Papers

ONE in three cash machines now charges consumers for withdrawing their own money, reports this morning's Scotsman newspaper.

A FRESH attack on IFA commissions is in the air as this morning's Scotsman reveals the Consumers' Association has asked the FSA to investigate how financial advisers are paid.

HBOS decision to withdraw from a possible counterbid for Abbey paves the way for an £8.55bn agreed bid by Spain's Banco Santander, the FT writes.

An offer made by the FSA to Legal & General over endowments mis-selling was illegal the Financial Services and Markets Tribunal heard yesterday, The Daily Telegraph reports.

IT LOOKS LIKE we're going to get running commentary on the L&G versus FSA £1.1m endowment tribunal over the next six weeks, as the Daily Telegraph this morning reports "deficient" systems for processing endowment mortgages have been blamed by the FSA...

TWO directors of David M Aaron - the independent financial adviser firm which was banned for issuing misleading literature on high-income "precipice" bonds - are now promoting venture capital trusts (VCTs), according to this morning's Times .

Norwich Union yesterday stopped imposing exit penalties on with-profits pension holders who delay their retirement dates and Friends Provident is considering whether to follow suit, says the Daily Telegraph .

THE PENSIONS CRISIS has failed to dent people's desire to take early retirement, as a study the number of men drawing their pensions at or before 60 has dropped, says the Guardian .

COMMUNITY, the main steel union, has set the wheels in motion to sue ministers for failing to protect members of occupational pension schemes, in a landmark case which could cost the Government up to £2.5bn, says this morning's Times newspaper.

Turmoil hit efforts to implement new pensions law overnight with the surprise resignation of work and pensions secretary Andrew Smith, and no hint of just who might replace him.