Consumer groups have branded an independent review of the Financial Services Authority as "inadequate" and "a missed opportunity" after it sidestepped an examination of the regulator's role in mis-selling scandals, reports The Guardian .
Which? said it had many concerns about the FSA's efforts to protect consumers that were not addressed in the report. It called for a further review to assess criticism of the FSA's role as a consumer watchdog.
A spokeswoman for Which? said the FSA had failed to support consumers who suffered from financial mis-selling and acted in a way that was detrimental to consumers. “Whether you are talking about endowment mis-selling or financial promotions, we have had concerns about how the FSA has protected consumers.”
ABN AMRO IS understood to have made fresh demands to Royal Bank of Scotland to answer 25 key questions over the €39-a-share takeover and break-up proposals tabled by the Scottish company's bidding consortium, reports The Independent.
And the Dutch bank is now considering going public with the questions over what is being seen in Amsterdam as unreasonable intransigence on the part of Royal Bank.
The Royal Bank's chief executive Sir Fred Goodwin is understood to have responded to the list with a terse “you don't need to know”, infuriating ABN's management.
ABN, whose preferred option is a merger with Barclays, believes that RBS should provide details of how it could finance its bid and overcome the objections of regulators.
They are also concerned about taxation issues, with the possibility of a 15 per cent capital gains tax bill if, as planned, Royal Bank bids for the group and sells the Brazilian business to its Spanish consortium partner, Banco Santander.
HSBC RECEIVED A record 180 inquiries to buy its Canary Wharf headquarters, but it was the record £1.09 billion offer from Metrovacesa, of Spain, that mattered for London’s office property market, reports The Times.
The offer, the largest ever in the UK for a single property asset, reflects a London commercial property market that is running at full tilt, with possibly years more of huge deals still to come.
HSBC told The Times that it was considering similar sale and leaseback deals for its offices in Sheffield and Birmingham, home to about 8,000 staff, to exploit the demand for British office property.
A sale and leaseback on HSBC’s Park Street offices in Southwark, covering 100,000 sq ft, is also on the cards, according to Richard Spence, head of the bank’s special operations.
Prices in London are now eclipsing those in New York in a sign that investors are betting that the capital is set to overtake Manhattan as the principal driver for economic growth in international capital markets, according to a report from Cushman & Wakefield.
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