The FT reports the Financial Services Authority will on Friday consult with the insurance indus...
The FT reports the Financial Services Authority will on Friday consult with the insurance industry over a possible change to company law that would force company directors to take greater account of the interests of holders of with-profits policies.
The change could mean that directors would have a duty to put policyholders on a par with shareholders when deciding who has a claim on the assets in with-profits funds linked to products such as endowment mortgages and personal pensions.
The FT also writes that a group of bankers at Credit Suisse First Boston played a central role in creating controversial partnerships that Enron used to hold billions of dollars of poorly performing assets and that eventually contributed to its bankruptcy.
The Times says Sir Edward George, Governor of the Bank of England, yesterday warned that the British economy was at risk of faltering if consumer spending tailed off under the growing weight of household debt.
The Times notes the housing market shows no signs of slowing down and property prices may rise more strongly this year than expected, according to Nationwide Building Society. House prices surged by 1.6% in February, to stand 14% higher than a year ago. This was sharply up from a monthly rise of 0.2% in January and an annual rise of 11.7%.
Neil Brown appointed interim head of UK wholesale distribution
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