THE SHEER VOLUME of cases is threatening to overwhelm the FSA's investigation into split capital inv...
THE SHEER VOLUME of cases is threatening to overwhelm the FSA's investigation into split capital investment trusts, writes the FT.
The admission comes from the regulator's director of enforcement Andrew Proctor, who also blames lawyers retained by those under investigation for insisting on "strict formality".
The FT says that continued challenges by lawyers could see the FSA adopt the attitude of the US Securities and Exchange Commission, which used the media to put public pressure on companies that dragged their feet in coming to terms with past behaviour.
UK PLC IS under threat from the massive burden of pension fund deficits, which will restrict economic growth for at least the next three years, warns the Confederation of British Industry.
The FT says the warning identifies a £160bn pensions "black hole", which apart from threatening public finances, could see 0.5% cut from the reported total income of all UK non-financial companies through 2005.
Filling the hole will cost £16bn annually, the report states, which directly threatens the ability of companies to make investments needed to put the economy on a stronger growth trend.
HALF A MILLION PEOPLE affected by the Inland Revenue's tax credits fiasco are being thrown a lifeline in the shape of an appeal to the Parliamentary Ombudsman by shadow work and pensions secretary David Willetts for compensation to be paid.
The Times reports Willetts saying that: "many of these families have a good claim for compensation for the financial problems they have faced."
"A spokesman for the Treasury confirmed that the Government is considering what, if any, further arrangements are necessary for tax credits claimants and compensation payments," The Times writes.
GORDON BROWN'S DEPARTMENT also gets criticised in a new report from the Centre for Policy Studies, which says the average UK household would be £6,000 better off if the chancellor had not gone on a spending spree and raised some "60 taxes".
Taxes on pensions and higher NI payments alone have taken £4,000 from each household, the report says, while lower economic growth compared to the global average since 1998 has cost an additional £2,000.
However, even The Telegraph is taken aback by the report's reticence in appreciating what has been achieved by Brown, namely an independent Bank of England, low unemployment, and paying off national debt.
STANDARD LIFE IS set to rely on legal technicalities to throw out the petition from retired lecturer David Stonebanks calling for the demutualisation of the company.
Depite delivering 2,000 members' signatures, SL is believed to have spotted enough legal "inaccuracies" to throw out the demand when it makes an announcement on the petition in association with its interim results on Friday.
Stonebanks has already said he will reword the petition, available for download from the internet, and try again, The Scotsman says.
Interest rate outlook unchaged
FCA made demands last week
'Unsung' part of FSCS work