PAUL DAVIDSON, the entrepreneur known as The Plumber, intends to seek £5m in costs after the Financial Services and Markets Tribunal found he had been unreasonably treated by the Financial Services Authority, reports the Daily Telegraph.
Davidson took the FSA to tribunal after it attempted to fine him for market abuse and despite representing himself to the tribunal without trained legal help, he has become the first person to win costs from the FSA.
Speaking from Portugal, the former pipefitter is reported to have said he would "break" the head of the Financial Services Authority, Sir John Tiner and the head of enforcement, Margaret Cole, and is quoted as saying: "I haven't decided whether to report them to the DTI or not," as well as adding he would sue the FSA and seeks to get £100m from the organisation.
Davidson was fined by the FSA after he took a spread bet in 2002 on the shares of Cyprotex - a company he was floating – but because the spreadbetting firm bought shares to cover the bet, Davidson's actions effectively shored up the flotation of the company.
GORDON BROWN is under pressure again over the rising tax burden, says the Times, as figures show Britain’s tax take is rising faster than in any other leading economy except the United States.
Only days after the CBI director-general warned a flood of companies could quit the UK if their tax bills are not cut – and HSBC has suggested it will do just that - the analysis from the influential Organisation for Economic Co-operation and Development shows Britain’s tax burden jumped by 1.2 percentage points last year, to 37.2% of national income but the Treasury argues the UK’s total tax burden remains far below the 39.7%.
GAZUMPING has made a comeback in some of London property hotspots as the capital's house prices are rising at their fastest rate for almost seven years, says the Guardian.
In its latest monthly report, the Royal Institution of Chartered Surveyors said the strength of the housing market was being fuelled by a "booming" City economy as many bankers and traders are buying properties in anticipation of the bonuses they will receive in the new year.
Rics said in some of the more desirable areas there was evidence of a return of gazumping, when a seller ditches an agreed buyer in favour of a higher offer.
Elsewhere, a "ripple effect" was taking place across the country, with house prices in the north-west and East Anglia picking up sharply, while Wales, Yorkshire and Humberside also recorded rises.
SCOTTISH Friendly has secured a deal to supply a leading life assurance specialist with term assurance products it hopes will net about £5 million in annual premium sales in the first year, reports the Scotsman.
The Glasgow-based friendly society won the contract with Lutine Assurance Services after a battle with a number of other companies. It is the fifth agreement it has won with third-party organisations in the past six months.
Initially, Scottish Friendly will supply two pension term assurance products under the Lutine brand - a level-term plan and a decreasing-term plan linked to a mortgage.
It has also signed an agreement with Lancaster-based Chorley Building Society, the UK's 49th-largest society, to offer its 26,000 members Scottish Friendly's child trust fund from 1st November.
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