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News Tag: criticism

March 10, 2010

FSA delays PPI reforms

by Kay Murchie
The Financial Services Authority (FSA), has announced a delay on its plans to reform the Payment Protection Insurance (PPI) market. The City Watchdog said its consultation will be delayed by six weeks due to a heavy amount of criticism from the financial industry. Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of ...

January 29, 2010

Bernanke wins second term

by Kay Murchie
Fifty-six-year old Ben Bernanke has won a second term as chairman of US central bank, the Federal Reserve. The US Senate confirmed the appointment after it voted 77-23 in favour of Bernanke, whose current term ends on Sunday. At the time of his nomination last August, US President Barack Obama said: “Mr Bernanke had helped prevent a repeat of the Great Depression.” Last weekend, Mr ...

December 7, 2009

Banking industry criticise Treasury’s plans for windfall tax

by Kay Murchie
Over the weekend, it emerged that Chancellor Alistair Darling is expected to announce a windfall tax on British banks in Wednesday‘s Pre-Budget Report. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an increase in capital gains tax. ...

August 17, 2009

Plans to curb excessive bonus payments

by Kay Murchie
The excessive bonus culture, a subject which has dominated the news this year, rears its head again after Chancellor Alistair Darling has responded to calls for a new commission to restrict bonus payments. Bank bonuses, in particular, have sparked public anger and have been the subject of heavy criticism since it is banks that are being blamed for the financial crisis. One hundred ...

June 5, 2009

Lloyds set to come under fire at AGM

by Kay Murchie
Shareholders in Lloyds Banking Group are set to grill the bank at today’s annual general meeting. Directors of the bank have faced criticism from shareholders following the hasty takeover of HBOS last autumn, which left the group 43% state-owned. The bank is expected to plunge into a loss this year, following the takeover of HBOS, which made losses of nearly £11 ...

May 17, 2009

Lloyds chairman announces resignation

by Kay Murchie
Sir Victor Blank has announced he is to retire from the position as chairman at Lloyds Banking Group. Sir Victor’s shock resignation comes as he and chief executive, Eric Daniels, have faced criticism from shareholders following the hasty takeover of HBOS. According to Roger Lawson of the UK Shareholders' Association: "Almost all of the shareholders he has spoken to said he should go. He was ...

April 29, 2009

Société Générale chairman announces shock resignation

by Kay Murchie
Daniel Bouton, Société Générale’s chairman, has announced he will step down from the bank citing the “personal attacks” against him for his resignation. Mr Bouton, who is to stand down on 6 May, said the repeated attacks risk harming the bank and will depart to “protect the bank“. Mr Bouton has been criticised since the Jérôme Kerviel scandal early last year after the ...

August 7, 2008

Chancellor’s Stamp Duty comments compromise house sellers

by Gill Montia
Chancellor's Stamp Duty comments compromise house sellers
Chancellor of the Exchequer, Alistair Darling, has been heavily criticised by opposition MPs, housebuilders, estate agents and others, for comments made earlier this week about stamp duty. Speaking on Radio 4’s Today programme on Tuesday, Mr Darling said a suspension of the tax would be included among a range of measures he is considering to kick-start the UK’s housing market. However, ...

April 17, 2008

New UBS chairman subject to criticism

by Kay Murchie
The new chairman of UBS has been criticised by Luqman Arnold, who runs the UK-based investment fund Olivant, and is the former chief executive of UBS. The Swiss investment bank has been the biggest casualty of the credit squeeze so far and its new chairman, Peter Kurer, has been subject to heavy criticism by Mr Arnold who has purchased a 0.7% ...