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HK finance watchdog chief in frame to lead CPMA

The chief of Hong Kong’s financial regulatory body Martin Wheatley has emerged as one of the leading candidates to head the Consumer Protection and Markets Authority.

Wheatley has said that he plans to leave his role at the Hong Kong Securities and Exchange Commission in June and is thought to be in the frame for the lead role at the CPMA, which will be formed alongside the Prudential Regulatory Authority when the FSA is broken up in 2012 and whose responsibilities will include regulating advisers.

According to the FT, Wheatley, a former deputy chief executive at the London Stock Exchange, is competing with the likes of FSA director of enforcement Margaret Cole for the role. Other names touted include Carol  Sergeant, the former FSA director and former head of risk at Lloyds Banking Group, and John Fingleton, head of the Office of Fair Trading.

It is thought that a decision on the role will be made within the next few weeks.

The FT also reports that FSA head of insurance Ken Hogg is set to leave the regulator and is considering a return to the private sector. He joined the FSA from MGM Assurance in July 2009.


Standard extends offer period for Focus shareholders

Standard Life has extended the offer period for its £42m acquisition of Focus Solutions Group until January 14. In a recent stock exchange announcement Standard Life says that as at December 31, 2010, the closing date of the Focus offer, valid acceptances had been received for approximately 83 per cent of Focus’ existing issued share […]


Sants tells MPs that misselling costs the public £600m a year

The FSA has written to the Treasury select committee ahead of its formal submission of written evidence, claiming the RDR will help stamp out up to £600m of misselling each year. The TSC called for written evidence in November on whether the RDR would meet its stated objectives of increasing access to advice, transparent and […]


JPMorgan launches assault on passive funds with fee cut

JPMorgan Asset Management is slashing the fees on its £61m JPM UK active 350 fund in a bid to compete with ultra-low cost index tracker funds. The group has outlined plans to shift the fund’s investors into a new low-cost share class and rename the fund as JPM UK active index plus, in response to […]

Nigel Stockton to become Countrywide financial services chief

Countrywide financial services development director Nigel Stockton will takeover the group’s mortgage and insurance services division following the retirement of Countrywide Principal Services managing director Alan Snowball. Stockton, who joined Countrywide from Lloyds Banking Group in October, will take up the new role of financial services director, subject to FSA approval. Snowball joined Countrywide in […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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