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.
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 […]
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. […]
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 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 […]
The manager of the Artemis Strategic Assets Fund explains why he is holding onto his (expensive) bond shorts and unusually is keen to buy equities.
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A decade ago, I went through the pain of switching utility providers. Deterred by a catalogue of errors, it is only recently, after a house move, that I tried again. I was pleasantly surprised by how easy it was. It has made me think about how complex and expensive it is to switch in financial […]
It has never been more important to encourage saving. But advisers know only too well how challenging the complexities of the UK savings and pensions landscape make it for people. Any trends towards simplification would be welcome, but unfortunately recent developments have moved in the opposite direction. Take Isas, for example. Their simplicity has always […]
The FCA has confirmed it will consider if there needs to be better guidance around when it and the Financial Ombudsman Service can share information ahead of the FOS making its final decision. In a Complaints Commissioner final report, published on its website yesterday, commissioner Antony Townsend invited the FCA and FOS to discuss when […]