Papers

Ernst & Young, the accountancy firm, is under criminal investigation in the US on charges it recommended accounting schemes to clients that helped them avoid paying tax illegally.

NATIONAL NEWSPAPERS have picked up on the pending threat to financial advisers of new professional indemnity insurance rules, once the Insurance Mediation Directive comes into force next January.

LEGAL & GENERAL has accused the Financial Services Authority of being "unfair and oppressive", says this morning's Daily Telegraph because the regulator wants to slap them with a £1.1m fine for endowment mis-selling.

UK ECONOMISTS believe there is a strong chance interest rates could be above 5% by the end of the year as the Bank of England seems set to adopt a more "hawkish tone".

THE PENSIONS Bill was yesterday heavily criticised by both MPs and industry experts who said measures to improve funding by employers and to allow short-term workers to retain pension benefits would impose an "unfair" burden on firms.

The government has introduced a new clause to the Pensions Bill set for debate in the Commons today, which give it powers to compel employers to top up final salary schemes, reports The Daily Telegraph.

The FSA is under pressure today after the revelation that it sent sensitive regulatory information regarding enforcement actions against individuals to the wrong firm, writes The Scotsman.

INTEREST RATES could soon rise further as the recovering economy and soaring oil prices push inflation higher over the next two years, according to comments from the Bank of England in this morning's Daily Telegraph .

PAUL SMEE'S performance in front of the Treasury Select Committee yesterday is being scrutinised in the national press this morning, with the Scotsman suggesting he was "hauled over the coals" by MPs yesterday for failing to do enough to stop structured...

TRADE AND industry secretary Patricia Hewitt is to argue in parliament that workplace age discrimination must be ended as figures suggest it costs the economy more than £30bn annually.