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FSA releases McCarthy letter

The FSA has finally published the notorious letter of complaint from Callum McCarthy to Tony Blair, revealing the full fury of the FSA chairman against the Prime Minister.

The letter, revealed under the Freedom of Information Act, attacks the “sweeping accusation” made by Blair in May 2005 – revealed exclusively by Money Marketing – that the FSA was seen as “hugely inhibiting of efficient business by perfectly respectable companies that have never defrauded anyone”.

It shows McCarthy rejected the Government’s excuse that the comments were taken out of context. He describes Blair’s remarks both as “perplexing and frustrating”.

In publishing the letter, the FSA says it edited out two sentences that may prejudice the ability of the regulator to have “open and candid exchanges of information and views” with overseas regulators and the firms they regulate.

The initial freedom of information request was submitted in June 2005, with the letter published this week without further prompting.

McCarthy’s letter says: “It is damaging to our influence and our ability to support the principles of better regulation to be described in the way that has occurred, hence any anxiety to establish whether there is in fact any evidence to support a claim which appears unfounded.”


FSA to reveal results of Mifid talks

The FSA will announce the results of its discussions with the European Commission about the future of the menu and initial disclosure documents under Mifid this week.

Farewell all

I write this blog with tears streaming down my cheeks. Why? I hear you ask. Well – ’tis because it’s my last pensions blog for Money Marketing. Next Monday I move to write about pensions and investments for another paper and will be replaced by our lovely life and protection reporter Nicola York who, I have been repeatedly assured by various contacts, is much more attractive than me.

FSA to scrap the menu and IDD

The FSA is to scrap the menu and initial disclosure document after concern from the European Commission that they would not be allowed as an add-on to Mifid.

Combine harvesters

Investors looking to reap profits from commodities can utilise a variety of investment vehicles.

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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