Papers

Axa and Swiss Re are believed to have made an exploratory £8bn takeover bid approach for Scottish Widows to its parent, Lloyds TSB, reports the Scotsman .

Banks came under fire yesterday for over-charging customers less than 24 hours after Treasury minister Ed Balls defended their profit record and asked what more the Government could do for them, reports the Daily Telegraph .

Friends Provident has appointed Jim Smart, who was chief financial officer of Boots before its merger with Alliance Unichem, as its new finance director, reports the Daily Telegraph.

Leading insurers say government proposals for a national pension saving scheme are "flawed" and could lead to widespread mis-selling of retirement plans to low-income workers, says the Guardian.

The chairman of Misys yesterday admitted an aborted management buyout of the firm had created "substantial problems", reports the Times .

GE Life is expected to sell for at least £40m less than original estimates as the auction of the life insurance business of General Electric enters its final stage, reports the Times .

Kevin Lomax, who has stepped down as chief executive of Misys, could still be a potential bidder for the group, says the Daily Telegraph .

SIR DOMINIC CADBURY is to step in as temporary chief executive of Misys as the company has today confirmed Kevin Lomax, its long-serving chief executive and co-founder, is stepping down, says the Daily Telegraph .

Kevin Lomax, founder of IFA network owner Misys, is facing an embarrassing showdown as investors plan to vote against his re-election to the board at next week's annual meeting, reports the Guardian .

Private equity bids for companies have frequently been derailed at the last minute after due diligence revealed company directors had deliberately misrepresented the true size of pension fund deficits, reports the Times .