The Times writes this morning that firms of independent financial advisers are holding up compe...
The Times writes this morning that firms of independent financial advisers are holding up compensation payments for victims of the £13.5bn personal pensions mis-selling scandal, the chief City regulator has revealed. The Financial Services Authority yesterday published a progress report on the pensions review, which showed that £3.3bn has been paid in redress. The report showed that some firms, especially small IFAs, are "slipping behind".
Headline news in the FT today is that anti-globalisation activists are planning a flotilla of protest boats to land in Qatar during the World Trade Organisation meetings in an effort to halt the launch of a new trade round. In what is shaping up as one of the most ambitious anti-globalisation protests to date, organisers are also preparing for demonstrations against stock exchanges and multinational corporations as part of a global day of action on November 9.
City strategists sounded warnings yesterday that Britain's battered stock market investors may face further punishing losses before any recovery in share values, says the Times. After investors' frayed nerves suffered a fresh jolt as the FTSE 100 index skidded below 5,000 for the first time in three years, strategists said they should brace themselves for worse to come.
The FT also reports that Friends Provident, the recently floated UK life assurer, reported maiden first-half operating profits of £92m ($134.9m) but confirmed it expected new business sales growth to slow in the second half. The company, which expects to join the FTSE 100 after floating in July at 225p, did not give any comparative figures for the first half of 2000.
Good news for the French says the FT as is notes that French economic growth slowed in the second quarter of the year, but remained high enough to place the country in the top tier of performance among the world's major economies. The news is likely to prompt a collective sigh of relief from many analysts, given France's recent status as the engine of eurozone growth, and it is likely to soften but not silence forecasts of imminent global recession.
The FT writes that Standard & Poor's, the credit rating agency, is considering downgrading Japan's debt, intensifying the pressure on Junichiro Koizumi's government and reflecting the growing doubts about the prime minister's ability to implement his reform plans.
S&P on Tuesday said it downgraded the outlook on Japan's AA-plus long-term local and foreign currency sovereign credit ratings to negative from stable because of diminished prospects for economic structural reforms and ineffective macroeconomic policies.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected