A legal victory for a lawyer who claimed he was mis-sold a policy with Equitable Life could upset the...
The paper reports that the High Court found the company "negligent" for selling a policy after its troubles had started.
The court also ruled that the company was wrong to tell the policyholder that his money would be ringfenced from the troubles it was having with its guaranteed annuity rate policyholders.
Equitable has claimed ever since it put forward the compromise solution for saving the company that non-guaranteed annuity rate policyholders do not have a strong legal case.
The compromise deal means that non-GAR's will get an uplift in the value of their funds, but must promise not to sue in return.
Equitable is appealing the ruling and says it does not set a precedent, but that view is opposed by the Equitable Life Late Joiners' Action Group, which says the ruling will "open the floodgates" of litigation.
The Scotsman today carries the story that asset manager Friends, Ivory & Sime is to move £1bn in funds under management from London up to Edinburgh.
The paper says it is part of a move to bring more institutional clients to its Edinburgh base, which previously focused more on investment trusts and retail clients.
"The Edinburgh-based UK Equity Team will manage medium companies for the majority of FIS's UK equity portfolios, with the exception of its Stewardship range of ethical investment funds," The Scotsman says.
Friends Ivory & Sime is quoted as saying the move will make "optimum use of resources and leveraging skills within the group [and provide] cross fertilisation of clients between our London and Edinburgh offices."
Yesterday's release of minutes from the latest MPC meeting when interest rates were left alone show a continued sharp split between hawks and doves says The Times.
Although there was a unanimous vote on keeping the repo rate at 4%, The Times says the continued two-speed economy is still causing some severe soul-searching among the MPC's members.
On the one hand they their job is to keep inflation within targets, but they are also aware of the implications of not stimulating the economy enough.
The problem is continued strong consumer spending; more than £18bn was put on plastic last month.
UK accountants are to adopt new rules in the wake of the Enron scandal that has enveloped the industry reports the Telegraph.
"Price Waterhouse Coopers and KPMG are to adopt limited liability partnership status to protect UK partners from their colleagues' audit errors," the paper writes.
It notes that limited liability does not cap liability that creditors can claim, but does protect "innocent" partners.
Anderson has no such provisions in place and the potential $10bn damages bill from its malpractice in the Enron case could bankrupt all the company's partners beyond the few directly involved in auditing and shredding Enron documents.
PwC and KPMG refute the allegation that the Andersen case has forced their hand on the issue: they say the industry was already moving towards limited liability partnerships well before the Enron case came to light.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till