Financial Times (Free subscription) | 7 hours ago
The Financial Services Authority should abandon proposals under its retail distribution review to ban commissions and replace them with adviser charging, instead, commissions should be capped
The Guardian (Free subscription) | 18 hours ago
Supreme court will rule on Wednesday whether account-holders charged for going into the red can seek compensation More than one million banking customers will come a step closer this week to learning whether they will be able to claim back charges they paid for unauthorised overdrafts. On Wednesday, the supreme court will hand down the appeal ruling on a case between the Office of Fair Trading and...
The Telegraph (Free subscription) | 20/11/2009
The Financial Services Authority has warned bankers that it is "not just a regulator" and intends to fully use its powers to become a "heavyweight" prosecutor of market abuse and insider dealing.
Currency Matters for UK Businesses (Free subscription) | 20/11/2009
Smart Currency Exchange - Daily Currency Rates for Business Users Daily Inter Bank Currency Exchange Rates 20th November 2009 Currency Rate EURO 1.113 US$ 1.656 CHF 1.682 CAN$ 1.766 AUS$ 1.809 ZAR 12.475 JPY 147.14 HKD 12.839 Comments: Sterling suffered as it was revealed that the government borrowing rose unexpectedly sharply in October to £11.4bn. I think this highlights how parlous the state...
The Observer (Free subscription) | 20/11/2009
Chief executive of country's biggest building society warns rising unemployment will hit house prices and attacks regulatory changes Nationwide Building Society today attacked regulatory changes which it warned could impede the mutual sector as it admitted profits in the first half had fallen more than 60%. Underlying pre-tax profits were £117m in the six months to 30 September, from £322m...
Bill Totten's Weblog (Free subscription) | 19/11/2009
by Dani Rodrik project-syndicate.org (2009) Something happened in late August that I never thought I would see in my lifetime. A leading policymaker in the Anglo-American empire of finance actually came out in support of a Tobin tax - a global tax on financial transactions. The official in question was Adair Turner, the head of the United Kingdom Financial Services Authority, the country's chief financial...
The Economist (Free subscription) | 19/11/2009
An exercise in bank-bashing which may just please consumers CRACKING down on financial services was always likely to be a highlight of the Queen’s Speech, which sets out the government’s legislative priorities until the general election next year. With the cost of bailing out banks approaching GBP90 billion so far, lending to businesses still anaemic and bonuses once more rising, bank-bashing...
Currency Matters for UK Businesses (Free subscription) | 19/11/2009
Smart Currency Exchange - Daily Currency Rates for Business Users Daily Inter Bank Currency Exchange Rates 19th November 2009 Currency Rate EURO 1.122 US$ 1.667 CHF 1.698 CAN$ 1.771 AUS$ 1.815 ZAR 12.581 JPY 148.52 HKD 12.925 Comments: Sterling fell back yesterday morning following the release of the minutes of the last meeting of the Bank of England's monetary policy committee. These minutes highlighted...
The Guardian (Free subscription) | 18/11/2009
Voluntary compliance will not work, City grandee tells chancellor Banks will be forced to reveal more details about the pay of their "high end" staff under legislation to be unveiled in the new financial services bill which will be published tomorrow. Sir David Walker, the City grandee conducting a review of corporate governance in the banking sector, warned the chancellor that his attempts...
Financial Times (Free subscription) | 18/11/2009
New powers will allow the UK Financial Services Compensation Scheme to pay out on behalf of schemes overseas, and speed up reviews by the Financial Services Authority
Corporate Law and Governance (Free subscription) | 18/11/2009
In today's Queen's Speech - containing the Government's legislative programme for the months that remain before a general election must be called - was mention of the Government's heavily trailed proposals for the financial sector. A Financial Services Bill is proposed, the main elements of which include (to quote from a short overview of the Bill prepared by the Government): Establishing a new statutory...
The Guardian (Free subscription) | 18/11/2009
Gives the City regulator powers to tear up bankers' contracts and force banks to pay for consumer education Tearing up bankers' contracts and forcing banks to pay for consumer education are among the powers that are being handed to the City regulator in today's Queen's speech. The Financial Services Authority will be able to void contracts signed by bankers and their employers after 1 January 2010...
The Guardian (Free subscription) | 18/11/2009
Newly free from his duties as poet laureate, the poet will lead deliberations to find 2010's best novel Former poet laureate Andrew Motion will chair the judging panel for next year's Man Booker prize, following an eclectic roster of former chairs including Michael Portillo, PD James and Douglas Hurd. Philip Larkin, the subject of a prize-winning authorised biography by Motion, held the position in...
Market Watch (Free subscription) | 18/11/2009
LONDON (MarketWatch) -- Outsourcing group Capita said Wednesday that it has performed well in the second half of 2009, with its robust trading at its businesses in an active market. "We are making excellent progress meeting our key financial targets for the year," the firm said. It expects to deliver underlying profit growth for 2009 in line with market expectations. Capita said it's working...
Times Online (Free subscription) | 18/11/2009
The Financial Services Authority is to get new powers that will allow it to seize data from hedge funds.
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