MPs Join Prince Charles' attack on pension funds

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MPs Join Prince Charles’ attack on pension funds

MPs Join Prince Charles’ attack on pension funds
Pension funds are ignoring savers’ interests and should heed Prince Charles’s calls to put their house in order, Lord Myners, the former City minister, has suggested. Speaking after the Prince of Wales warned that the industry’s fixation on short-term results was “unfit for purpose”, Lord Myners has accused funds of “turning gold into lead” and holding up Britain’s research and development.
The Times, p. 22-23

Pension scheme members protected
The members of MF Global’s pension scheme in Britain are set to have their retirement benefits protected after the trustees agreed a buyout with Pension Insurance Corporation.
The Times, p. 59

Goldman Sachs preserves profits by cutting back on pay
Goldman Sachs yesterday said that its revenues in the three months to September fell from $8.35bn (£5.22bn) last year to $6.72bn this year.
The Independent, p. 61
Also appeared in : The Daily Telegraph Business, p.3, The Guardian, p.31

Barclays faces fresh allegation over extent of Libor scandal
Financial Conduct Authority is examining allegations that Barclays’ role in the Libor rigging scandal went “further and wider” than previously thought. A company that is suing Barclays over £70 million of allegedly mis-sold interest rate swaps claims to have uncovered new evidence in a tranche of bank documents that were released months after British and American regulators concluded an investigation into the bank’s manipulation of Libor.
The Times, p. 62
Also appeared in : The Independent, p.61, The Daily Telegraph Business, p.1-3

Ex-Northern Rock boss leaves equity firm
Adam Applegarth, the former boss of Northern Rock, has left Apollo Global Management, the private equity firm he joined 4 years ago in the hope of rehabilitating himself in the wake of the banking crisis.
The Guardian, p. 32

Barclays facing new Libor allegations in appeal court
The Financial Conduct Authority is set to review fresh allegations about potential Libor-rigging by Barclays, the bank it fined £290m last year for manipulating the key interest rate.
The Guardian, p. 31

Barnier defends right to cap City bankers’ bonuses
The EU’s financial services chief has defended the right to cap City bankers’ lavish bonuses in the face of a legal challenge from Britain over new pay rules. Michel Barnier, the EU commissioner for internal markets, claimed that he understood the UK’s desire to protect its “golden goose” but insisted the limit is legal
The Guardian, p. 31

Nationwide seeks new chairman as Howe steps down
Nationwide has said that Geoffrey Howe is to stand down as chairman.
The Daily Telegraph Business, p. 3

Chinese banks find new friend
Andrew Bailey, the head of the Prudential Regulation Authority, has defended plans to allow Chinese banks to open lightly regulated entities in Britain and denied political interference in the policy.
The Times, p. 60

Former Co-op Group chief to face MPs next week
Peter Marks, one of the driving forces behind Co-operative Bank’s ill-fated plan to buy a 632-branch business carved out of Lloyds Banking Group, has agreed to appear before Parliament. The chief executive of the parent Co-op Group until May, he will give evidence to the Treasury Select Committee on Tuesday.
The Times, p. 64

Senior banker unhappy with forward guidance
Lord Burns, currently chairman of Santander in the UK and former chief economic adviser and permanent secretary to the Treasury, has questioned the effectiveness of Mark Carney’s policy of “forward guidance”, which ties future interest-rate rises to the level of unemployment in the UK.
The Guardian, p. 35

Ex-Co-op chief to appear before MPs
Former Co-operative Group chief executive Peter Marks is to appear before the Treasury Select Committee next week.
The Daily Telegraph Business, p. 3

The above articles appeared on 18/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.