STANDARD LIFE is in detailed discussions with the Financial Services Authority (FSA) over its proposed stock market flotation next year but is convinced these talks should not delay its plans, says The Guardian .
In the face of reports the Edinburgh-based insurer could postpone its float until 2007 because of regulatory concerns, Standard Life insisted its plans were still on track for next year, according to the paper.
The flotation and demutualisation of Standard Life is expected to take place around next July under the current timetable which would need the insurer's 2.4m policyholders to vote on the plan at a policyholder meeting next year.
BRITAIN WILL today urge the European Union (EU) to tear up laws that fail to deliver benefits to the financial services industry, urging member states to back a lighter regulatory approach, according to the Financial Times.
Chancellor of the Exchequer, Gordon Brown, will tell his EU colleagues at a meeting in Luxembourg he wants the European Commission to find and remove existing legislation which is hindering the development of a single market.
He is expected to tell the meeting it is "time to make progress, to ensure that European financial services are fully equipped for global competition".
EQUITABLE LIFE’S policyholders yesterday renewed their calls for the heads of the mutual’s chairman and chief executive, after the society dropped its negligence claims against a further two directors, reports The Times.
Speculation mounted that Equitable’s case against the remaining 11 directors still being sued was untenable, as legal experts said it might be forced to pay the legal costs of the executives it blames for its downfall.
Paul Braithwaite, general secretary of the Equitable Members’ Action Group, said yesterday hundreds of policyholders wanted to call an extraordinary general meeting in an effort to oust Vanni Treves, the chairman, and Charles Thomson, the chief executive.
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