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Lomax quits Misys after failed MBO

Misys chief executive and director Kevin Lomax has quit ahead of the AGM this week. There has been strong criticism from shareholders after Lomax led a failed MBO bid, with reports that several institutional shareholders were going to vote against his reappointment to the board. Chairman Sir Dominic Cadbury will take on his responsibilities until a successor is appointed.

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Competitiveness could become FSA objective to deter gold-plating

The Conservatives are considering proposals to make competitiveness of financial services a statutory objective of the FSA to guard against the gold-plating of EU regulations and stick up for the industry’s interests internationally. Speaking at a Reform and City of London fringe event on Monday, Shadow Chancellor George Osborne said he was in discussions with […]

Portillo says IFAs have a duty to avert crisis

Former Tory Treasury minister Michael Portillo says IFAs have a moral obligation to help stave off a pension crisis. He told the Positive Solutions’ annual partner forum in Birmingham last week that advisers must improve their reputation and give honest, sound advice or take part of the blame for a future generation of impoverished pensioners. […]

Widows is slashing 200 jobs in customer services division

Scottish Widows is to cut 200 jobs after a review of its customer services division. The cuts are being made because Widows wants to consolidate back-office processing at its Chatham operation which employs 450 staff. All customer-facing services will operate from Edinburgh and 200 staff will be axed, with 75 of these roles being considered […]

New pension rules could drive out small Sipp firms

New regulation for personal pensions may drive smaller Sipp providers out of the market due to stringent capital adequacy requirements, according to market commentators. The FSA’s new rules are set to come into force next April after the regulator got feedback on its consultation paper earlier this year. The rules require Sipp providers holding client […]

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