UK government to give FSA more power
In direct contradiction to the already announced Conservative Party policy regarding UK regulations, the UK government is set to give the FSA (Financial Services Authority) more power in the short to medium term. Despite the fact that the FSA has no remit with regards to hedge funds and certain other investment companies, it will in the future be able to demand information from these particular investment vehicles as and when required.
Quite how this would translate into any form of regulation for the hedge fund sector remains to be seen but it seems to be a case of "Big Brother is watching". This is set against the Conservative party policy, should the party regain power at the next election, which would see the vast majority of UK regulatory power transferred back to the Bank of England and the FSA reduced in size and possibly eventually closed.
However, in many ways the increase of power at the FSA is strictly speaking just a publicity stunt because as has been mentioned in the financial press over the last 24 hours, there will be little or no time to push through any of the UK government’s policies which will be outlined in the Queen's speech this week.
Share this..
Related stories
Serious fraud office set to probe Madoff UK business
US fund manager Bernard Madoff is set to see his UK operation come under extreme scrutiny from the SFO as the investigation into his worldwide activities continue to grow. He is currently at the centre of an alleged $50 billion fraud in US where it is alleged that investment funds which caught the eye in some of the richest investors in the world were nothing more than pyramid schemes.
Lloyds bank denies multimillion pound bonus for chief executive
Yesterday the financial press was full of stories regarding a potential multi-million pound bonus for Lloyds bank chief executive Eric Daniels. While the company has issued no guidance on a potential bonus package for Eric Daniels it has denied rumours of a potential £10 million windfall for the man himself. So what is going on? It is believed that the chief executive has a package which earns...
Read MoreWhat Can Woolworths Shareholders Expect Now?
As we recently covered on this site the management of Woolworths recently turned down what in affect was a break up bid for the pick and mix kings of the high street. As the business continues to flounder, debts continue to grow and the pension fund deficit moves into dangerous territory just what can shareholders expect in the future?
Many experts in the City were a little surpris...
Budget 2015: the main changes
19/03/2015 Chancellor George Osborne announced his annual budget yesterday, which mainly targeted savers, workers and first time buyers. One of the changes Osborne announced was that the threshold in which workers start to pay tax will be increased from £10,500 to £10,800 next year and £11,000 the year after. He claimed this meant that the typical working taxpayer would be better off by �...
Read MorePound's strong run continues
Widespread expectations of more interest rate hikes helped push the pound to a 26-year high against the dollar this morning.The pound rose to 2.0196 against the dollar in early morning trading, continuing a six-day run of advances.Sterling's strength will be welcomed by British tourists heading across the Atlantic, but is not so good news for the manufacturing sector whose important export markets...
Read More