Coming as it did on the heels of a tax and spend budget there were high hopes among the ranks of Tor...
Coming as it did on the heels of a tax and spend budget there were high hopes among the ranks of Tory party supporters for big gains in yesterday's local elections - but that was not to be.
Instead more voters drifted towards the third party in UK politics, the Liberal Democrats, which means, the FT today says, that it looks likely Labour is on track for another term in office.
Elections of another sort are coming for troubled firm Equitable Life soon and The Times says that three "rebel" policy holders are seeking election to the board.
The stand comes after Paul Braithwaite, chairman of the Equitable Life Members' Action Group leveled accusations that the society was in far worse financial shape than publicly revealed ahead of the vote to save the company, which saw guaranteed and non-guaranteed annuity returns crushed.
"The annual report disclosed that Equitable Life had released £1 billion using actuarial techniques such as changing assumptions and getting rid of guaranteed policy bonuses. Without the £1 billion the society would be close to technical insolvency," The Times says.
"Last month Equitable cut annual bonuses by 2 per cent and policy maturity values by 4 per cent. Analysts have warned policyholders that the situation is unlikely to improve quickly."
"Mr Braithwaite said he believed the state of the society was far worse than policyholders were led to believe when they voted for a compromise deal to stabilise its finances."
And talking of company failures, Britannic Asset Management is said in today's Telegraph to be offering up to £40,000 to 50 of its fund managers to make them stay.
But it is by no means certain that that sum will suffice, as the company is said to have been bleeding staff since chief executive Danny O'Neil upped and left in January.
"Britannic is not attractive to a buyer without its fund managers but this is an amazing golden carrot being waved in front of them," the Telegraph quotes an "industry source".
The FSA is set to retreat from threats to impose new regulations on derivatives traders, according to The Times
"Dealers had feared that the regulator would try to scale back the involvement of some insurance companies after Sir Howard Davies, the chairman, gave warning that they were playing the market without understanding the risks," The Times says.
However, the regulator has decided that the sector's players are less naive than previously throught, and it is now set to put in place lighter regulation.
The Times focuses on CGNU today as the company's share price hit a two-year low yesterday in the wake of continued investor discomfort with the way the company is being run.
Of particular concern is a slowdown in the company's European life business - something that led broker Schroder Salomon Smith Barney to reduce its outlook for the stock, including cutting its sales growth forecast to just 8% this year compared to 22% last year.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation