Government fulfils its pensions promise helping thousands who lost their savings

Thousands of people who lost pensions when their employers went bust will get at least 90 per cent of their pensions guaranteed, as the final phase of the Financial Assistance Scheme (FAS) regulations are put before Parliament. The Government will pay out £3.5 billion to around 150,000 people.
Minister of State for Pensions Angela Eagle said:
“The Government is completing its promise to provide a just and final settlement for those who lost pension savings when their employers went bust. There can be few greater cruelties than to find the pension you have earned has suddenly disappeared through no fault of your own. That is why the Financial Assistance Scheme, which we are completing with these regulations, is so important to around 150,000 people.”

Banks are different: should accounting reflect that fact?

Speech by Adair Turner, Chairman, FSA
The Institute of Chartered Accountants in England and Wales (ICAEW), London
London, 21 January 2010
FSA chairman, Lord Turner,called for close engagement between global accounting standard setters and those responsible for prudential regulation of the banking sector to address issues arising from the unique systemic nature of banks.

FSA fines Standard Life £2.45m for serious systems and controls failures

The Financial Services Authority (FSA) has today fined Standard Life Assurance Limited (SLAL) £2.45m for serious systems and controls failings that resulted in the production of misleading marketing material for its Pension Sterling Fund (the Fund). There were approximately 98,000 retail consumers invested in the Fund as at 23 December 2008.

Banking on the State

In the conclusion to their paper 'Banking on the State',and looking back to the last 800 years, Andrew Haldane and Piergiorgio Alessandri of the Bank of England,state:
For the majority of this period, the state was reliant on the deep pockets of the banks to finance periodic fiscal crises. But for at least the past century the pendulum has swung back, with the state often needing to dig deep to keep crisis-prone banks afloat. Events of the past two years have tested even the deep pockets of many states. In so doing, they have added momentum to the century-long pendulum swing. Reverting direction will not be easy. It is likely to require a financial sector reform effort every bit as radical as followed the Great Depression.

'20/20 VISION' - TWENTY LEADING FIGURES GIVE THEIR VIEWS ON THE FUTURE OF THE UK FINANCIAL SERVICES INDUSTRY

On 20th anniversary of the CBI/PwC Financial Services Survey


The competitiveness of the UK's financial services sector is more likely to be undermined by the uncertainty surrounding future regulation of the industry, than by further aftershocks from the recent crisis. That is the view of leading industry figures featured in The Future of Financial Services, which is published today (Monday) to mark 20 years of the CBI/PwC Financial Services Survey.

£25.6bn employment bill risks job creation and recovery, argues British Chamber of Commerce

New research from the British Chambers of Commerce (BCC) reveals that upcoming employment regulations and taxes will cost UK businesses a staggering £25.6 billion over the next four years, which could adversely impact on future job creation.