The Times reports that windfalls worth hundreds of millions of pounds to owners of endowment and ...
The Times reports that windfalls worth hundreds of millions of pounds to owners of endowment and pension policies could be clawed back by the savings industry in a new threat to victims of mis-selling.
Pressure is growing on City regulators to offset windfall payments made by demutualising life insurers against any compensation paid to victims of the pension and endowment mis-selling scandals.
The attempt to claw back compensation will come to a head next Monday when an insurance broker, Collegiate Insurance, will go to the High Court to challenge the decision of the Financial Services Authority not to allow windfalls to be offset against compensation.
Some cheery business news leads the FT this morning with a report that says finance ministers from the Group of 7 large economies have issued a robust statement of confidence in the prospects for the world economy, and suggested they expect an upturn in growth next year.
The FT also notes that league tables showing how well banks and building societies treat their customers should be published annually, a Treasury-commissioned report published on Monday will say.
The report, produced by DeAnne Julius, a former member of the Bank of England's monetary policy committee, also recommends that two independent individuals should be appointed to help rewrite the industry's self-regulatory rules.
The FT writes that the phoney war between Abbey National and Lloyds TSB should come to an end tomorrow, when Patricia Hewitt, the new trade and industry secretary, is expected to announce her decision on whether the UK's third largest bank should be allowed to gobble up its fifth largest.
The Guardian says Marconi directors will this week seek to reassure investors that they can turn the business around despite the boardroom infighting that followed last week's profits warning.
The chain of events leading to Wednesday's share suspension and Friday's ousting of chief executive designate John Mayo has left other directors facing heavy criticism. Non-executive chairman Sir Roger Hurn is also under growing pressure to quit.
The Times also picks up on news that the governments of the Group of Seven leading economies (G7) will increase pressure on pharmaceutical companies to make vital drug treatments for killer diseases more easily available in developing countries.
The Genoa summit later this month is expected to approve new proposals, laid out by G7 finance ministers in Rome at the weekend, for measures to encourage drug companies to permit more local production of cheap copies of key medicines in the world's poorest nations.
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From June 2019