Cardew supports PR rules
Monday 15 January 1996
Anthony Cardew, one of the leading figures in the world of public relations in the City, said yesterday that he strongly supported the idea of the Bank of England and the Stock Exchange regulating his industry.
His comments, while not directed at any one firm, come in the wake of a Stock Exchange investigation, first reported in the Independent, into dealings in the shares of Caradon, the building products group, ahead of their half-year results last September.
The Exchange has, according to sources close to the investigation, listened to tape recordings of a telephone conversation about Caradon's financial performance between an employee at Robert Fleming, the investment bank, and an employee of Financial Dynamics, the company's financial public relations advisers.
The Exchange's investigation is trying to ascertain whether privileged information was passed on by the financial public relations firm to the investment bank and then whether any employee at the bank used that information for share dealing.
Robert Fleming declined to comment on the reported transaction last night and also declined to comment on reports that two employees had been asked to resign in the wake of the Exchange's investigation.
The Stock Exchange is expected to make a decision this week about whether to pass on the results of its inquiry to the Department of Trade and Industry, which could then further investigate any controversial share dealings.
Mr Cardew of Cardew & Company, whose clients include Eurotunnel, British Aerospace, Lonrho and Allied Domecq, said that he was one of a small minority of public relations consultants in the City that thought his industry needed to be more tightly regulated.
"I think it is an extremely important issue. There should be a licence granted to companies and individuals by the Bank and the Stock Exchange, backed up by a strong disciplinary code, which can be withdrawn if somebody breaches the rules. Firms like mine are constantly in receipt of confidential information and should be exposed to the same sanctions as bankers or stockbrokers."
Many in the City's public relations industry are talking about the possibility of a future Labour government tightening up and even imposing statutory regulation on their companies.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...