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Exchange merger in jeopardy if stamp duty stays

Private client stockbroker The Share Centre is threatening to vote against the merger of the London and Frankfurt stock exchanges unless the Treasury abolishes stamp duty on share dealings.

The Share Centre is seen as being a “big player” in the words of one industry source, whose opinion may have impact on other voters in the ballot taking place this autumn

Chief executive Gavin Oldham says he will write to industry colleagues asking for their support in his campaign to force the Government to rescind the 0.5 per cent levy on share transactions.

In order for the contentious merger to proceed, 75 per cent of the 298 stockbroking members of the LSE have to vote in favour of it. This means only 75 votes against will lead to the merger&#39s collapse.

In the 1998-99 fiscal year, stamp duty raised £2.15bn for Government coffers.

The industry is arguing most other Western jurisdictions do not have a similar tax, including the German exchange.

Oldham says: “We feel the Stock Exchange&#39s merger plan is premature, bearing in mind the lack of convergence in the taxation and regulatory environments of our two countries.”


Networks fear heavy PIA fines

IFA networks are bracing themselves for a series of heavy PIA fines in the wake of the £125,000 fine which was recently imposed on Berk-eley Independent.Industry sources say networks are waiting to see if the regulator slaps an even bigger fine on the next network in line, given that successive fines for failings over the […]

Sofa to organise financial services forum

Sofa is to organise a forum with up to 50 key speakers from the financial services sector. In partnership with AIFA the “Key Influencers Forum” will coincide with the first of Sofa&#39s two-day annual conferences, “Update for Financial Advisers”, on November 30 and December 1 this year. Sofa communications director Robert Reid says: “People have […]

Code board wants panel size revealed

The Mortgage Code Compliance Board is recommending brokers should disclose the size of their lending panels amid fears consumers are being misled over the rangeof lenders covered.The MCCB says brokers failing to disclose the size of their lender panels risk breaching their duty of care towards customers by misrepresenting their access to the market.It says […]

Independent View

My definition of a simple product is one which is clear, concise and easy to understand. Something which fits nicely into existing arrangements and takes little time to explain. A product proposition to which the consumer can honestly say: “I understand exactly what this is and what it means to me.”You may recall that some […]

Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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