FSA‘S TURNER TAKES AIM CITY OF LONDON
The head of the Financial Services Authority has launched a broadside against innovation in London’s financial district, accusing parts of the City of London of developing complex products that mislead regulators and hoodwink consumers.
HBOS could have been hit by an FSA fine of as much as 100 million pounds ($157.35 million) because of its conduct in the lead-up to the financial crisis, the head of the FSA Lord Turner has revealed.
Britain’s largest private sector employer Tesco is to raise its pension age from 65 to 67 in a move which could be followed by other major companies.
FORMER TESCO CHIEF SAYS WEALTH CREATION IS A ‘NOBLE AIM’
Sir Terry Leahy, the former Tesco boss, has issued an impassioned defence of wealth creation in Britain, arguing that it as “noble” an activity as working in public services or charities.
A senior Credit Suisse trader will be paid a bonus for 2011 despite being fined 210,000 pounds by the British financial regulator, the FSA, for “improper market conduct”.
The British government is to put off repaying loans until the next century by offering 100-year bonds. Finance minister George Osborne will use next week’s budget to revive a scheme not used in Britain since the First World War.
Rebekah Brooks, Rupert Murdoch’s long-time confidante, was arrested at dawn on Monday alongside her husband, the racehorse trainer Charlie Brooks, as the police investigation into phone hacking at the News of the World struck out in a new direction.
BOE‘S TUCKER CRITICISES EU REGULATIONS
A deputy governor of the Bank of England has launched an outspoken attack on new European regulations that he warns could create further financial crises.