News

The Co-operative Bank's disgraced former chairman, Paul Flowers, apparently won the job because he beat his rivals' psychometric test scores, MPs on the Treasury Committee have been told.

Jobs threat as 'Egg' set to be broken up

One of the UK's first and best-known internet banks was broken up today in a move threatening up to 600 jobs.

Pensioners regret taking tax-free lump sum

The ability to take a tax-free lump sum at retirement is supposed to be one of the major benefits of having a personal pension.

Financial firms have 'not learned' says FSA chief

Financial services firms have learned nothing about treating customers fairly in the last eight years, according to the man who regulates the industry – Hector Sants, chief executive of the City watchdog, the Financial Services Authority.

David Prosser: Tesco offers hope to rebel shareholders everywhere else

Outlook For those who regard the scale of the rewards paid to its executives as excessive, Tesco's insistence that "every little helps" is not likely to play any better for yesterday's revamp of its remuneration policy. This, after all, is a company that handed even its lowest-paid director more than £1.7m last year.

Could the top man from the Pru be shown the door?

The chairman of Prudential, Harvey McGrath, faced questions about his future yesterday after he suffered a shareholder revolt at the company's annual meeting.

David Prosser: Shareholders raise their voices – but companies are covering their ears

Outlook It is almost 12 months since Prudential had to pull the plug on its bid for the Asian insurer AIA, at a cost to the company of more than £300m, but the insurer's chairman finally got his comeuppance yesterday – more than one in five shareholders voted against Harvey McGrath's re-election to the board.

Regulator warns banks over risks

Banks could see bonuses cut, dividends limited or lending levels restricted if their activities are considered too risky, the head of their new regulatory body, the Prudential Regulatory Authority, said today.

Executive pay triggers revolt at William Hill

William Hill was yesterday forced to face down a shareholder revolt after almost a third voted against approving the chief executive's pay rise.

Investment Column: US move distracts from Pru's Asian gains

Bovis Homes; Firstgroup

FSA fines near £100m in watchdog's final year

Britain's chief City regulator fined financial services groups almost £100m in its last year in operation, three times as much as in the previous 12 months.

David Prosser: The man from the Pru enjoys an undeservedly generous payday

Outlook Here are two numbers for you: £377m and £50,000. The first number is the cost to Prudential, as detailed in its annual report yesterday, of its failed bid for AIA, the Asian insurance company. The second figure, also taken from Pru's report, is the amount of bonus the insurer's chief executive, Tidjane Thiam, missed out on at the end of 2010. Despite presiding over the AIA botch, Mr Thiam collected a bonus of £1.57m, 97 per cent of the £1.62m that was the maximum he could have theoretically earned.

Pru boss awarded £1.6m bonus

Prudential has paid its chief executive, Tidjane Thiam, £4.7m for 2010 even after his botched bid for AIA cost the insurer £377m.

Investment Column: Standard Life's Nish is worth backing

Cineworld; Clarkson

Pru cheers investors with hefty dividend hike

Prudential unveiled a surprise 20 per cent jump in its annual dividend and booming profits yesterday as it sought to draw a line under last year's botched bid for rival AIA. The news sent the insurer's shares up almost 5 per cent to a four-year high.

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Burgundy, the River Rhone & Provence – MS Swiss Corona - seven nights from £999pp
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Russian troops and armour pour into Ukraine
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Gangnam smile: why the Chinese are flocking to South Korea to buy a new face

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