THE FINANCIAL SERVICES AUTHORITY has been accused of forcing some smaller businesses to close once i...
THE FINANCIAL SERVICES AUTHORITY has been accused of forcing some smaller businesses to close once it introduces plans requiring all regulated businesses to report its compliance procedures electronically, suggests the FT.
Indications are that all banks, insurers, IFAs and brokers will have to report their finances, capital positions and compliance down the e-route, however, the British Insurance Brokers Association says this will harm small firms as 25% of its 2,500 members do not have access to email or the internet.
Chris Cumming, director of the Association of Mortgage Intermediaries, says around 30% of the UK's 15,000 mortgage advisers were not networked.
But the FSA has stressed that it will enact a phased move to mandatory electronic reporting by the end of 2007.
Members of the ASW pension scheme - which was wound-up when the steelworks went bust - are now pushing for compensation in a European human right test case which could force all employers to recognize pensions as 'property', says the Times.
MPs and the steelworkers hope to obtain a victory against the government that would prevent employers from making changes to pension schemes because it could be seen as an infringement of the members' human rights.
While consultants seem to think the case will not be successful, the ASW is arguing that contributory pensions should be seen as protected because they are effectively the property of the employee.
YET ANOTHER row over pensions is expected to escalate this week as British Gas meter readers are the latest group to threatens strike action over pension payments, says the Guardian.
Unison is leading the campaign against British Gas, as meter readers in South Yorkshire and the east Midlands will lose the right to remain in the company's final salary pension scheme if a joint venture deal - in which BG has a 49% stake - goes ahead.
Rather than retaining their final salary arrangement, members will be forced to join an "inferior" pension arrangement as of October 1st.
AND AMERICAN INTERNATIONAL Group (AIG), the insurance giant that claims more than half the UK's top 100 companies among its clients, has paid the SEC £6.3 million to settle charges of accounting fraud, says the Scotsman.
The Securities and Exchange Commission said AIG had created a false insurance policy to help mobiles distributor Brightpoint hide a near-US$12m (£7.5m) loss.
The penalty is supposed to reflect AIG's participation in the fraud, as well as AIG's misconduct during the investigation but AIG is paying the penalty without acknowledging the SEC's findings.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation