Treasury put £1.6bn into Dunfermline financing
By Alex Stevenson The government’s net financing for the collapse of the Dunfermline Building Society is £1.6 billion, Alistair Darling has told the Commons. The chancellor was updating MPs on the government’s decision to force the breakup of Dunfermline over the weekend. He said this amount had been provided by the Treasury to Nationwide after […]
Myners’ ‘pension link’ questioned
By politics.co.uk staff Lord Myners faced criticism in the Commons this morning after reports claimed he was eligible for a £99,800-a-year-pension from a company linked to rescued bank RBS. Shadow leader of the House Alan Duncan raised the issue after it emerged fund manager Gartmore, which was bought by RBS subsidiary NatWest, was briefly owned […]
Red tape getting worse, businesses say
Forty per cent of businesses say government regulation is now more time-consuming, according to a National Audit Office (NAO) report published today. The report found just one per cent of businesses said that complying with regulation has become less time consuming in 2007. It also found very few businesses are aware the government is even […]
Lapdancing licensing reform call
The government’s consultation on lapdancing licensing comes to an end today, prompting further calls for reform from groups worried that current regulation is too light. Campaigning groups the Fawcett Society and Object oppose provisions in the Licensing Act 2003 which permit lapdancing clubs to have the same licence as that used to allow the sale […]
MPs unimpressed by missing mercenary regulation
MPs have branded delays in introducing a regulatory regime for private security companies as “unacceptable”. Today’s human rights report from the Commons’ foreign affairs committee is highly critical of the government’s failure to pass legislation on the issue. A green paper was published on the issue in 2002 and since then the number of private […]
Compensation demand Equitable Life customers
Victims of the near-collapse of Equitable Life in 2000 should receive compensation, the Parliamentary Ombudsman has decided. In a report into how the government handled its oversight of Equitable Life, Ann Abraham found ten cases of maladministration over a decade and demanded a government apology. The report – entitled Equitable Life: a decade of regulatory […]
Supermarkets to get ombudsman
The Competition Commission (CC) has recommended appointing an ombudsman in its final report on the UK grocery market. The report, which puts forward the regulator’s final recommendations, follows a five-year investigation with over 700 submissions. The big four grocers – Asda, Tesco, Sainsbury’s and Morrisons – have been accused of buying up land to prevent […]
City could gain whistleblower protection
The Treasury is considering extending whistleblower protection to the City in a bid to prevent market manipulation. It is hoped the power would encourage people to come forward with evidence of fraudulent activity without fear of prosecution. Shares in bank HBOS tumbled last week when false rumours were spread about the bank. The Financial Services […]
Vulnerable consumers ‘left behind’
Removing price controls in energy, telecoms and postal markets has proved beneficial but some “vulnerable” consumers are being left behind, a report warns. The National Audit Office (NAO) reports that the introduction of competition by regulators Ofgem, Ofcom and Postcomm between 2002 and 2006 has allowed consumers to find a better deal by switching providers. […]
Banks ‘ignored credit warnings’
Banks failed to take action to avert the developing credit crunch in part because they ignored warnings from regulators, MPs have said. The system by which regulators – including the Bank of England and Financial Service Authority (FSA) – warn lenders of impending financial turmoil is “deficient” and must be strengthened to banks pay proper […]
