Towry Law, the financial adviser, is in emergency discussions with UK regulators over a multi-mil...
Towry Law, the financial adviser, is in emergency discussions with UK regulators over a multi-million pound pensions mis-selling black hole in a company it bought last year, according to the FT this morning.
The unexpected liabilities for mis-selling pensions led to friction with PwC, the accountancy firm, which carried out due diligence work on the purchase. PwC has since resigned as the company's auditor.
The scale of the problem is said to be close to £15m.
ConSors, Europe's second largest online brokers, yesterday reported its first quarterly loss since it floated in 1999, increasing speculation that Europe's second biggest online broker will have to link up with a strategic partner.
Shares in the online group, the only big European internet broker without the support of a powerful backer, rose more than 5 per cent to E28.50.
Huw van Steenis, e-business analyst at JP Morgan in London, said the market now believes a white knight might ride to the rescue, according to the FT.
Building societies are offering consumers a much poorer deal than many high street banks, according to research commissioned by the Halifax, once the UK's biggest building society.
According to this morning's Times newspaper, the research which is published today for the opening of the Building Societies Association annual conference, show that of a total of 67 building societies in the UK, 52 offered variable rate mortgages that were higher than the 6.5% Halifax rate, while 29 had variable rate loans on a rate of between 7 and 7.4% on a par with the rates offered by the high street clearing banks.
The research was compiled by the Research Department with the help of Moneyfacts, the consumer publication.
And Merrill Lynch has launched a legal action to recover $65 million allegedly stolen from a client by one of its senior employees, says the Observer.
Ashraf Raffa, who worked in the US investment bank's London office for several years, is accused of siphoning the money into bank accounts and other investments in the UK, Switzerland and the Middle East.
Raffa is said to have been arrested in Cairo as he tried to board a flight to New York in 1999 and still faces criminal charges in Egypt, however, Merrill Lynch had to indemnify the client, Arab International Bank, and is suing Raffa for the money in the High Court in London.
All newspapers carry reports this morning discussing the Liberal Democrats' election manifesto. Many newspapers also report that Labour's manifesto is also expected today.
(Details of both manifesto to be published by IFAonline later today).
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