MS – Top lead story

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Lib Dems to set out plans for £8bn in tax rises

The Liberal Democrats will set out their economic plans for the next Parliament, including £8bn worth of tax rises, later today. The BBC reports Liberal Democrat leader Nick Clegg will also set out proposals for £16bn in spending cuts in a speech in London. The party promises to balance the books by 2017/18 and says […]

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FCA: No genuine examples of retrospective regulation

The FCA says a call for evidence on retrospective regulation has produced no genuine examples of where it has applied its rules retrospectively. In August, the regulator asked firms to send it examples of retrospective regulation. It defines this as the application of “a more demanding standard or interpretation of the rules after the event, […]

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Fears of ‘brain drain’ at Bank of England

Almost one in six staff left the Prudential Regulation Authority last year, amid concerns that the regulator lacks the skilled staff to properly understand the firms they are supervising. Figures revealed under the Freedom of Information Act, submitted by The Daily Telegraph, reveal staff turnover at the PRA, which is part of the Bank of England, […]

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Co-op Bank cancels vote on bonuses

The Co-operative Bank has cancelled a shareholder vote on executive bonuses saying the move to improve bonus schemes “may no longer be appropriate”. The Times reports the Co-op has issued a statement to investors saying it did “not believe it is appropriate at this time” to ask shareholders to vote on improving long-term incentive plans […]

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Tribunal upholds FCA ban for mortgage broker over fake applications

The Upper Tribunal has upheld an FCA ban for a mortgage broker for submitting mortgage applications containing false information. In November 2010 the regulator sought to ban Mortgage 10 Limited director Ghanshyam Batra from performing any function in relation to any regulated activity in the financial services industry. Batra referred the decision to the tribunal, […]

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IFS: Stamp duty ‘worst designed and most damaging’ tax

Stamp duty is one of the worst designed and most damaging taxes and serves as a drag on the housing market, according to the Institute for Fiscal Studies. In a speech to the Chartered Tax Adviser annual conference last night, IFS director Paul Johnson said although this Government and the previous Labour administration had made […]

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Budget 2014: Treasury eyes 2% stamp duty band on £250K homes

Chancellor George Osborne is considering a new stamp duty band of 2 per cent on homes worth between £250,000 and £300,000. The FT reports Osborne is concerned about the sharp jump from 1 per cent to 3 per cent at £250,000 is leading to many homes being under-priced. The latest Nationwide house price index puts […]

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Sesame BG reveals £19m loss following past business review

Sesame Bankhall Group has reported a pre-tax loss of £19m for 2013 following a past business review. The voluntary review, which was announced after the advice firm was fined £6m by the FCA for suitability failures in July last year, covers Keydata sales and pension transfers carried out between July 2010 and September 2012. Friends […]

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Lending to FTBs hits 6-year high in London and Celtic nations

Lending to first-time buyers hit at least a six-year high in London and the Celtic nations in the fourth quarter, according to figures released today by the Council of Mortgage Lenders. In the fourth quarter of 2013, 13,400 loans were advanced to first-time buyers in London – the highest quarterly total since the third quarter […]

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FCA spends £100k on just five board away days

The FCA has spent almost £100,000 on five board away days over the past five years, Money Marketing can reveal. A freedom of information request, submitted by Money Marketing, found the regulator has spent £97,975 between 2009 and 2013 on annual two-day meetings at off-site locations for its board. This equates to an average spend […]

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Lloyds posts £415m profit as mortgage lending rockets 40%

Lloyds Banking Group increased its gross mortgage lending by 40 per cent in 2013 and increase its market share to 21 per cent as it rebounded into profit. In its annual results, published today, the bank revealed a huge increase from the £26.2bn lent in 2012 to £36.9bn last year. Using Council of Mortgage Lenders […]