EQUITABLE LIFE chairman Vanni Treves has recently considered resigning from his post, according to this morning's papers.
TREVES YESTERDAY admitted he had asked the troubled insurer's board to consider his resignation in the wake of the failure of the society's legal claim against former auditor Ernst & Young, says the Telegraph.
He made the request "on a matter of principle" but non-executive director Jean Wood said directors had given him their "unanimous support". She said the same applied to chief executive Charles Thomson.
Equitable yesterday formally settled the claim, which started at £2bn and was later reduced to £700m, with E&Y at the High Court. Both sides will meet their share of the estimated £50m in costs and no compensation will be paid.
UP TO ten million pensioners could be taken off means-tested benefits under a proposed new “citizen’s pension”, according to the Times.
The new-style pension, which would pay a flat-rate £109 a week, is the best replacement for the present state benefits system, according to the National Association of Pension Funds (NAPF).
Christine Farnish, chief executive of the industry body, which drew up the plan, says in a report published today the scheme “chimes closely with the pension priorities of consumers”.
BUSINESS SHOULD be the “co-author, rather than the victim” of new regulations, the government said on Thursday, as it hosted a landmark conference aimed at cutting European red tape, reports the Financial Times.
John Hutton, the cabinet office minister responsible for reforms to red tape, said there was a need in the UK, as well as Brussels, to increase business involvement in shaping regulation.
“There is no such thing as cost-free or cost-neutral regulation and in many cases, business or consumers or both meet that cost,” Mr Hutton said. “If we don’t involve business at a profound level, we will make mistakes.”
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