FSA warns MPs about bank bonuses
The Financial Services Authority (FSA) has this evening warned MPs that they must not "pass the buck" with regards to the regulation of bank bonuses in the future. Despite the fact that the UK government was firmly behind an increase in regulatory powers, which would effectively allow the FSA to dictate how and when bonuses were agreed, the UK government seems to be taking a step back.
There is a feeling that the UK government is concerned that the potential regulations required to control bank bonuses will in some way be challenged in the courts, potentially under the human rights act. If this was the case, and those in the city have significant legal assistance, the government would end up with "egg on its face". By effectively passing the buck to the FSA the situation would reflect badly on the FSA rather than the government if it was to fail.
This is the latest in a number of potentially damaging disputes between the government, the FSA and the Bank of England. Despite all parties involved appearing to sing from the same hymn sheet some time ago, the cracks are starting to show at the wrong time. What will happen next?
Countries joining euro 'offer good investment opportunities'
Countries that are joining the European Union's single currency can offer investors significant opportunities, it has been claimed.The "huge economic advantages" of joining the European Union and single currency has meant that countries being considered for membership tend to see a boost in overseas property investment, multi-disciplinary independent financial services group Blevins Franks said.Ma...Read More
Northern Rock valuer to receive £4.5 million!
As the government reveals the appointment of an independent valuation expert to arrive at a 'price' for Northern Rock it has been revealed that Andrew Caldwell, the man in question, will be paid a one off fee of £4.5 million no matter how long it takes him to arrive at the figure.
This is all part of the ongoing dispute between shareholders of Northern Rock and the government with...
Hedge fund traders turn against Lloyds bank
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Late rental payments at five year low
15/11/2013 The number of people who have fallen behind on their rent is now at a five year low, making this the healthiest month since this particular data was first recorded in November 2008. LSL Property services claimed that late rent fell by £49 million between September and October, to 7.1% of total rent in England and Wales, compared with 8.5% in October. Furthermore, this data was ad...Read More
Royal Institution of Chartered Surveyors predicts buoyant 2009
The Royal Institution of Chartered Surveyors (Rics) has this evening suggested that the number of housing transactions in 2009 will show a significant rise over the 2008 figure. However, before homeowners begin to count their lucky stars, there is also a suggestion that house prices themselves will fall by a further 10% in 2009. The expected increase in transaction levels is more a case of bottom...Read More