds Banking Group, the bank announced yesterday, prompting criticism from some quarters. Bischoff, former chairman of Citigroup, will be paid £700,000 a year without shares or a bonus and will assume the role on 15 September, long before next year’s annual meeting, the deadline [...]
Tories ahead, but more work still needed July 20, 2009 IN the main, yesterday’s Tory White Paper was a success. George Osborne is right to want to abolish the FSA and make the Bank of England responsible for financial stability. I’m delighted the Tories won’t be proposing a separation of investment and retail banks any time soon, and that any break-up of Lloyds or RBS [...]
Osborne to scrap FSA and beef up the Bank July 20, 2009 THE BANK of England will become the UK’s main financial regulator and the Financial Services Authority (FSA) will be abolished if the Conservatives win the next election, shadow chancellor George Osborne said yesterday. In the Tory response to chancellor Alistair Darling’s white paper on financial regulation, Osborne said he would “lead the British economy from [...]
Tesco slams Competition Commission July 16, 2009 TESCO, Britain’s biggest retailer, yesterday hit back at plans by the Competition Commission to introduce a new test into the planning system to combat the dominance of big supermarket chains. Tesco supermarket director Lucy Neville-Rolfe said the move “will cost jobs by deterring investment in the areas that need it most, in what is already [...]
Darling gives FSA power to rein in the activity of City firms July 8, 2009 THE FINANCIAL Services Authority (FSA) will share formal responsibility for financial stability with the Bank of England, under a raft of measures included in chancellor Alistair Darling’s white paper on financial regulation. The chancellor rejected Conservative calls for the Bank of England to be given primary responsibility for monitoring dangers to the economy, instead opting [...]
Council of regulators led by chancellor to monitor risks to the financial system July 8, 2009 A NEW Council for Financial Stability (CFS), composed of representatives from the tripartite authorities, will be handed responsibility for monitoring emerging risks in the financial system, chancellor Alistair Darling announced yesterday. The CFS, to be chaired by Darling himself, will see figures from the Treasury, Bank of England and FSA meet regularly to discuss and [...]