Aviva chief Andrew Moss was waxing lyrical on the proposal to create a Consumer Financial Education body in the Queen's Speech. He wants the credit for recommending it as chairman of the insurance industry working group and calls it a win-win. "Consumers benefit by taking greater responsibility to save for their retirement. Society gains as improved financial literacy helps close the long-term savings gap." Now for the but: "The insurance industry already contributes significantly to a range of financial education initiatives." So a win-win that will generate us lots of business but which we don't want to pay for.
Best Buy breaking down walls at DSGi
DSGi is finally breaking down the barriers between its Currys and PC World formats – literally, in some cases, where the creation of a new "electronics superstore" has involved little more than breaking down walls between neighbouring shops. The latest is in Southampton, which happens to be the venue for one of US electronics giant Best Buy's first British ventures. Demolition specialists should watch planning registers for Best Buy's name.
Shoot Sir Stuart? Perish the thought
"I have time on my hands from July so I might be inundated with job offers from tomorrow." That was Sir Stuart Rose having finally appointed his successor as chief executive of M&S in the form of Marc Bolland. Asked if this meant he fancied running another retailer (apparently there's an opening at Morrisons), he said: "In the words of Sir Steve Redgrave, if I go near one, please shoot me." Oh Sir Stuart, diary likes you too much for that. But we will remind you of the quote when the time comes.
Watchdog that should take close look at itself
The GAO, the audit arm of the US Congress, has been looking into the SEC, the US securities regulator. It says the watchdog "did not have effective internal control over financial reporting as of 30 September 2009". It identifies "significant deficiencies" that represent "a material weakness in SEC's internal control over financial reporting". The banking crisis really should come as no surprise, then.
Number of the day: $7 trn
Of leveraged loans are due to mature in 2014, says financier Guy Hands. He thinks they need restructuring. Soon.Reuse content