The Times says the FSA is to impose fines and censures against individuals and firms for their roles in the split caps scandal of recent years.
Yet to be made public, the notices are thought to include fines of up to £3m and potential bans from working in the City for those involved in the processes that ended up causing losses of about £400m for some 50,000 investors.
Previously, some 18 out of 22 firms involved agreed a £194m settlement with the FSA at the end of 2004.
One of those that did not, BFS Investments, has since gone into liquidation, with its liquidator Grant Thornton confirming it has received a censure notice from the FSA, the paper writes.
DESPITE MEL SMITH surrendering his Churchillian cigar at the Edinburgh Festival Fringe comes news UK pension liabilities are in good shape – compared to Germany.
Consultant Mercer Human Resources has found the combined liability of members of the DAX 30 index is about 31% of their capitalisation value, against about 26% for members of the FTSE 100.
France, of course, is superior, with liabilities combined in the CAC 40 of just 10% of market capitalisation value, The Daily Telegraph reports.
These figures do not tell the whole story, however, with German companies actually putting in more money than anywhere else in Europe to covering the liabilities. Mercer estimates the German input as £3.27 in contribution for every additional £1 of benefit created for workers, against £1.56 in the UK.
ROYAL LONDON, the biggest mutual since Standard Life’s demutualization, has reported strong growth in new business sales through its Bright Grey business, writes The Scotsman.
In the first six months of the year Bright Grey new business grew 18%, or £79m, while new business through Scottish Life increased by 8% to £695m, helping the overall group to interim new life and pensions business growth of 15%, or £949m.
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