View more on these topics

Osborne turns on City bankers

Conservative Shadow Chancellor George Osborne has laid the blame for the current financial crisis at the door of City bankers.

Speaking at the Conservative conference in Birmingham on Monday, Osborne said that the Government must bear its full share of responsibility for the banking crisis and said there had been “terrible failures of regulation” but that ultimately it was bankers who were responsible.

He said: “In the end, the failures of the banking industry are the failings of the bankers. Perhaps there are some market ideologues who think that the money men can do no wrong. But I tell you this right now – I am not one of them.”

Osborne said his party would not engage in “knee-jerk” attacks on the financial services sector but he sounded a stark warning to City bosses. He said: “If you take risks, then you must bear the cost. If you pay yourself sums far beyond what anyone else does in any other walk of life, then be prepared to lose it when you make mistakes. If you pay out big dividends when you should be rebuilding balance sheets, then you will be held to account.”

Osborne also warned Prime Minister Gordon Brown not to blame the Conservatives for capitalism’s worst excesses.

He said : “Gordon, you won’t get away with blaming us for casino capitalism when you are the man who has been running the casino and collecting in the chips for the last 11 years.”

Recommended

Protection principles

Next year, April 5 will not only mark the end of the tax year and the start of a new cycle of financial planning but will also mark the last date that clients are able to register their pre-A-Day (pre-April 5, 2006) pension funds for enhanced or primary protection. Therefore, with the cut- off point to register for enhanced or primary protection looming, advisers must take action now if their clients are to benefit from these opportunities.

Thinc bins multi-tie arm

Axa-owned Thinc Group is to transfer its multi-tie national advisers to a whole of market proposition by the end of this year.

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment