A report being published today by the Parliamentary Ombudsman will reveal that the Financial Service...
A report being published today by the Parliamentary Ombudsman will reveal that the Financial Services Authority is to be cleared of blame over the Equitable affair, reports this morning's FT.
But harsh words about the regulator's status suggest it is more because the FSA has no powers to be of help to consumers as the FT reports "investors should not put too much faith in the ability of regulators to protect them from harm".
Leaked information suggests Parliamentary Ombudsman Ann Abraham will point out a fundamental "mismatch" between public expectations of the regulator's role and what they can reasonably deliver.
While the comments are rough on consumers, it does completely exonerate the FSA of charges that it failed to regulate Equitable properly, so compensation payments are unlikely.
It wasn't just Inter-Alliance which had a rough day on the London Stock Exchange yesterday, says the Daily Telegraph, as Berkeley Berry Birch's shares also fell after the company reported a £38m pre-tax loss.
Both firms had blamed their problems on "tough trading conditions" given that consumers are just no interested in equity investments at present, as well as the government's attempts to reform the financial services sector.
BBB's Stephen Ingledew now says it has two years to prove itself, but admits that IFA firms haven't yet delivered any value for shareholders.
Rules were set out by the FSA yesterday to regulate the way in which banks and other firms deal in shares which are not traded on exchanges, continues the FT.
Otherwise known as alternative trading systems, the ATS market will be regulated from next April, but there is actually very little difference between these and ordinary trading in equities.
Over 600 workers from a French chemical company will go on strike in the UK in a fight to keep their final salary pension benefits, adds the FT.
Workers at Rhodia's UK plants in Oldbury, Chesterfield and Widnes yesterday voted to take industrial action because its final salary pension is being closed to new members.
If the Rhodia staff carry out their threat of industrial action it will be the first time unions have gone on strike to protect the rights of future members.
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