There appears little to report in the financial services industry this morning, as the papers carry f...
Biggest news today is that banks may face a windfall tax on excess profits if they are found to have taken advantage of small businesses, the FT reports this morning.
The Competition Commission is said to have found evidence two weeks ago that small businesses pay too much for banking services because of a complex monopoly which allows the banks to restrict competition.
The FT also reports this morning on the FSA's "cautious approach" to polarisation and hold back from liberalising sale of ISAs, because of fears that investors will become confused and the markets distorted.
The Fund Managers Association is also warning that UK-based fund managers could be left at a disadvantage to overseas rivals because of radical proposals to reform the way they charge pensions funds for brokers services.
This follows suggestions by Paul Myners that fund managers should receive a management fee for all research, information, transaction and share dealing.
Phillip Thorpe, managing director of the FSA, is stepping down from his role in July to head up the Futures Industry Institute in Washington when his contract expires on May 31, says the Times.
Thorpe is expected to stay until July to complete the restructuring of the FSA.
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