Papers

The Financial Services Authority is preparing to crack down on large banks and insurers which are failing to keep their records up to date and potentially pose a risk to the financial system, says the Guardian .

Hundreds of staff at Scottish Widows faced an uncertain future last night after the company announced it was to consolidate back office jobs in Chatham, Kent, reports the Scotsman .

Insurers have condemned government plans to regulate their claims departments under new rules designed to curb "ambulance chasers" who encourage spurious personal injury claims, reports the Times .

HBOS has announced a drive on further costcutting which is expected to make annual costsavings of £300m by the end of 2009, reports the Scotsman .

Omega Underwriting yesterday became the second Lloyd's of London insurer in a week to announce plans to change its domicile to Bermuda, the 0% tax haven, says the Times .

A financial adviser who stole £1.75m from his vulnerable, largely elderly clients squandered the fortune on an online gambling habit, reports the Times.

Hiscox yesterday became the latest insurer to abandon London for a low-tax Bermudian domicile, reports the Times .

Some of Britain's biggest life insurers should be freed from "crude" solvency rules which force them to maintain huge reserves, according to a report by the Financial Services Authority out this week, says the Guardian .

Yesterday's surprise announcement of Stanley Fink's retirement as chief executive of Man Group could help to pave the way for a demerger of the hedge funds group, says the Times .

Homebuyers paid more than £1bn in tax during the three months to June, 30% more than in the quarter before, reports the Daily Telegraph .